Gold Seeker Closing Report: Gold and Silver Fall Nearly 4% and 7% More But Miners Gain

	Close	Gain/Loss
Gold	$758.65	-$29.80
Silver	$10.85	-$0.79
XAU	117.81	+4.65%
HUI	268.73	+3.26%
GDM	801.41	+3.91%
JSE Gold	1482.46	-54.02
USD	79.84	+0.40
Euro	140.16	-1.07
Yen	92.93	-0.72
Oil	$102.58	-$0.68
10-Year	3.641%	+0.045
T-Bond	120.546875	-0.50
Dow	11268.92	+0.34%
Nasdaq	2228.70	+0.85%
S&P	1232.04	+0.61%

Gold traded almost 2% lower near $775 in Asia and London and rose to see a less than $5 loss at $783.65 a little after 9AM EST in New York, but it then fell back off to a new low of $757.85 by a little after noon and ended near that low with a loss of 3.78%. Silver traded as high as $11.597 and fell to as low as $10.73 before it closed with a loss of 6.79%.

Euro gold fell to about €547, platinum lost $72.50 to $1180.50, and copper rose a few cents to about $3.12 after reports of an earthquake in Northern Chile.

Gold and silver equities saw decent gains at the open before they fell to see slight losses by late morning, but they then rallied back higher for the rest of trade and ended with about 4% gains.

There were no major economic reports today. Tomorrow at 8:30AM EST brings Import and Export Prices for August, Initial Jobless Claims for 9/06 expected at 440,000, and the trade Balance for July expected at -$58.0 billion. At 2PM is the Treasury Budget for August expected at -$105.0 billion.

Oil fell despite approaching Hurricane Ike, an OPEC production cut, and unexpectedly large drops in inventories as concerns over falling demand continue to drag the market lower. Crude inventories fell 5.9 million barrels, gasoline inventories fell 6.5 million barrels, and distillates dropped 1.2 million barrels.

The U.S. dollar index rose to a one year high as traders continue to concentrate on falling oil prices and slowing economies in other parts of the world.

Treasuries fell as the Dow, Nasdaq, and S&P rose despite more financial worries. Lehman’s plan to “sell a majority stake in its investment management business and spin off its troubled mortgage assets” seemed to stabilize that stock, but most other financial stocks were falling on worries that they will have trouble raising needed capital as well. All three indices managed slight gains despite these facts “as investors took positions in sectors such as energy, materials and consumer staples.”

Among the big names making news in the market today were Lehman Brothers, ImClone, Boeing and Northrop, and Fannie and Freddie.

“December Gold finished down 29.5 at 762.5, 24.5 off the high and 0.5 up from the low.

December Silver closed down 0.825 at 10.89. This was 0.01 up from the low and 0.625 off the high.

The gold market started off the session weak and accelerated losses during the session as bearish outside market influences spurred aggressive fund liquidation. The investment appeal of gold as a hedge against inflation was diminished by another strong upward move in the Dollar continued and weak crude oil prices despite a cut in OPEC production. A sharp drop in general commodity prices also undermined gold and added to a lower inflation outlook. A report showing a further decline in investment of the largest bullion backed ETF likely added to the gold market's bear tone. A bearish environment for gold is being fostered by global economic weakness and the Euro-zone President's hawkish remarks which have dampened the inflation outlook. Failure to hold key levels also seemed to trigger chart based selling in gold.

The silver market continued to slide and reached the lowest price level since June 2006. Outside market direction continues to have the biggest impact on silver price direction and the metal was certainly undermined by the sharp break in gold, strength in the Dollar and weak oil. Gains in copper did little to stem silver's price slide perhaps since a sharp decline in platinum prices kept the mood bearish. A lack of anxiety in the equity market despite more credit crisis related jitters tied to problems at Lehman Brothers reduced both silver and gold's flight to safety appeal.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 10.73 tonnes.

Barrick’s (ABX) oil assets, Newmont’s (NEM) cost pressures, Central Sun’s (SMC) term sheet, Goldcorp’s (GG) gold price outlook, International Royalty’s (ROY) board appointment, Cardero’s (CDY) option agreement, Freeport’s (FCX) small scale failure and production outlook, Gold Fields’ (GFI) platinum project, and Buenaventura’s (BVN) merger and acquisition opportunities were among the big stories in the gold and silver mining industry making headlines today.

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Xtierra Inc. - Results of in-fill drilling at Bilbao project; Completion of special warrant conversion - More
- September 10, 2008 | Item | E-mail

Chief Consolidated Mining Company signs Agreement with Anglo American and Purchases Korea Zinc Interest in Tintic Utah Metals Joint Venture - More
- September 10, 2008 | Item | E-mail

Conway Resources Announces Closing of a $200,000 Private Placement - More
- September 10, 2008 | Item | E-mail

Gossan's Inwood Magnesium Property Hosts 28.8 Million Measured Tonnes of High-Purity Magnesium Dolomite - More
- September 10, 2008 | Item | E-mail

Andover Ventures subsidiary, Chief Consolidated Mining Company signs Agreement with Anglo American and Purchases Korea Zinc Interest in Tintic Utah Metals Joint - More
- September 10, 2008 | Item | E-mail

Castle Gold Announces Change to Its Board of Directors - More
- September 10, 2008 | Item | E-mail

Lions Gate Metals Inc.: New Staking for Poplar Project - More
- September 10, 2008 | Item | E-mail

Fletcher Nickel Discovers New Sulphide Nickel Showing - More
- September 10, 2008 | Item | E-mail

Barrick to tackle costs with oil assets, new mines - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) hopes to hedge nearly one-third of its energy costs through acquisitions of oil and gas assets, and also expects to control costs through opening new low-cost mines, a company official said on Wednesday.

Barrick, the world's largest gold producer, recently acquired Cadence Energy, and will soon close an offer for certain assets of Daylight Resources (DAY_u.TO: Quote, Profile, Research, Stock Buzz), which should provide the company with about 4,500 barrels of oil equivalent a day." More
- September 10, 2008 | Item | E-mail

Zincore's Major Shareholder Settles Class Actions - More
- September 10, 2008 | Item | E-mail

Tamerlane Announces Updated NI 43-101 Reserve Report And Bankable Feasibility Study - More
- September 10, 2008 | Item | E-mail

Miners seek expanded U.S. SEC view of reserves - "The mining industry is clamoring for U.S. regulators to broaden the ways companies can report mineral reserves, saying changes would let investors view a company's financial outlook through management's eyes." More
- September 10, 2008 | Item | E-mail

Simberi Mining Corporation: Director Resignation - More
- September 10, 2008 | Item | E-mail

Southwestern Resources Corp.: Settlement of Class Actions - More
- September 10, 2008 | Item | E-mail

Ur-Energy Inc.: Lost Creek Production Expectation Changed to 2010 - More
- September 10, 2008 | Item | E-mail

Delta Uranium CEO Increases Holdings and Acquires Close to 10% Common Shares - More
- September 10, 2008 | Item | E-mail

Pediment Exploration Ltd.: Drill Results Extend Los Planes and Colinas Gold Zones, Reyna Mining and Engineering Engaged - More
- September 10, 2008 | Item | E-mail

Orvana Enters Into a Minerals Lease in the State of Michigan - More
- September 10, 2008 | Item | E-mail

Cogitore Discovers New Massive Sulphides at the Scott Lake Project - More
- September 10, 2008 | Item | E-mail

Gee Ten Ventures Takes a New Direction and Options Claims in the James Bay Lowlands Copper Nickel Chrome PGM Play - More
- September 10, 2008 | Item | E-mail

Otish Uranium Exploration Results - More
- September 10, 2008 | Item | E-mail

East West Options North Trap Property to Gee-Ten Ventures Inc., Norton-McFaulds Lake Area - More
- September 10, 2008 | Item | E-mail

Golden Valley Mines Ltd.: Otish Basin Uranium Project Drilling Update - More
- September 10, 2008 | Item | E-mail

Zoro Mining Completes Phase I--1930 Meters of Diamond Drilling at Don Beno Project, Region III Chile - More
- September 10, 2008 | Item | E-mail

Jinshan to Extend Warrants as Part of Loan Transaction - More
- September 10, 2008 | Item | E-mail

Golden Band Resources: Development and exploration update - More
- September 10, 2008 | Item | E-mail

Freewest Commences Diamond Drilling on its 100%-Owned McFaulds Property in the James Bay Lowlands of Northern Ontario - More
- September 10, 2008 | Item | E-mail

Pelangio Exploration Inc. Lists on the TSX Venture Exchange - More
- September 10, 2008 | Item | E-mail

Argentex Mining provides update on exploration activities in Argentina - More
- September 10, 2008 | Item | E-mail

SearchGold Granted a Mining Exploitation Permit and a New Exploration Permit on the Bakoudou-Magnima Project in Gabon - More
- September 10, 2008 | Item | E-mail

Golden Share Defines Gold Target 320 M Long by 50 M Wide With Grades of up to 178 g/t Au on Malartic Lakeshore Property - More
- September 10, 2008 | Item | E-mail

Cue Resources Receives Government Approval for License - More
- September 10, 2008 | Item | E-mail

Sienna Updates Igor Project and Identification of New Project - More
- September 10, 2008 | Item | E-mail

Lake Shore Gold Announces Board and Management Appointments - More
- September 10, 2008 | Item | E-mail

Quaterra and Blackberry In-Fill Drilling Defines 400-Meter-Long Zone of Significant Silver Mineralization at Nieves Project, Mexico - More
- September 10, 2008 | Item | E-mail

Bayswater Defines Uranium Mineralization Grading up to 7.55% U3O8 at North Thelon Basin Project - More
- September 10, 2008 | Item | E-mail

Tournigan Adds Uranium Mineralization at Kuriskova and Novoveska Huta - More
- September 10, 2008 | Item | E-mail

Niblack Mining Corp.: Initial Resource Estimate for Lookout and Trio Zones at the Niblack VMS Deposit - More
- September 10, 2008 | Item | E-mail

Metalex-WSR-Arctic Star Joint Venture Intersects 26m of 13.8% Zn - More
- September 10, 2008 | Item | E-mail

Crowflight Discovers Two New Zones of Mineralization Near Past-Producing Manibridge Mine - More
- September 10, 2008 | Item | E-mail

Pure Nickel Inc.: Two New Zones of Mineralization Discovered Near Past-Producing Manibridge Mine - More
- September 10, 2008 | Item | E-mail

MBMI Announces Mining Permits Extensions - More
- September 10, 2008 | Item | E-mail

CZM Completes Second Round of Drilling and Reports Up to 7.82g/t Gold & 28.6g/t Silver From Surface Trenches at Tag Project in Northern BC - More
- September 10, 2008 | Item | E-mail

Colorado Goldfields, Inc. Announces Drilling Program Additional Progress - More
- September 10, 2008 | Item | E-mail

Bayswater Acquires Additional Mineral Claims at Its Mountain West Project in Nevada - More
- September 10, 2008 | Item | E-mail

Duluth Metals progress report on the Nokomis Deposit - More
- September 10, 2008 | Item | E-mail

Silverado Commences Pre-Feasibility Study and Announces 2008 Geophysical Results at Nolan Creek - More
- September 10, 2008 | Item | E-mail

Anglo American in co-operation deal with Eskom - "Anglo American Plc (AAL.L: Quote, Profile, Research, Stock Buzz)(AGLJ.J: Quote, Profile, Research, Stock Buzz) said on Wednesday it would work with power utility Eskom [ESCJ.UL] to identify and implement ways to guarantee power supply in Africa's biggest economy." More
- September 10, 2008 | Item | E-mail

Uranium 308 Corp.:Company Updates on Progress of Drilling Program at Janchivlan, Mongolia - More
- September 10, 2008 | Item | E-mail

Abitex acquires Epsilon uranium property in Otish Moutains, Quebec - More
- September 10, 2008 | Item | E-mail

Goldeye Grants Directors Incentive Stock Options - More
- September 10, 2008 | Item | E-mail

Farallon Completes $25 Million Financing - More
- September 10, 2008 | Item | E-mail

Campbell Resources announces closing of Copper Rand mine - More
- September 10, 2008 | Item | E-mail

Lund Commences Black Fox Exploration - More
- September 10, 2008 | Item | E-mail

Newmont sees costs constraining Boddington mine - "Cost pressures are constraining development at Newmont Mining Corp's (NEM.N: Quote, Profile, Research, Stock Buzz) Boddington mine project in Western Australia, the company's chief executive told the Denver Gold Forum on Wednesday.

He added that detailed cost estimates will be outlined in the second-largest gold miner's third-quarter earnings report due in October." More
- September 10, 2008 | Item | E-mail

Central Sun Signs Indicative Term Sheet for a Total of US$22.5 Million of Debt Funding - "Central Sun Mining Inc. ("Central Sun" or the "Company") (Toronto:CSM.TO - News) (Toronto:CSM-WT.TO - News) (SMC - News) is pleased to announce that it has signed an indicative term sheet for a total debt package of US$22.5 million over a four year term. Closing of the facility is subject to the bank's internal credit approval process, the conclusion of a satisfactory due diligence process, satisfactory definitive documentation and the obtaining of all the required regulatory approvals." More
- September 10, 2008 | Item | E-mail

Gold could hit $1,500 in 2 years-Goldcorp CEO - "Goldcorp's (G.TO: Quote, Profile, Research, Stock Buzz) chief executive said on Wednesday gold prices should rebound soon, and could nearly double to $1,500 an ounce over the next two years.

"We're going to see gold over $1000, I like to say $1500 gold over the next 18-24 month period," Kevin McArthur, CEO of the Canadian gold senior, said at the Denver Gold Forum. Spot gold was at $763 on Wednesday." More
- September 10, 2008 | Item | E-mail

International Royalty appoints Gordon Bogden to board of directors - "Mr. Bogden has extensive experience as an investment banker and is currently President of Bogden Advisors Inc., which provides advice on strategy, mergers, acquisitions and corporate finance to the mining sector. Most recently, Mr. Bogden was Vice Chairman and Head of Global Metals and Mining at National Bank Financial Inc. Prior to National Bank, Mr. Bogden held senior positions with Beacon Group Advisors Inc., Newcrest Capital Inc., N.M. Rothschild & Sons Canada Limited and CIBC Wood Gundy Securities (the predecessor company to CIBC World Markets)." More
- September 10, 2008 | Item | E-mail

Cardero Completes Option Agreement on TiTac Iron-Titanium-Vanadium Deposit in NE Minnesota, USA - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that it has completed an option to lease agreement with an arm's length private mineral owner on the TiTac Iron-Titanium-Vanadium deposit in northeast Minnesota, USA. Metallurgical test work on the deposit completed by the United States Steel Corporation ("US Steel") produced a magnetic concentrate grading 57.32% iron, 14.02% titanium dioxide (TiO2), and 1.30% vanadium pentoxide (V2O5)." More
- September 10, 2008 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Reports Small Scale Failure at Grasberg Open Pit & Updates Sales Outlook - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced today that a small scale failure encompassing approximately 75,000 tonnes of material occurred at the Grasberg open pit operated by its 90.6% owned subsidiary PT Freeport Indonesia (PT-FI). There were no injuries or property damage." More
- September 10, 2008 | Item | E-mail

Arctic Platinum Project Reverts to Gold Fields - "Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) today announced that the Arctic Platinum Project (APP) in Finland had reverted to Gold Fields after North American Palladium Limited (NAP), a Canadian platinum metals group producer, had declined to follow its rights in terms of a Letter of Intent entered into between the parties and announced on 18 October 2005 and an Acquisition and Framework Agreement subsequently entered into between the parties." More
- September 10, 2008 | Item | E-mail

Buenaventura open to M&A, Latin America eyed-CEO - "The chief executive of Buenaventura said on Tuesday that Peru's largest precious metals producer has been looking for merger and acquisition opportunities as metal prices have recently dropped." More
- September 10, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Remains Positive on Underlying Asset Value of Properties - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:PZG.F - News)(WKN: A0HGKQ) President and CEO, Christopher Crupi, commented today that despite overall market declines in mining stocks, that he remains encouraged with the success of the Company's exploration program and the overall strength of the mining sector." More
- September 10, 2008 | Item | E-mail

Freeport-McMoRan trims production outlook - "Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) said on Wednesday it is lowering its 2008 copper and gold production outlook, due to an incident at its Grasberg mine in Indonesia.

Although the incident is not expected to affect long-term mine plans significantly, the company said access to a high-grade section of the mine will be restricted until remediation activities are completed and safe access to this mining area can be assured." More
- September 10, 2008 | Item | E-mail

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