Gold Seeker Closing Report: Gold and Silver Fall Once More

	Close	Gain/Loss
Gold	$714.05	-$20.70
Silver	$9.49	-$0.01
XAU	67.93	-5.24%
HUI	159.93	-5.01%
GDM	476.06	-5.60%
JSE Gold	1621.27	-96.21
USD	85.23	0.39
Euro	129.17	+0.58
Yen	102.65	+0.40
Oil	$67.84	+$1.09
10-Year	3.534%	-0.084
T-Bond	117.953125	+2.09375
Dow	8691.25	+2.02%
Nasdaq	1603.91	-0.73%
S&P	908.11	+1.26%

Gold rose to $735.22 in Asia before it fell all the way to a new 1 year low at $697.90 by midmorning in New York, but it then rallied back higher into the close and ended over 2% off that low with a loss of 2.82%. Silver rose over 2% to $9.702 in Asia before it saw a 31 cent loss at $9.19 by midmorning in New York and then rose to a new session high of $9.892 by a little before noon EST, but it then fell back off into the close and ended barely lower with a loss of 0.11%.

Euro gold fell to about €557, platinum lost $53 to $789, and copper fell over 5 cents to about $1.80.

Gold and silver equities rose over 5% by midmorning, but they then fell back off for most of the rest of the day and ended with over 5% losses.

Report	For	Reading	Expected	Previous
Initial Claims	10/18	478K	465K	463K

Greenspan spoke before congress today and reversed his earlier support of Adjustable Rate Mortgages, said he was wrong to have opposed regulation of certain derivatives, and expressed overall shock over what has recently happened in the credit market. Tomorrow at 10AM EST brings Existing Home Sales for September expected at 4,950,000.

Oil rose as OPEC members made their way to Vienna for tomorrow’s emergency meeting that is expected to announce a cut in production.

The U.S. dollar index fell and treasuries rose on economic worries as initial jobless claims came in higher than expected.

The Dow, Nasdaq, and S&P mostly rose in morning trade before they fell after the Washington Mutual CDS settlement drew worse than expected demand at just 57 cents on the dollar and raised more credit market concerns, but market participants quickly moved beyond that and the Dow and S&P ended with over 1% gains while the Nasdaq remained modestly lower.

Among the big names making news in the market today were Chrysler, GM, Xerox, Dow Chemical, Goldman Sachs, Raytheon, Ameritrade, Janus, and Sallie Mae.

“December Gold closed down 20.5 at 714.7. This was 16.2 up from the low and 16.3 off the high.

December Silver finished up 0.04 at 9.5, 0.33 off the high and 0.27 up from the low.

The gold market apparently saw some longs throw in the towel early in the trading session, perhaps because of deteriorating economic views and perhaps because of residual strength in the Dollar. However, the gold market seemed to reject the latest new low for the move in the face of an afternoon resumption of selling in the equity market and that might hint at an oversold extreme in gold prices or a slight rekindling of flight to quality buying concerns. Once again the bull camp in gold has to be somewhat disappointed in the fact that the market was rife with talk about an emerging market credit crisis developing and yet that didn't seem to provide gold with much in the way of support. In the end, December gold managed to bounce by as much as $17 an ounce in the face of the later afternoon equity market slide and that could suggest that the fear of severe slowing was being outweighed by safe haven psychology.

The silver market impressively avoided another new low for the move despite the sharp downside extension in the gold market and the continued weakness in the US equity market. However, the silver market gave up its mid day gains in the face of the afternoon stock market slide and it is also likely that weakness in copper and platinum prices served to cap off attempts to rally in silver. In the end, the silver market on Thursday wasn't as undermined as gold by the ongoing fears of a severe global recession.”- The Hightower Report, Futures Analysis and Forecasting

Midway’s (MDW) private placement, Richmont’s (RIC) terminated JV option, Seabridge’s (SA) drill results, New Gold’s (NGD) third quarter production results and cash cost, Fronteer’s (FRG) drilling program, First Majestic’s (FR.TO) 3^rd quarter production results, and ECU’s (ECU.TO) exploration results 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.

Golden Goose announces closing of transaction on its Lac Levac nickel property - More
- October 23, 2008 | Item | E-mail

Ivernia Reduces Magellan Team in Western Australia - More
- October 23, 2008 | Item | E-mail

Midway Private Placement - "Midway Gold Corp. (the "Company") (CDNX:MDW.V - News)(NYSE-A: MDW)is pleased to announce that it proposes to raise up to $2.75 million by way of a non-brokered private placement through the issuance of up to 12.5 million units at a price of $0.22 per unit, such price being the closing price of the Company's common shares on October 22, 2008." More
- October 23, 2008 | Item | E-mail

Norsemont Mining Updates Constancia Feasibility Study - More
- October 23, 2008 | Item | E-mail

Richview Resources Inc. Completes Private Placement for Gross Proceeds of $480,000 and Announces Acquisition of Property in the Township of Pickle Lake - More
- October 23, 2008 | Item | E-mail

Kodiak Discovers High Grade Uranium - More
- October 23, 2008 | Item | E-mail

MAX completes drilling at Indata Gold/Copper project in B.C. - More
- October 23, 2008 | Item | E-mail

Coronado Resources Ltd., Copper Shipments Completed -- Gold Stockpiled - More
- October 23, 2008 | Item | E-mail

Houston Lake Mining Continues to Encounter Gold Mineralization in Channel Sampling at Dogpaw - More
- October 23, 2008 | Item | E-mail

EURO Ressources : THIRD QUARTER GOLD PRODUCTION AND RECORD ROYALTY REVENUE FROM ROSEBEL - More
- October 23, 2008 | Item | E-mail

DIOS PAM Project: Lake Sediment Sampling Program Outlined 2 Clusters of Uranium Anomalies - More
- October 23, 2008 | Item | E-mail

Murgor Resources to make property option payment - More
- October 23, 2008 | Item | E-mail

First Majestic Silver Corp.: 3rd Quarter Production Results - "First Majestic Silver Corp. ("First Majestic" or the "Company") (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) announces today that production in the third quarter ending September 30th, 2008 was 840,918 equivalent ounces of silver representing a 34% decrease over the prior quarter production. This decline in production was due to an unusually heavy rainy season in Mexico that affected the three operations." More
- October 23, 2008 | Item | E-mail

USEC to Webcast Conference Call on November 5 at 8:30 a.m. ET - More
- October 23, 2008 | Item | E-mail

Harte Appoints Chief Financial Officer - More
- October 23, 2008 | Item | E-mail

New Guinea Gold Corporation: Sinivit Mine Update - More
- October 23, 2008 | Item | E-mail

Augusta's Rosemont Copper Announces Larger Resource, Improved Metallurgy and USFS Decision Date for Permitting - More
- October 23, 2008 | Item | E-mail

Jinshan Intersects 34 Metres of 3.4 Grams Per Tonne Gold at Dadiangou Project in China - More
- October 23, 2008 | Item | E-mail

Copper Fox announces new high grade copper and gold intervals from assay results reported in the first 16 drill holes from its 2008 drill season - More
- October 23, 2008 | Item | E-mail

Roxmark/Premier expand Geraldton Project scope with acquired Lac Properties - More
- October 23, 2008 | Item | E-mail

African Gold Group, Inc. and Newmont Sign Agreement Allowing Newmont to Spend Up to $8 Million to Earn Up to 70% Interest in Mankranho, Ghana - More
- October 23, 2008 | Item | E-mail

B2Gold Corp. Shares to Commence Trading on the Toronto Stock Exchange - More
- October 23, 2008 | Item | E-mail

Golden Share Options the Pistol Lake Gold Property in the Shebandowan Belt, Ontario, Canada - More
- October 23, 2008 | Item | E-mail

Caledonia Update on Operations - More
- October 23, 2008 | Item | E-mail

Ireland Inc. Commences Operations of Pilot Plant at Columbus Project - More
- October 23, 2008 | Item | E-mail

Timmins Gold Corp.: 40,000 Hectares Acquired Contiguous to Goldcorp's World Class Penasquito Gold Deposit - More
- October 23, 2008 | Item | E-mail

Dynamite Resources Completes 10,000 m Diamond Drill Program on the Upper Skarn Ridge Target at Mike Lake Project, Yukon - More
- October 23, 2008 | Item | E-mail

General Metals Intersects 65 Feet of High Grade Surface Oxide Mineralization Averaging 0.099 opt Au Equivalent (3.09 g/t Au Equivalent) - More
- October 23, 2008 | Item | E-mail

New Dawn Mining Corp. Provides Updated Reserve Report - More
- October 23, 2008 | Item | E-mail

Colorado Goldfields Inc. Spotlights Project Geologist Jonathan Moore at "The Office" - More
- October 23, 2008 | Item | E-mail

Alexis Pours Additional 5,860 Ounces Gold & Achieves Commercial Production at Lac Herbin Mine, Val d'Or, Quebec - More
- October 23, 2008 | Item | E-mail

Sherwood Reports Further High Grade Intercepts From Its Kutcho Copper Project - More
- October 23, 2008 | Item | E-mail

Silverado Announces Balance of 2008 Drill Hole Assay Results at Nolan Creek Which Continue to Disclose Gold and Antimony Mineralization - More
- October 23, 2008 | Item | E-mail

Richmont Mines to Terminate Joint Venture Option at Golden Wonder Mine - "Richmont Mines Inc. (Toronto:RIC.TO - News)(NYSE-A: RIC) a gold exploration, development and production company with operations in North America, today announced that it has completed diamond drilling activities from drill station # 5 at the past-producing Golden Wonder Mine near Lake City, Colorado. A total of 16 holes were completed by Richmont Mines in 2008 for a total of 2,037 metres of drilling. Most of the drilling was targeted at confirming the depth extension of the previously mined-out area which was Richmont's main exploration target." More
- October 23, 2008 | Item | E-mail

ECU Silver Finds Veins Above Old Workings - "ECU Silver Mining (TSX:ECU - News; "ECU Silver" or "the Company") is pleased to announce further exploration results from the Santa Juana mine within the main Velardena Property. While the majority of the Company's exploration discoveries have been below the old workings (areas historically mined), recent development has confirmed additional mineralization also continues above these old workings, as evidenced by the recent high grade results. These results are from the Santa Juana mine, which remains the main zone of the Velardena Property." More
- October 23, 2008 | Item | E-mail

Seabridge Gold's KSM Project Continues to Expand - "Results from another nine holes drilled this summer at the Kerr-Sulphurets-Mitchell ("KSM") project continue to confirm the geological model and extend the resource area to the north and at depth. Five of these were successful infill drill holes which are expected to upgrade a significant portion of the project's inferred resources to the indicated category. Hole M-08-73, a deep drill test following the northwest plunge of the Mitchell zone, confirms the continuity of this zone beyond the current model.Results from another nine holes drilled this summer at the Kerr-Sulphurets-Mitchell ("KSM") project continue to confirm the geological model and extend the resource area to the north and at depth. Five of these were successful infill drill holes which are expected to upgrade a significant portion of the project's inferred resources to the indicated category. Hole M-08-73, a deep drill test following the northwest plunge of the Mitchell zone, confirms the continuity of this zone beyond the current model." More
- October 23, 2008 | Item | E-mail

New Gold Announces Third Quarter Production Results and Cash Cost in Line with Annual Guidance - "New Gold Inc. ("New Gold") (TSX and AMEX - NGD) is pleased to announce its third quarter production results and cash cost, which are in line with annual guidance. The production and cash cost information provided below are approximate figures and might differ slightly from the third quarter earnings. They also include year to date results for the period prior to the close of the business combination among New Gold, Peak Gold Ltd. and Metallica Resources Inc. on June 30, 2008." More
- October 23, 2008 | Item | E-mail

Development Work Progresses at Fronteer's Sandman Gold Project - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce progress by Newmont Mining Corp. ("Newmont") in its 2008 drilling program designed to further define the multiple gold deposits at the Company's Sandman project in Nevada." More
- October 23, 2008 | Item | E-mail

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