Gold Seeker Closing Report: Gold and Silver Gain Almost 3% While Dow Drops Over 500

	Close	Gain/Loss
Gold	$783.25	+$22.00
Silver	$11.05	+$0.32
XAU	119.36	-6.09%
HUI	276.91	-4.66%
GDM	828.43	-4.46%
JSE Gold	1643.66	+28.21
USD	78.54	-0.44
Euro	142.79	+0.50
Yen	95.31	+2.64
Oil	$95.71	-$5.47
10-Year	3.483%	-0.247
T-Bond	122.1875	+2.734375
Dow	10917.51	-4.42%
Nasdaq	2179.91	-3.60%
S&P	1192.96	-4.69%

Gold rose to $784.60 in early Asian trade before it fell back to see just a $2.60 gain at $763.85 near the New York open, but it then rallied back higher into the close and ended back near its early high with a gain of 2.89%. Silver rose to $11.21 and fell to $10.38 before it also rallied back higher into the close and ended with a gain of 2.98%.

Euro gold rose to about €591, platinum lost $33 to $1171.50, and copper lost a few cents to about $3.18.

Gold and silver equities traded just slightly lower in morning action, but they then fell off further in afternoon trade along with the major indices and ended with over 4% losses.

Report	For	Reading	Expected	Previous
NY Empire State Index	Sep	-7.4	1.4	2.8
Capacity Utilization	Aug	78.7%	79.6%	79.7%
Industrial Production	Aug	-1.1%	-0.3%	0.1%

“The Federal Reserve on Monday added the most money to the banking system since the aftermath of the Sept. 11, 2001, attacks in the wake of Lehman Brothers' bankruptcy, Merrill Lynch's demise and AIG's need for cash.

The New York Fed added $70 billion in overnight repurchase agreements, known as repos. The central bank does a repo operation on almost every business day, but offered an unusually high amount today in light of the demand for reserves from banks and primary dealers.”

Tomorrow at 8:30AM EST brings CPI for August expected at -0.1% and Core CPI expected at 0.2%. At 9AM is the Net Foreign Purchases report for July and at 2:15PM is the FOMC policy statement that now comes with a very real possibility of a cut in interest rates by at least 25 basis points in order to help combat the current financial crisis.

Oil fell on worries over slowing demand and on healthy supply operations as Hurricane Ike did not do much damage.

The U.S. dollar index fell and treasuries rose substantially as the Dow, Nasdaq, and S&P fell roughly 2% at the open and fell even further in afternoon trade on financial worries as Lehman Brothers filed for bankruptcy protection, AIG fell about 60% on troubles raising cash, and Bank of America announced an agreement to buy Merrill Lynch.

“December Gold finished up 22.5 at 787, 0.5 off the high and 17.5 up from the low.

December Silver closed up 0.34 at 11.135. This was 0.545 up from the low and 0.025 off the high.

At times on Monday the gold market had managed to climb by as much as $50 an ounce above last week's late lows. Clearly the combination of a weaker Dollar and rapidly rising economic uncertainty provided the gold market with its lift. With the US equity market under significant duress and threatening to make fresh lows for the year, it was clear that the marketplace remains concerned about some sort of systematic failure. However, at times the gold market fell back and that seemed to take place in the wake of softer than expected US scheduled report data. In other words, the market is being supported by flight to quality but the back and forth action around the highs Monday might be suggesting that some gold bulls are still a bit skeptical.

The silver market at times Monday managed to reach as much as 94 cents above last week's late lows and that clearly highlights the view that silver is some form of flight to quality instrument. However, since December silver saw a significant slide ahead of the US market action it seems that weakness in equity market prices served to knock some of the wind out of the bull's sails. However, despite the weaker than expected US scheduled number flow, silver managed a rally of roughly 77 cents from the pre-opening low and that would seem to discount the markets physical commodity market standing.”- The Hightower Report, Futures Analysis and Forecasting

Bombings at Freeport’s (FCX) mine in Indonesia, Goldcorp’s (GG) suspended mining at Pamour, Aurizon’s (AZK) optioned claims, IAMGOLD’s (IAG) exercised property option, Kirkland’s (KGI.TO) financial results, Sabina’s (SBB.V) permitting, and Sterling Mining’s (SRLM.OB) suspended production 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.

Zaruma Resources Starts Drilling at Carrizo Ridge and Reports on Luz del Cobre (San Antonio, Mexico) - More
- September 15, 2008 | Item | E-mail

Abcourt Mines Inc.: Final Closing of Two Non-Brokered Private Placements for a Total of $811,750 - More
- September 15, 2008 | Item | E-mail

Noront Announces Initial Nickel-PGE Results at Anomaly AT12 Provides Update on Other Double Eagle Drilling Projects - More
- September 15, 2008 | Item | E-mail

International Barytex Resources Ltd. - Positive Feasibility Study Received for Shituru Copper Project - More
- September 15, 2008 | Item | E-mail

Platinum Group Metals Ltd.: Disclosure Clarification - More
- September 15, 2008 | Item | E-mail

Nebu Resources Inc.: Expiry Date of Warrants Extended by 6 Months - More
- September 15, 2008 | Item | E-mail

Passport Metals Inc. Identifies Copper Manto at Gilda Copper-Gold Property - More
- September 15, 2008 | Item | E-mail

MDN Proves Extensions to the High-Grade Zones at Isambara - More
- September 15, 2008 | Item | E-mail

Gold Port Purchases Groete Creek Gold Project - More
- September 15, 2008 | Item | E-mail

Carmax Explorations Ltd.: Clarifying News Release on the East Zone Mineralization of the Eaglehead Property - More
- September 15, 2008 | Item | E-mail

Coro Extends Cerro Negro Option - More
- September 15, 2008 | Item | E-mail

Benton announces approval for normal course issuer bid - More
- September 15, 2008 | Item | E-mail

Excellon Announces Launch of New Corporate Website - More
- September 15, 2008 | Item | E-mail

USCorp Reports Preliminary Drilling Results on Its Arizona Twin Peaks Gold Property - More
- September 15, 2008 | Item | E-mail

New Island Resources Inc.: Progress Report - More
- September 15, 2008 | Item | E-mail

Platinum Group Metals Creates New Funded Platinum Joint Venture - More
- September 15, 2008 | Item | E-mail

Mesa Uranium Acquires Utah Potash Project, Consolidates Shares - More
- September 15, 2008 | Item | E-mail

Duran Ventures and MacMillan Gold Business Combination Update - More
- September 15, 2008 | Item | E-mail

Mega Uranium Ltd.: Removal of the Uranium Mine Development Ban in Western Australia - More
- September 15, 2008 | Item | E-mail

Odyssey Announces Change in Management - More
- September 15, 2008 | Item | E-mail

Freewest Intersects 100 Metres of Chromite Mineralization in First Hole Drilled on Its 100%-Owned McFaulds Property, Northern Ontario - More
- September 15, 2008 | Item | E-mail

Xstrata Coal Canada Increases Ownership in Erdene - More
- September 15, 2008 | Item | E-mail

Abitex Resources Inc. Announces Proposed Acquisition of Central Uranium Corporation - More
- September 15, 2008 | Item | E-mail

GBS Gold International Inc.: Appointment of Voluntary Administrators to Australian Subsidiaries - More
- September 15, 2008 | Item | E-mail

Stingray's Mineral Resource Update Confirms, Reclassifies and Expands Oxide Copper at El Pilar - More
- September 15, 2008 | Item | E-mail

Abitex Resources Inc. announces board changes - More
- September 15, 2008 | Item | E-mail

U.S. Precious Metals Announces Proven Gold, Silver and Copper Reserves Found in Mexican Mining Concession - More
- September 15, 2008 | Item | E-mail

Union Negotiations Concluded for Farallon's G-9 Project - More
- September 15, 2008 | Item | E-mail

Encouraging Results on Newstrike's Kirkland Lake East Property - More
- September 15, 2008 | Item | E-mail

Exploration Update on Midland's James Bay Gold Properties - More
- September 15, 2008 | Item | E-mail

Pacific North West Capital Completes Deep Penetrating UTEM 3 Geophysical Survey Over West Timmins, Nickel Project, Ontario - More
- September 15, 2008 | Item | E-mail

Western Copper Corporation: Carmacks Copper Project Endorsed by Yukon Government - More
- September 15, 2008 | Item | E-mail

Hinge Zone Intersected From Rice Lake Mine Over 1500 Meters Below Surface - More
- September 15, 2008 | Item | E-mail

North American Palladium Announces New CEO - More
- September 15, 2008 | Item | E-mail

Copper Fox Metals Announces Positive Results of Preliminary Feasibility Study on Schaft Creek Copper-Gold-Molybdenum-Silver Deposit - More
- September 15, 2008 | Item | E-mail

CanAlaska intersects uranium zone at Fond du Lac project - More
- September 15, 2008 | Item | E-mail

Golden Phoenix Reports on Successful Annual Meeting and Mineral Ridge Gold Mine Tour - More
- September 15, 2008 | Item | E-mail

Kola Announces Highest Grade Intercepts to Date; Souker Progress Update - More
- September 15, 2008 | Item | E-mail

Anvil Mining Limited - Cancellation of Shareholders' Meeting - More
- September 15, 2008 | Item | E-mail

Mineral Deposits Limited: Sabodala Gold Project - More
- September 15, 2008 | Item | E-mail

Solitaire Minerals Corp. Property Updates - More
- September 15, 2008 | Item | E-mail

High River Gold-Appointment of Financial Advisers - More
- September 15, 2008 | Item | E-mail

Manicouagan Minerals Files Technical Report for New Mineral Resource at Brabant Lake Zinc Deposit - More
- September 15, 2008 | Item | E-mail

Goldcorp halts Pamour mining as gold prices slide - "Goldcorp (G.TO: Quote, Profile, Research, Stock Buzz) has suspended mining at its Pamour open pit in Ontario due to falling gold prices, a company spokesman said on Monday.

Production statistics were not immediately available for Pamour, but spokesman Jeff Wilhoit said the mine was "not material" to Goldcorp's overall results." More
- September 15, 2008 | Item | E-mail

Aurizon options claims adjacent to Joanna Project - "Aurizon Mines Ltd. (TSX:ARZ - News; AMEX:AZK - News) is pleased to announce that it has entered into a letter agreement with Alexandria Minerals Corporation ("Alexandria") whereby Alexandria has granted the Company an option to earn an undivided 100% interest in nineteen (19) mineral claims, subject to an existing 2% net smelter return and a 2% gross overriding receipts royalty on any diamonds extracted from the claims (the "Alexandria Claims")." More
- September 15, 2008 | Item | E-mail

Sabina Silver's Reports Permitting Process for Hackett River Moves Forward - "Sabina Silver Corporation (CDNX:SBB.V - News) announced today that the Minister of Indian and Northern Affairs Canada ("INAC") has concurred with the Nunavut Impact Review Board's ("NIRB") screening decision dated April 3, 2008 suggesting that the Hackett River Project in Nunavut, Canada move forward to a public review." More
- September 15, 2008 | Item | E-mail

IAMGOLD exercises it's option on Gemini-Turgeon Property - "Cancor Mines (KCR-TSX) is pleased to announce that IAMGOLD Corporation ("IAMGOLD") has exercised its option to become an equal joint venture partner with Cancor Mines Inc. ("Cancor") on the Gemini-Turgeon property. The property is located in the mineral rich Abitibi region in northern Quebec." More
- September 15, 2008 | Item | E-mail

Indonesia police suspect separatists in mine blast - "Separatist rebels are being investigated in a string of bombings targeting a U.S. mining giant in Indonesia's restive eastern Papua province, police said Monday. No one was wounded in the blasts, which followed written demands that the company's gold mine be shut." More
- September 15, 2008 | Item | E-mail

Sterling Mining Company Suspends Production at Sunshine Mine - "Since 2003 Sterling Mining staff and employees have dedicated themselves to rehabilitating and resuming production at the Sunshine Mine. Despite resuming production in late 2007 and the significant progress made in the first half of 2008, the operation has encountered a series of unforeseen and unavoidable delays. Production through the end of August totaled approximately 354,000 ounces of silver, which is substantially less than management's expectations and less than what is required for self-sustaining operations. This, combined with volatility as it relates to precious metals stocks, ultimately prevented the Company from obtaining the financing required to continue operations at the current level. The workforce will be immediately reduced by approximately 60%." More
- September 15, 2008 | Item | E-mail

Kirkland Lake Gold Reports Financial Results Fiscal Q1 2009 - "Gold production was 9,193 ounces in the quarter, a decrease of 35% compared to the previous quarter (Q4/08: 14,090) and a 30% decrease compared to Q1/08 (13,204 ounces). This was a consequence of lower than forecasted grades and tons being realized within the existing mine due to above normal seismic activity in one area of the mine necessitating a change to our planned production schedule. Scheduled work to electrical power lines supplying the Company property and unscheduled repairs to the hoist together with difficulties associated with pastefill also disrupted production during the quarter. Management are confident that shortfalls in production will be recouped during the balance of the year." More
- September 15, 2008 | Item | E-mail

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