Gold Seeker Closing Report: Gold and Silver Gain; Bailout Vote Awaited

	Close	Gain/Loss
Gold	$882.15	+$5.85
Silver	$12.64	+$0.45
XAU	131.37	+0.12%
HUI	316.60	+0.75%
GDM	939.21	+0.94%
JSE Gold	1824.64	+108.40
USD	79.64	+0.13
Euro	140.19	-0.66
Yen	94.49	+0.46
Oil	$98.53	-$2.11
10-Year	3.768%	-0.059
T-Bond	118.203125	+1.03125
Dow	10831.07	-0.18%
Nasdaq	2069.40	-1.07%
S&P	1161.06	-0.45%

Gold fell $7.90 to $868.40 by midday in London and rose to over $887 by about 10AM EST before it fell back near unchanged to $877.20 by late morning, but it then rallied to a new high of $893.20 in the last two hours of trade and ended with a gain of 0.67%. Silver fell $0.23 to $11.96 by midday in London before it rallied fiercely higher throughout most of trade in New York and ended near its high of $12.967 with a gain of 3.69%.

Euro gold rose to about €628, platinum gained $27 to $1031, and copper fell nearly 10 cents to about $2.80.

Gold and silver equities held near unchanged for a good part of the morning before they rose to see about 4% gains by around 2PM EST, but they then fell back off into the close and ended only modestly higher.

Report	For	Reading	Expected	Previous
ADP Employment	Sep	-8K	-53K	-37K
Construction Spending	Aug	0.0%	-0.5%	-1.4%
ISM Index	Sep	43.5	49.5	49.9

The Senate votes on the Bailout Plan tonight some time after 7PM EST. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 9/27 expected at 475,000 and at 10AM is the Factory Orders report for August expected at -2.9%.

Oil fell over 2% as crude inventories built a larger than expected 4.3 million barrels, gasoline inventories rose 900,000 barrels rather than an expected drop, and distillates fell 2.3 million barrels. Refinery Utilization increased 5.6% to 72.3%.

The U.S. dollar index found slight gains on hopes the Senate will pass the Bailout Bill tonight, but gains pared after ISM data came in much worse than expected and reported the biggest drop since 1984.

The Dow, Nasdaq, and S&P fell markedly by midmorning before they flirted with slight gains in early afternoon trade, but they fell back off to end a bit lower on apprehension over the passage and effectiveness of the Bailout Plan.

Among the big names making news in the market today were GE, Ford, Honda, GM, GameStop and Micromania, Pilgrim’s Pride, Northwest, Xstrata and Lonmin, UBS, Exxon Mobil, Total, and Eni.

If this bill is passed financial institutions will be freed from fair accounting rules that require them to reveal the true market value of the value-less paper they hold. That would allow them to continue lying about their solvency.

This is the first time in my 67 years that legislators are listening to the public, so please tell them what you want on this bill, whether it be yes or no, but do not support lying as an economic tool.

Vote No against a change in Fair Accounting Rules. Vote any way you wish on the rest of this meaningless exercise.”- Jim Sinclair, JSMineset.com

“December Gold closed up 6.5 at 887.3. This was 10.8 up from the low and 11.2 off the high.

December Silver finished up 0.495 at 12.77, 0.02 off the high and 0.57 up from the low.

The gold market traded mostly higher, but within Tuesday's wide range as the market was supported by safe haven buying tied to mostly weak stock market action during the majority of the session and ongoing turmoil in the credit markets. Uncertainty surrounding the passage of a US government rescue plan seemed to inspire buying during the session. Rising physical demand for gold was another supportive factor. The bull camp held an edge for most of the session as gold was able to rally despite bearish outside market influences of a firmer Dollar and weaker oil prices. For most of the session gold was able to push aside a much weaker report on the US manufacturing sector last month, even though it pushes the economy closer toward a recession. However, the gold market weakened into the close as a late rally attempt in the stock market seemed to inspire profit taking in gold.

Silver staged an impressive rally as the market also seemed to be attracting flight to safety buying interest. Like gold, silver was able to register a sizable price bounce despite mostly negative outside market influences including a stronger Dollar and sharply weaker copper prices. Perhaps the silver market was able to push aside the negative economic news on hopes that US economic prospects will improve once a bailout plan gets passed. However, with the market also holding a key chart level, it appears that some of the strength in silver was due to short covering on ideas that the market may have fallen too far too fast the previous session.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.06 tonnes to a new record high holding.

Note: Change in Total Tonnes from yesterday’s data: 0.62 tonnes were added to the trust.

Tanzanian Royalty’s (TRE) private placement, Gammon Gold’s (GRS) Senior Vice President of Exploration appointment, Richmont’s (RIC) drill results, Eldorado’s (EGO) exploration update, and South American Silver’s (SAC.TO) updated resource 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.

Strateco Closes C$8.0 Million Financing - More
- October 01, 2008 | Item | E-mail

Adanac Molybdenum Corporation: Ruby Creek Project-Exploration Update-Correction - More
- October 01, 2008 | Item | E-mail

Hana Mining Reports on Drilling and Exploration Activities at Ghanzi Copper-Silver Project in Botswana - More
- October 01, 2008 | Item | E-mail

Manicouagan Minerals-Provides Exploration Update on Mid-North Quebec Properties-Grants Stock Options - More
- October 01, 2008 | Item | E-mail

Tanzanian Royalty Chairman to Provide $1 Million Private Placement - "Tanzanian Royalty Exploration Corporation (TRE - News) announces that Mr. James E. Sinclair has agreed to provide $1,000,000 by way of a private placement with the proceeds being applied to general working capital. Mr. Sinclair has agreed to purchase 327,225 common shares at a purchase price of $3.056 per share for proceeds totaling $1,000,000. The price reflects the greater of the weighted average trading price of the Company's shares for the five consecutive trading days ended September 30, 2008 of $3.056 and the closing price on September 30, 2008 of $2.85." More
- October 01, 2008 | Item | E-mail

Medallion Announces Private Placement - More
- October 01, 2008 | Item | E-mail

Asian Mineral Resources Limited-Typhoon 'Hagupit' Impact on the Ban Phuc Project - More
- October 01, 2008 | Item | E-mail

Skybridge Development Completes Non-Brokered Private Placement - More
- October 01, 2008 | Item | E-mail

Arehada Appoints New Lead Director - More
- October 01, 2008 | Item | E-mail

Lydian Intersects 125m at 1.6g/t Gold (Including 31m at 4.4g/t Gold) in Best Intersection yet From Amulsar Gold Discovery in Armenia - More
- October 01, 2008 | Item | E-mail

Houston Lake Mining Appoints IR Group for North American Development - More
- October 01, 2008 | Item | E-mail

Constitution Mining Signs Option to Acquire Large Land Position in the Gold Sands District of Northeastern Peru - More
- October 01, 2008 | Item | E-mail

Canadian Royalties Nunavik Nickel Project Update - More
- October 01, 2008 | Item | E-mail

Commercial Production Begins: Metanor-North Americas Newest Gold Producer - More
- October 01, 2008 | Item | E-mail

Arianne Completes a $299,000 Financing - More
- October 01, 2008 | Item | E-mail

Shoreham Resumes Work on Its Potaro-Maple Creek Gold Project, Guyana - More
- October 01, 2008 | Item | E-mail

Lundin Mining Subsidiary Somincor S.A. Receives "Best Company in Portugal" Award for 2007 - More
- October 01, 2008 | Item | E-mail

SLAM Reports Initial Assay Results - More
- October 01, 2008 | Item | E-mail

Orebodies intersects disseminated to near massive sulphides with base metal mineralization at McFaulds Lake "Ring Of Fire" property - More
- October 01, 2008 | Item | E-mail

Gammon Gold Announces Appointment of Senior Vice President of Exploration and Business Development - "Mr. Peter Drobeck will assume the role of Senior Vice President of Exploration & Business Development effective October 15, 2008. Mr. Drobeck brings with him over twenty-eight years of mining industry experience that has focused on precious / base-metal exploration in a wide variety of geologic, geographic, and cultural settings in North and South America, Africa, and Asia including a number of years working in Mexico's prolific mining districts. His responsibilities have ranged from project generation to extensive project management and evaluations in new as well as established mineralized belts. Most recently, Mr. Drobeck was V.P. Exploration for Electrum USA Ltd., a privately funded international exploration company with extensive exploration programs throughout the world." More
- October 01, 2008 | Item | E-mail

Explorator Intercepts Exceptional High Grade Copper-Gold Mineralisation in the Portugesas-Pirata Areas at El Espino-Venus - More
- October 01, 2008 | Item | E-mail

Victoria and Gateway Sign Definitive Agreement to Complete Victoria's Acquisition of Gateway - More
- October 01, 2008 | Item | E-mail

Rockgate Intersects 0.20% U308 Over 9.0 Metres and 1,198 grams/tonne Silver Over 3.6 Metres at Falea North Zone - More
- October 01, 2008 | Item | E-mail

Nevoro Inc. Options 50% Interest in Golden Loon Project to Black Panther Mining Corp. - More
- October 01, 2008 | Item | E-mail

Zoloto Resources appoints V.P. Exploration (Russia) - More
- October 01, 2008 | Item | E-mail

Romios Gold Resources Pleased With British Columbia Government's Initiative to Advance the Northwestern Power Line - More
- October 01, 2008 | Item | E-mail

Crowflight Announces Mill Commissioning Underway at Bucko; Intersects 8.10 Metres of 9.01% Nickel - More
- October 01, 2008 | Item | E-mail

Midlands Minerals Announces Adoption of a Shareholder Rights Plan - More
- October 01, 2008 | Item | E-mail

Rockcliff Drilling Discovers R1 VMS Zone at Snow Lake Project - More
- October 01, 2008 | Item | E-mail

USCorp Reports Additional Preliminary Results of Phase One Drilling on Its Arizona Twin Peaks Gold Property - More
- October 01, 2008 | Item | E-mail

Copper Mountain Mining conclude MOU with Mitsubishi Materials Corporation to Develop Copper Mountain Project - More
- October 01, 2008 | Item | E-mail

Discovery of a New Gold/Copper Showing on the Aylmer Property in James Bay - More
- October 01, 2008 | Item | E-mail

Probe Mines Receives Assays Results for McFauld's West Drilling Program: Significant Values for Platinum and Palladium Identified in Peridotite - More
- October 01, 2008 | Item | E-mail

Golden Dory/540 Capital Corp. Enters Into Agreement With Cameco Corporation on the Burin Uranium Project, Newfoundland - More
- October 01, 2008 | Item | E-mail

Southwestern Resources Corp.: President's Update - More
- October 01, 2008 | Item | E-mail

Zincore Completes Yanque Drill Program and Continues Earlier Stage Exploration - More
- October 01, 2008 | Item | E-mail

VMS Ventures Inc.: Drill Hole RD-08-61 Intersects 100.19 Metres of 3.59% Copper, Including 9.71 Metres of 17.79% Copper at Reed Lake Discovery Zone - More
- October 01, 2008 | Item | E-mail

Background Info on Elray Resource's Estimated Million Tonnes Gold Bearing Outcrop - More
- October 01, 2008 | Item | E-mail

Goldex Resources receives assay results from outcrops samples in Mexico - More
- October 01, 2008 | Item | E-mail

Candente seeks partner, buyer for Peru copper play - More
- October 01, 2008 | Item | E-mail

Clifton Star Closes Financing With MineralFields Group - More
- October 01, 2008 | Item | E-mail

Adanac Molybdenum Corp.: Ruby Creek Project-Exploration Update - More
- October 01, 2008 | Item | E-mail

Adanac-Implements Shareholder Rights Plan - More
- October 01, 2008 | Item | E-mail

High River Gold Advises That Closing of Prognoz Acquisition Transaction Has Been Extended - More
- October 01, 2008 | Item | E-mail

Osisko Closes $12.25 Million Flow-Through Financing - More
- October 01, 2008 | Item | E-mail

John Kowalchuk joins CanAlaska exploration team - More
- October 01, 2008 | Item | E-mail

Exploration Drilling Confirms Mineralization at Beaufor Mine Below Current Infrastructure - "Richmont Mines Inc. (Toronto:RIC.TO - News)(RIC - News) and Louvem Mines Inc. (CDNX:LOV.V - News), today reported results from the 2008 exploration drilling program at their Beaufor Mine. Mining operations are currently conducted mainly in the C, CH and F Zones at a maximum depth of 630 metres. Exploration drilling has been focused on identifying opportunities to extend the mine below current infrastructure. Approximately 20 exploration holes have been drilled through the first half of 2008 for a total of 9,871 metres. The drilling has been mostly in the northwest portion of the Beaufor property." More
- October 01, 2008 | Item | E-mail

South American Silver Corp. Reports an Indicated Resource of 144,597,000 oz of Silver and 845,000 kg of Indium and an Inferred Resource of 177,783,000 oz Ag - "South American Silver Corp. ("SASC" or the "Company"), (Toronto:SAC.TO - News), is pleased to report the updated resource at its Malku Khota silver-indium property in Bolivia. An independent NI 43-101 compliant resource estimate has been completed by the consulting group Pincock Alan & Holt ("PAH"), and will be included in an updated NI 43-101 report authored by PAH. This resource includes mineralization from the Limosna, Wara Wara and Sucre zones based on assay results available to the Company as of the end of August." More
- October 01, 2008 | Item | E-mail

Eldorado Gold Corporation: Exploration Update - "Norman S. Pitcher Chief Operating Officer of Eldorado Gold Corporation (Toronto:ELD.TO - News)(EGO - News) ("Eldorado" the "Company" or "we") is pleased to present an update of its 2008 exploration activities in Turkey, China, Brazil and Nevada, USA. Subsequent to the Brazauro Resources transaction Eldorado anticipates planned total exploration expenditures to be $20.0 million in 2008." More
- October 01, 2008 | Item | E-mail

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