Gold Seeker Closing Report: Gold and Silver Fall a Ninth Straight Day

	Close	Gain/Loss
Gold	$741.55	-$17.10
Silver	$10.475	-$0.375
XAU	115.32	-2.11%
HUI	262.97	-2.14%
GDM	784.31	-2.13%
JSE Gold	1548.08	+65.62
USD	80.22	+0.38
Euro	139.47	-0.68
Yen	93.51	+0.56
Oil	$100.87	-$1.71
10-Year	3.622%	-0.019
T-Bond	120.84375	+0.296875
Dow	11433.71	+1.46%
Nasdaq	2258.21	+1.32%
S&P	1249.05	+1.38%

Gold remained near unchanged around $758 in Asia and fell to as low as $736.45 by about 10AM in New York before it rebounded a bit in the last few hours of trade, but it still closed with a loss of 2.25%. Silver rose about 0.5% to $10.913 and dropped to $10.246 in New York before it closed over 2% off that low with a loss of 3.46%.

Euro gold fell to about €533, platinum lost $43.50 to $1137, and copper gained another penny to about $3.13.

Gold and silver equities fell about 5% in the first hour of trade before they rallied back higher to find slight gains by early afternoon, but they then fell back off into the close and ended with over 2% losses.

Report	For	Reading	Expected	Previous
Initial Claims	9/06	445K	440K	451K
Trade Balance	July	-$62.2B	-$58.0B	-$58.8B
Import Prices	Aug	-3.7%	-1.7%	0.2%
Import Prices ex-oil	Aug	-0.3%	-	0.7%
Export Prices	Aug	-1.7%	-	1.5%
Export Prices ex-ag.	Aug	-0.7%	-	0.9%
Treasury Budget	Aug	-$111.9B	-$105.0B	-$117.0B

Tomorrow at 8:30AM EST brings PPI for August expected at -0.5%, Core PPI expected at 0.2%, Retail Sales for August expected at 0.3%, and Retail Sales excluding autos expected at 0.3%. At 10AM is the Business Inventories report for July expected at 0.5% and Michigan Sentiment for September expected at 64.0.

Oil fell towards $100 on further demand worries despite the imminent threat of Hurricane Ike that is due to hit the Texas coast over the next couple of days. Speculation is that it will not be as damaging as previous hurricanes, but many installations have been evacuated as a precaution and some production will remain off line for at least a few days no matter how much damage is done. Perhaps one reason for today’s selling besides another strong dollar day was the fact that “The New York Times reported that Saudi Arabia has given private signals that it won't honor the production quota drop agreed in Vienna.”

The U.S. dollar index traded mixed and near unchanged as traders continue to debate the health and direction of various world economies and also what actions the fed and other central banks may take to help spur growth in their respective nations.

Treasuries rose as traders shifted expectations towards the possibility of fed rate cuts in the future due to continuing financial problems. Chances for a cut next week have risen from about 4% to 17% while chances for a rate cut by December have risen to about 50%.

The Dow, Nasdaq, and S&P mostly fell in early trade on more financial worries as Lehman fell another 40% on news that CEO Dick Fuld is trying to sell off the entire company in order to keep any or all of it operational. Washington Mutual was also a notable weak stock as it fell about 10% to near $2 a share, but all three stock indices rose in late trade and ended with over 1% gains on optimism that a deal to save or acquire Lehman will be announced soon.

Among the big names making news in the market today were Washington Mutual, Lehman, Bank of America, City National, and WellPoint.

“I have just recorded the single most oversold condition for gold since the great bull market began. Mining shares are also deeply oversold and juniors, well, the fire sale has become a nuclear detonation. Many juniors shares have fallen to levels where it will be tough to continue without recapitalization as financing will be hard to come by for the foreseeable future. However, some companies have significant cash and their share prices can double or triple from these extremely low levels in rather short order.”- Peter Grandich, Grandich Letter

Gold is the currency of last resort. When it becomes too damn complicated trying to find sound paper, the world gives up the futile search.

Where did you hear the system is broken? This is it and it is now. I stand 100% behind that statement, and if you disagree you have the freedom to change the channel to Bloomberg.

It takes less energy than hitting the delete button on this side.”- Jim Sinclair, JSMineset.com

“December Gold finished down 17 at 745.5, 9 off the high and 5.2 up from the low.

December Silver closed down 0.335 at 10.555. This was 0.215 up from the low and 0.255 off the high.

The gold market continued to slide and was clearly weighed down by a strong Dollar, a slump in general commodity market sentiment and ongoing financial crisis anxiety. In other words, the fear of slowing and the fear of recession seems to have scared away the buyers of gold and the accumulation of the weakness in the rest of the markets simply adds to the bear's confidence. In fact, with the Dollar rallying to a fresh one year high and the currency's strength certainly diminishing inflation expectations in the process that is weakening demand for gold in the investment categories.

The silver market also managed another big range down extension and like the rest of the metals complex the market was hit by a wide list of bearish themes. However, the silver market declines have pushed prices down to the lowest level since early 2006 and some players are wondering if a large portion of the spec and fund long has been pushed out of position. On the other hand, continued slowing fears seems to have left the bear with little fear of a short covering bounce and that in turn could make the US retail sales readings on Friday morning out to be a significant event for all metals prices.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 16.85 tonnes.

Rumors surrounding the Denver Gold Forum, International Royalty’s (ROY) acquired coal royalty, Fronteer’s (FRG) drilling, Midway’s (MDW) drill intercepts, Keegan’s (KGN) drill targets, Kirkland’s (KGI.TO) Vice President of Operations appointment, Banro’s (BAA) financing pricing, and First Majestic’s (FR.TO) positive developments 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.

Liberty Star's JV Agreement with XState Resources - More
- September 11, 2008 | Item | E-mail

Uranerz Announces Sale of Mongolian Property Interests - More
- September 11, 2008 | Item | E-mail

Palladon Ventures Ltd.: Mining Begins Today at Iron Mountain - More
- September 11, 2008 | Item | E-mail

Harvest Gold Summarizes Rosebud Mine N.I. 43-101 Technical Report; Report Posted on SEDAR - More
- September 11, 2008 | Item | E-mail

International Royalty Acquires Producing Coal Royalty - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company" or "IRC") is pleased to announce that it has completed the acquisition of an overriding royalty interest on the Skyline Coal Mine located in Carbon and Emery Counties, Utah. The Skyline Mine is operated by Canyon Fuel Company, a subsidiary of Arch Coal Inc., one of the largest coal producers in the United States." More
- September 11, 2008 | Item | E-mail

White Mountain Completes First Phase Drilling at Eli Prospect and Prepares for Pilot Plant Program at Las Carolinas - More
- September 11, 2008 | Item | E-mail

Chapleau Identifies 23 New Targets at Coringa Gold Project, Brazil and Commences 7,000 m Phase 3 Drilling Program - More
- September 11, 2008 | Item | E-mail

Maximus and NFX Shareholders Vote in Favour of Business Combination - More
- September 11, 2008 | Item | E-mail

Marc Boisvert Becomes MDN Inc.-Vice President-Exploration - More
- September 11, 2008 | Item | E-mail

Inter-Citic Reports Successful IP Mapping of New Areas of Discovery at Dachang Gold Project - More
- September 11, 2008 | Item | E-mail

Cue Resources Receives Early Transfer of Ownership - More
- September 11, 2008 | Item | E-mail

Erdene Provides Zuun Mod Molybdenum Project Update - More
- September 11, 2008 | Item | E-mail

Happy Creek update on the Rateria Property, Highland Valley, B.C. - More
- September 11, 2008 | Item | E-mail

Romarco Announces New and Improved Web Site - More
- September 11, 2008 | Item | E-mail

Orex Accelerates Phase 2 Resource Delineation Program, Adds Second Drill at Goldboro - More
- September 11, 2008 | Item | E-mail

Yamiri Gold and Energy Inc. announces a positive update on the mining law in La Rioja Province, Argentina - More
- September 11, 2008 | Item | E-mail

Acadian Mining provides outlook for Scotia mine operations - More
- September 11, 2008 | Item | E-mail

GoldSpring, Inc. to Announce Results of 43-101 Resource Report During Webcast on September 16th - More
- September 11, 2008 | Item | E-mail

Lake Shore Gold Commences Ramp Development at Timmins West, Shaft Sinking Progressing on Schedule and Budget - More
- September 11, 2008 | Item | E-mail

Hana Mining Announces $1.5 Million Private Placement - More
- September 11, 2008 | Item | E-mail

Azimut and Majescor uncover regional-scale uranium potential at West Minto, Nunavik, Quebec, with grades up to 0.90% U3O8 - More
- September 11, 2008 | Item | E-mail

Eastmain Resources Inc.: Visible Gold in Another 50 Veins At Eau Claire - More
- September 11, 2008 | Item | E-mail

NQ Exploration: Discovery of New Gold and Zinc Showings on the Duncan Property in James Bay - More
- September 11, 2008 | Item | E-mail

Majescor and Azimut Report Grades of Up to 0.90% U3O8 in Outcrop at West Minto, Nunavik, Quebec - More
- September 11, 2008 | Item | E-mail

Unico, Inc. Announces Form 4 Filing on Common Stock Purchase by Chairman Ray C. Brown - More
- September 11, 2008 | Item | E-mail

Paladin Energy Ltd: 2008 Annual Report - More
- September 11, 2008 | Item | E-mail

Rocmec to Begin Work at Great Basin Gold's Hollister Property - More
- September 11, 2008 | Item | E-mail

Update of the Mining Activities of Metanor - More
- September 11, 2008 | Item | E-mail

Lakota Resources announces October diamond drilling program - More
- September 11, 2008 | Item | E-mail

Baffinland Announces Delivery of First Bulk Sample Ore to Europe - More
- September 11, 2008 | Item | E-mail

Alberta Star Completes 2008 Drill Program at Eldorado/Contact Lake IOCG & Uranium Project, NT - More
- September 11, 2008 | Item | E-mail

Red Metal Increases Land Holdings Near Camila - More
- September 11, 2008 | Item | E-mail

Tao Minerals Details Final Preparations for the Initiation of Operations at Its El Colmillo Gold Mine - More
- September 11, 2008 | Item | E-mail

High River Gold Strengthens Board - More
- September 11, 2008 | Item | E-mail

24% increase in indicated resource at Etruscan's Blue Gum Diamond Project in South Africa - More
- September 11, 2008 | Item | E-mail

Drilling, Road Building Unearth More Near-Surface Gold at Fronteer's Long Canyon - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(FRG - News) is pleased to announce that drilling at Long Canyon has extended the length of known gold mineralization an additional 75 metres to the northeast and new drill road construction has exposed a long zone of high-grade gold, reinforcing the near-surface nature of mineralization at this important new project in northeastern Nevada." More
- September 11, 2008 | Item | E-mail

New High Grade Intersections on Matamec's Matheson JV Gold Property - More
- September 11, 2008 | Item | E-mail

Rochester Resources Announces Dr. Ulrich Petersen to Join Advisory Board - More
- September 11, 2008 | Item | E-mail

First Majestic Silver Corp.: Many Positive Developments Underway - "Two major expansion projects are presently underway at the San Martin Silver Mine and the La Encantada Silver Mine which are undergoing significant facelifts. Construction has been ongoing since June at both operations and will result in much higher levels of silver production for 2009. Shareholders can expect more detailed news on both these expansion programs as they develop." More
- September 11, 2008 | Item | E-mail

Urex Discovers New Uranium Zone - More
- September 11, 2008 | Item | E-mail

First uranium exploration permit granted in Spain - More
- September 11, 2008 | Item | E-mail

Vault Minerals Provides Update on Exploration Activities - More
- September 11, 2008 | Item | E-mail

Manicouagan Minerals-Drilling on HPM/Forgues Continues to Return Significant Nickel/Copper/Cobalt Assays-Including 43.18 Metres Grading 1.74% Nickel and 0.90%Cu - More
- September 11, 2008 | Item | E-mail

Serengeti Intersects 482 Meters Grading 0.51% Copper, 0.90 g/t Gold in Central Zone and Reports Best Hole to Date on South Zone - More
- September 11, 2008 | Item | E-mail

Virgin Metals Files Technical Reports on Los Verdes and Cuatro Hermanos - More
- September 11, 2008 | Item | E-mail

Pure Nickel Receives Encouraging Results From Its Option Partner on HPM/Forgues Property - More
- September 11, 2008 | Item | E-mail

USCorp Begins Drilling on Its Arizona Twin Peaks Gold Property - More
- September 11, 2008 | Item | E-mail

Houston Lake Completes Drilling at Dogpaw Lake - More
- September 11, 2008 | Item | E-mail

Noront Resources Ltd. and WSR Gold Inc. Announce Definitive Option From Golden Valley Mines Ltd. to Acquire Up to a 35% Interest Each in the Golden Valley Prop. - More
- September 11, 2008 | Item | E-mail

AuEx Ventures, Inc.: More Strong Gold Results at Long Canyon - More
- September 11, 2008 | Item | E-mail

Grandview Gold Fulfills Sanshaw-Bonanza Earn-In Requirements; Consolidation of Red Lake Gold District Directs Company Focus North - More
- September 11, 2008 | Item | E-mail

Rolling Rock Commences Drilling At the Domain Project - More
- September 11, 2008 | Item | E-mail

WSR and Noront Announce Definitive Options From Golden Valley Mines to Each Acquire Up to 35% Interest in Golden Valley "Luc Bourdon" Property - More
- September 11, 2008 | Item | E-mail

Solex Resources Corp. receives Macusani East project data from Eldorado Gold Corporation - More
- September 11, 2008 | Item | E-mail

Colorado Division of Reclamation, Mining and Safety Funds Portal Discharge Structure for Colorado Goldfields, Inc. - More
- September 11, 2008 | Item | E-mail

Castle Gold Replicates Historic Drilling at Its La Fortuna Gold-Silver-Copper Project, Mexico Thereby Facilitating NI 43-101 Resource Study - More
- September 11, 2008 | Item | E-mail

Treasury Metals Drilling Returns High-Grade Gold - More
- September 11, 2008 | Item | E-mail

Keweenaw Land Association, Limited Leases Mineral Rights to Orvana - More
- September 11, 2008 | Item | E-mail

International Silver, Inc. Receives Extension on Langtry Property Purchase and Renegotiates Property Purchase Terms - More
- September 11, 2008 | Item | E-mail

Asia Now Calls Special Meeting to Approve Private Placement - More
- September 11, 2008 | Item | E-mail

Bellhaven Copper & Gold Announces a Non-Brokered Private Placement Offering of Convertible Debentures to Raise up to CA$1.2 Million - More
- September 11, 2008 | Item | E-mail

Copper Mesa Mining Corporation Announces Bridge Loan Facility - More
- September 11, 2008 | Item | E-mail

Denver gold gathering sparks rumours - "They may have been shell-shocked and more than a little morose, but the mining executives and investors who gathered at the Denver Gold Forum this week still found time to gossip.

With bullion prices sliding and junior resource financings becoming increasingly difficult, chatter at the not-to-be-missed Denver event centred on who's zooming who in precious metals." More
- September 11, 2008 | Item | E-mail

Midway Strikes Porphyry Gold at Big Leap Zone Spring Valley, Nevada - "Midway Gold Corp. (CDNX:MDW.V - News)(MDW - News) ("Midway") has drilled new gold intercepts north of the Spring Valley resource in the newly defined Big Leap Zone. Intercepts in the zone include SV08-436 with 5 feet of 0.667 ounces per ton (opt) gold within 110' of 0.061 opt gold and SV08-432 with 25 feet of 0.294 opt gold within 40 feet of 0.190 opt gold. The zone has been intercepted over 1400 feet along strike, is 200 to 400 feet wide, and is still open to both the north and south and at depth." More
- September 11, 2008 | Item | E-mail

Keegan Identifies Drill Targets Over 10 KM In Strike Length Using Gold-In-Soil Anomalies on the Jeni Portion of Esaase Gold Property, Ghana - "Keegan (CDNX:KGN.V - News)(KGN - News) is pleased to announce results on its soil geochemical program from the Jeni Concession of the Esaase gold project located in southwest Ghana. The Jeni Concession was acquired in March of this year. Keegan has been testing the exploration potential of the property with VTEM airborne surveys as well as follow-up soil sampling." More
- September 11, 2008 | Item | E-mail

Kirkland Lake Gold Inc.: Mark Tessier Appointed as Vice President of Operations - "Kirkland Lake Gold Inc. (the "Company") (TSX:KGI - News; AIM:KGI) is pleased to announce that it has appointed Mark Tessier as Vice President of Operations for its mining operations in Kirkland Lake, Ontario. Mark brings over 25 years experience in underground mining in various ascending positions, with 7 years overseeing the underground mine expansion project and subsequent underground mine operations at Goldcorp's Red Lake Mine between 1999 and 2006." More
- September 11, 2008 | Item | E-mail

Banro Announces Pricing for Financing - "Banro Corporation ("Banro" or the "Company") (TSX:BAA - News; AMEX:BAA - News) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and including CIBC World Markets Inc., UBS Securities Canada Inc. and Raymond James Ltd. to sell 11,000,000 units of the Company at a price of U.S.$1.75 per unit to raise gross proceeds of approximately U.S.$19,250,000." More
- September 11, 2008 | Item | E-mail

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