Gold Seeker Closing Report: Gold and Silver Fall While Stocks Rebound On Bailout Hopes

	Close	Gain/Loss
Gold	$876.30	-$12.80
Silver	$12.19	-$0.755
XAU	131.21	-1.36%
HUI	314.24	-2.14%
GDM	930.51	-1.84%
JSE Gold	1845.38	+39.09
USD	79.51	+1.94
Euro	140.75	-3.67
Yen	94.05	-1.83
Oil	$100.64	+$4.27
10-Year	3.827%	+0.195
T-Bond	117.171875	-2.65625
Dow	10850.66	+4.68%
Nasdaq	2082.33	+4.97%
S&P	1164.74	+5.27%

Gold and silver erased yesterday’s after hours gains by midday in London, fell even further in New York, and ended near their lows of the session with losses of 1.44% and 5.83%. Both metals fell off over 1% further in after hours access trade but have since rebounded back near unchanged at the time of writing.

Euro gold rose roughly €4 to about €622 on substantial euro weakness, platinum lost $77.50 to $1004, and copper fell another few cents to about $2.89.

Gold and silver equities fell over 2% by midmorning before they rebounded midday and saw slight gains by early afternoon, but they then fell back off into the close and ended with about 2% losses.

Report	For	Reading	Expected	Previous
Chicago PMI	Sep	56.7	54.0	57.9
Consumer Confidence	Sep	59.8	55.0	58.5

Also making economic news today was the Standard & Poor's/Case-Shiller 20-city housing index that “fell a record 16.3 percent in July from the year-ago month, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.”

Tomorrow at 8:15AM EST brings ADP Employment for September expected at -53,000 and at 10AM is Construction Spending for August expected at -0.5% and the ISM Index for September expected at 49.5.

Oil retraced almost half of yesterday’s over 10% losses despite a higher dollar as it choose to follow stocks higher on hopes that a bailout plan will pass and help underpin demand.

The U.S. dollar index rose markedly and treasuries fell as the Dow, Nasdaq, and S&P rose on optimism that a bailout plan will be agreed upon, announced soon, and actually work. All three indices gained back roughly half of the historic losses suffered yesterday.

Among the big names making news in the market today were Pfizer, Merck and ImClone, Citigroup, and Pepsi Bottling.

In this crisis $250 billion is chump change. As a matter of fact, $750 billion is chump change.

The "Madness of the Crowd" does not recognize that the Fed lent $1.25 trillion last week. These loans were not to strong, but ailing financial entities.

Surprise, surprise, the $1.25 trillion in one week is much larger than $250 or $750 billion.

Stay the course and ignore the shorts, or if u can't stand the heat in the gold kitchen as Harry Truman kind of said, then please leave immediately!”- Jim Sinclair, JSMineset.com

“December Gold closed down 13.6 at 880.8. This was 1.8 up from the low and 18.7 off the high.

December Silver finished down 0.75 at 12.275, 0.405 off the high and 0.025 up from the low.

The gold market showed some initial strength and managed the early strength in the face of overt weakness in the rest of the metals complex. In fact, for a time the gold market was higher despite a modestly higher US Dollar. However, as the session progresses the strength of the Dollar rally and the breadth of the US equity market rally extended and that seemed to turn up the pressure on the gold market. Certainly it was premature to assume that a bailout package would pass, but apparently the markets were able to "hope" for passage. In the end, a sharp run up in energy prices were not even able to alter the mostly bearish tone toward gold.

While silver was certainly dragged downward by gold, it should be noted that silver prices were weak early in the session despite the face that gold was higher. Some silver bulls have to be disappointed that the silver market didn't get the slightest glimmer of hope off the sharp recovery bounce in the equity market as that suggests the physical demand crowd is really pessimistic toward near term prospects. At least in the near term the silver market continues to act more like a flight to quality instrument than a physical or industrial commodity market.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR added 27.57 tonnes and the LSE added 0.11 tonnes.

Note: Change in Total Tonnes from yesterday’s data: 49.17 tonnes were removed from the trust.

NovaGold’s (NG) project update, Paramount’s (PZG) assay results, Ivanhoe’s (IVN) market activity statement, Kirkland Lake Gold’s (KGI.TO) exploration results, ITH’s (THM) drill results, Kinross Gold’s (KGC) ownership of Aurelian, Silvercorp’s (SVM.TO) director appointment, and Hecla’s (HL) payment of preferred dividends 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.

UCR Acquires Uranium Interests in the State of New Mexico - (xx) Amended Version of the News Release Issued Earlier Today (xx) - More
- September 30, 2008 | Item | E-mail

Odyssey Announces Appointment of Executive Officers - More
- September 30, 2008 | Item | E-mail

Southampton Receives More Positive Results From Horden Lake Drilling - More
- September 30, 2008 | Item | E-mail

Cameco Resumes UF6 Production at Port Hope Conversion Facility - More
- September 30, 2008 | Item | E-mail

Crosshair Amends NI 43-101 Golden Promise Report - More
- September 30, 2008 | Item | E-mail

UCR Acquires Uranium Interests in the State of New Mexico - More
- September 30, 2008 | Item | E-mail

NovaGold Provides Update on Donlin Creek Gold Project in Alaska - "Additional assay results from the 2008 Donlin Creek program continue to be received by the Donlin Creek LLC. Just over 13,000 meters of exploration development drilling have now been completed in the 2008 Phase 2 program. Total exploration and development drilling in 2008 now totals over 32,000 meters. Drilling in the Phase 2 program includes some additional holes in the East Acma structural zone as well as some select infill holes in the Lewis and Akivik areas." More
- September 30, 2008 | Item | E-mail

James Bay Resources Starts 5,000 Metre Drilling Program on 'Ring of Fire' Property - More
- September 30, 2008 | Item | E-mail

Adanac Molybdenum Corporation: Ruby Creek-Comprehensive Study Switched to Screening Assessment - More
- September 30, 2008 | Item | E-mail

Canarc Arranges CA$600,000 Private Placement Financing - More
- September 30, 2008 | Item | E-mail

Philex Gold Releases Clarification News for Boyongan Cu/Au Deposit Mineral Resources and Reserves - More
- September 30, 2008 | Item | E-mail

Tiger Resources Limited Issues 2008 Annual Report - More
- September 30, 2008 | Item | E-mail

MDN Inc.: Large High-Grade Intersection at 4 km From the Main Zone at Viyonza - More
- September 30, 2008 | Item | E-mail

EXMIN and Canarc Resource Finalize Santiago Joint Venture at Batopilas, Chihuahua, Mexico - More
- September 30, 2008 | Item | E-mail

Copper Fox Metals Inc. - Third Quarter Results - More
- September 30, 2008 | Item | E-mail

Simberi Mining: Corporate Update - More
- September 30, 2008 | Item | E-mail

GBS Gold International Inc. - Company Update - More
- September 30, 2008 | Item | E-mail

Kinbauri Extends Warrants - More
- September 30, 2008 | Item | E-mail

Landore Resources Limited - Junior Lake-Nickel Project Progress Report - More
- September 30, 2008 | Item | E-mail

Tao Minerals to Begin Mining Operations at Its El Colmillo Gold Mine - More
- September 30, 2008 | Item | E-mail

Stingray Copper: Metallurgical Update From El Pilar Copper Project, Mexico - More
- September 30, 2008 | Item | E-mail

Universal Uranium Receives Preliminary Assessment on St. Georges Bay Property - More
- September 30, 2008 | Item | E-mail

Argentex discovers new epithermal veins along Pinguino's "Tranquilo Trend" - More
- September 30, 2008 | Item | E-mail

Nevada Sunrise Completes IPO and Finalizes Summer Drill Program - More
- September 30, 2008 | Item | E-mail

Pacific North West Capital and Benton Resources Commence Drill Program on Heenan Property, Swayze JV Project - More
- September 30, 2008 | Item | E-mail

EXMIN Options East Durango Property to Quaterra Resources - More
- September 30, 2008 | Item | E-mail

Quaterra Mexico Exploration Update - More
- September 30, 2008 | Item | E-mail

Roxmark reports encouraging results from drilling on gold veins at Nortoba-Tyson molybdenum/gold property - More
- September 30, 2008 | Item | E-mail

USCorp, a Junior Gold Exploration Company, Reports New $2.16 Million Financing Agreement - More
- September 30, 2008 | Item | E-mail

International Minerals Reports Strong Year-End Balance Sheet; Equity Income of $4.2 Million From the Company's 40%-Owned Pallancata Mine, Peru - More
- September 30, 2008 | Item | E-mail

Armistice Resources Corp. bulk sampling update - More
- September 30, 2008 | Item | E-mail

Colorado Goldfields, Inc. Expands Board of Directors - More
- September 30, 2008 | Item | E-mail

HuntMountain Releases New High-Grade Assays from La Josefina Gold-Silver Project - More
- September 30, 2008 | Item | E-mail

Elray Resources Provides Overview of Senator Project in Area Known to Host a Number of Base Metal and Gold Occurrences - More
- September 30, 2008 | Item | E-mail

East West Resource Corporation: Drilling Confirms Copper at Depth - More
- September 30, 2008 | Item | E-mail

Fission Energy Announces Exploration Results at Duddridge Lake Uranium Project - More
- September 30, 2008 | Item | E-mail

Bayswater Commences Drilling Program on Newly Discovered Minisinakwa Lake High-Grade Uranium Showing, Central Mineral Belt of Labrador - More
- September 30, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Reports 13.25 m of 1.57 g/t Au and 107.2 g/t Ag at Clavo 99 (Incl. 5.25 m of 2.47 g/t Au and 251.2 g/t Ag) - "Paramount Gold and Silver Corp. (PZG - News)(Toronto:PZG.TO - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) reports assay results from three drill holes at Clavo 99. The higher good grades in the deeper, northwestern extension of Clavo 99 have been confirmed by diamond drill holes SM-54, 60 and 61." More
- September 30, 2008 | Item | E-mail

Ivanhoe Mines Issues Statement on Market Activity and Discussions on Mongolia Project - "In response to queries received from investors, Ivanhoe Mines (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News) President and CEO John Macken said today that there are no adverse material events that would account for recent selling pressure on Ivanhoe Mines' stock in trading on the Toronto, New York and NASDAQ exchanges." More
- September 30, 2008 | Item | E-mail

Kinross Now Owns Over 94% of Aurelian - "Kinross Gold Corporation (Toronto:K.TO - News)(KGC - News) is pleased to announce that it has acquired an additional 5,412,884 common shares of Aurelian Resources Inc. (Toronto:ARU.TO - News) under Kinross' previously announced offer to acquire all of the issued and outstanding common shares of Aurelian. Kinross now owns 144,102,344 common shares of Aurelian, representing approximately 94.29% of its issued and outstanding common shares (and approximately 93.67%, excluding the 15 million shares acquired by Kinross prior to the offer)." More
- September 30, 2008 | Item | E-mail

Restatement of Results for the Second Quarter and Six Months Ended 30 June 2008 -- Reduction in Headline Loss - "The unaudited results for the quarter and six months ended 30 June 2008 were released on SENS on 31 July 2008. Following the publication of these results, AngloGold Ashanti has reassessed the accounting estimate for income taxes, for the effects and impact of the accelerated non-hedge derivative settlements in accordance with IAS34 - Interim Financial Reporting." More
- September 30, 2008 | Item | E-mail

KL Gold: Drilling in the South Mine Complex Continues to Return High-Grade Intersections; Drill Hole 53-1028 Returns 4.14 Ounces of Gold Over 13.3 Feet - "Kirkland Lake Gold Inc. (Company) (TSX:KGI - News; AIM:KGI) is pleased to announce an update on exploration drilling testing in the South Mine Complex (SMC). The SMC consists of 15 or more mineralized zones. Exploration drilling continues to extend previously defined mineralization and intersect new zones. Recent drilling has expanded the YYZ zone and intersected a new mineralized zone related to the Lower D North zone." More
- September 30, 2008 | Item | E-mail

Silvercorp Metals Inc. Appoints Dr. Robert Gayton as Director - "Silvercorp Metals Inc. ("Silvercorp" or "the Company") (Toronto:SVM.TO - News) is pleased to announce that the board of directors has appointed Dr. Robert Gayton to Silvercorp's board of directors. Dr. Gayton will also assume the role of chairman of Silvercorp's audit committee. The Company has also appointed Ms. Maria Tang as interim Chief Financial Officer." More
- September 30, 2008 | Item | E-mail

Hecla Announces Payment of Preferred Dividends - "On August 28, 2008, Hecla Mining Company (NYSE:HL) announced that its Board of Directors, by unanimous written consent, had elected to declare the regular quarterly dividend on the outstanding 6.5% Mandatory Convertible Preferred Stock in the amount of $1.625 per share and to pay such dividend in Common Stock of Hecla, for a total amount of approximately $3.27 million in Hecla Common Stock (with cash for fractional shares)." More
- September 30, 2008 | Item | E-mail

Multiple Gold Intersections Expand ITH's Livengood Deposit - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (CDNX:ITH.V - News)(THM - News)(Frankfurt:IW9.F - News) is pleased to announce the latest drill results from the ongoing 2008 resource expansion program at its bulk tonnage Livengood gold project near Fairbanks, Alaska (see Table 1). The ongoing positive results continue to significantly expand the deposit along strike and at depth with mineralization now indentified at depth to the south into the thick basal sedimentary unit." More
- September 30, 2008 | Item | E-mail

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