Gold Seeker Closing Report: Gold and Silver Fall Slightly But Miners Gain

	Close	Gain/Loss
Gold	$737.65	-$15.90
Silver	$9.75	-$0.04
XAU	85.28	+5.92%
HUI	202.67	+3.89%
GDM	601.31	+4.57%
JSE Gold	1679.56	+138.25
USD	84.78	+0.15
Euro	129.38	-0.20
Yen	101.35	-1.51
Oil	$65.96	+$1.54
10-Year	3.939%	+0.065
T-Bond	114.3125	-0.71875
Dow	9180.69	+2.11%
Nasdaq	1698.52	+2.49%
S&P	954.09	+2.58%

Gold rose 3.15% to $777.27 and silver rose 8.45% to $10.62 by late trade in Asia, but both metals then fell back off for most of trade in London and New York and ended near their lows of $734.25 and $9.552 with losses of 2.11% and 0.41%.

Euro gold fell to about €571, platinum gained $15.50 to $822.50, and copper fell nearly 20 cents to about $1.89.

Gold and silver equities rose over 7% at the open before the fell to see over 4% losses midday, but they then rallied back higher into the close and ended with about 5% gains.

Report	For	Reading	Expected	Previous
GDP	Q3	-0.3%	-0.5%	2.8%
Chain Deflator	Q3	4.1%	4.0%	1.1%
Initial Claims	10/25	479K	473K	479K

The GDP report showed the economy contracted at the most since 2001 and consumer spending dropped the most in 28 years. Tomorrow at 8:30AM EST brings the third quarter Employment Cost Index expected at 0.7%, Personal Income for September expected at 0.1%, and Personal Spending expected at -0.2%. At 9:45 is Chicago PMI for October expected at 48.0 and at 10AM is Michigan Sentiment for October expected at 57.5.

Oil eventually fell on continued worries over the health and sustainability of world demand as the EIA reported that oil demand was down the most since 1980 for the January to August period.

The U.S. dollar index turned early losses into slight gains by the close as GDP did not fall as much as expected and furthered the case that the US may not be as bad off as the rest of the world.. The Bank of Japan meets tonight and no one is quite sure whether or not they will follow the US and China in lowering interest rates this week.

Treasuries fell as the Dow, Nasdaq, and S&P rose over 2% on the GDP report that was not as gloomy as expected.

Among the big names making news in the market today were Exxon, Shell, GM and Chrysler, Waste Management, Motorola, Kodak, Avon, and Delta and Northwest.

“December Gold closed down 15.5 at 738.5. This was 1.3 up from the low and 26.5 off the high.

December Silver finished down 0.02 at 9.785, 0.145 off the high and 0.135 up from the low.

The gold market saw a fairly violent trading session Thursday with residual strength from the prior trading session propping up prices early. However, as the Thursday session progressed it seemed as if US economic optimism waned slightly despite the fact that the US GDP readings weren't as bad as was initially anticipated. However, seeing a negative GDP reading was apparently enough to rekindle some deflationary concerns again and seeing the negative GDP also seemed to rekindle flight to quality interest in the US Dollar. It was somewhat surprising to see the gold market fall sharply into mid session despite the fact that equities remained in positive ground. In the end, the US Dollar action seemed to be the dominating force in the gold trade.

The silver market did manage an initial run to new highs for the move, but a recovery in the Dollar and weakness in a host of physical commodity markets seemed to prompt a rather aggressive mid morning profit taking setback. Since the mid morning setback came in relative proximity to sharp setbacks in crude oil, gold and several other physical commodities, one got the impression that fears of renewed deflationary selling were surfacing again. Perhaps the most damaging element to the silver market on Thursday was the overt weakness in the copper market, especially after the recent strength in that market.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.62 tonnes.

Barrick’s (ABX) third quarter profit and Pascua Lama gold project, Gold Fields’ (GFI) gold price outlook, Rubicon’s (RBY) drill results, US Gold’s (UXG) drill results, Richmont’s (RIC) third quarter results, Nevsun’s (NSU) project update, Great Basin’s (GBN) mining rights, AngloGold’s (AU) third quarter results, and Orko’s (OK.V) assay 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.

Ontex Resources Limited Announces Warrant Extension - More
- October 30, 2008 | Item | E-mail

Barrick Gold profit falls, could defer projects - "Top gold producer Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) reported a 26 percent drop in third-quarter profit on Thursday, on the back of a $97 million writedown, and also became the latest miner to consider deferring projects as it aims to preserve capital.

Barrick earned $254 million, or 29 cents a share, as it was stung by a $97 million charge largely to write down its 20 percent share of Highland Gold (HGM.L: Quote, Profile, Research, Stock Buzz), a Russian-focused miner whose stock has been decimated by the recent financial crisis." More
- October 30, 2008 | Item | E-mail

Chariot Resources Annual Meeting - More
- October 30, 2008 | Item | E-mail

World Ventures Inc. - Private Placement Financing - More
- October 30, 2008 | Item | E-mail

Premier Red Lake drilling to test primary target resumes assay summary for Bonanza drilling - More
- October 30, 2008 | Item | E-mail

Detour Gold Exercises Its Option for 100% Interest in the Detour Lake Mine Property - More
- October 30, 2008 | Item | E-mail

The Rule Family Trust Acquires More Shares of IMA Exploration Inc. - More
- October 30, 2008 | Item | E-mail

Bayswater Announces Cost Reductions and Growth Plans - More
- October 30, 2008 | Item | E-mail

Klondike Gold Corp. Intersects Sullivan Horizon in Irishman Drill Hole - More
- October 30, 2008 | Item | E-mail

Barrick looking at options to advance Pascua Lama - "Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz) is looking at options to try to get past a cross-border tax dispute holding up its Pascua Lama gold project, an 18-million-ounce deposit that straddles the Chile-Argentina border.

On a conference call to discuss the gold miner's third-quarter earnings, General Counsel Patrick Garver said the company has made progress recently in nailing down sectoral permits for the project, although the key tax dispute between the two countries remains an obstacle." More
- October 30, 2008 | Item | E-mail

Romarco Appoints Chief Financial Officer - More
- October 30, 2008 | Item | E-mail

Pancontinental Uranium Corporation Updates Progress on Australian Uranium Properties - More
- October 30, 2008 | Item | E-mail

Stingray Receives Acid Plant Cost Estimates for Feasibility Study at El Pilar Copper Project, Mexico - More
- October 30, 2008 | Item | E-mail

Matamec Closes a Private Placement With the MineralFields Group - More
- October 30, 2008 | Item | E-mail

First Reconnaissance Research on DIOS Uranium Chat Brun Project Yields 0,083% Uranium Oxide in Outcropping Rocks - More
- October 30, 2008 | Item | E-mail

Eastmain Resources Inc.: Eau Claire Gold Deposit - More
- October 30, 2008 | Item | E-mail

Callinan Mines Provides Corporate Update - More
- October 30, 2008 | Item | E-mail

Continental Nickel Announces New Appointments - More
- October 30, 2008 | Item | E-mail

World gold production to decline 3% per year %u2013 Cutifani - "AngloGold Ashanti CEO Mark Cutifani expects gold production to drop 3% per year over the next five years as the gold industry has failed to make the necessary investment in the industry.

Cutifani said today gold production in the South African, Australian and North American industries was in decline, while production in the "brave new world" of South America and continental Africa was growing. However, the net effect was still a declining industry." More
- October 30, 2008 | Item | E-mail

Gold to reach $1,000 next year - and stay there: Gold Fields CEO - "Interviewed on SAfm Radio in Johannesburg yesterday by Mineweb Editor in Chief, Alec Hogg, Gold Fields CEO, Nick Holland, gave some interesting views into his take on the gold price. "I believe gold will go through $1000 and stay there during the course of 2009", said Holland." More
- October 30, 2008 | Item | E-mail

Rubicon Hits More High-Grade Gold at F2 Zone in Deepest Intercept to Date F2 Zone - Phoenix Gold Project, Red Lake, Ontario. - "Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is pleased to announce new results from the F2 Zone, part of the 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario. Previous drilling has identified significant zones of gold mineralization including bonanza and high-grade gold intercepts (see news releases dated March 12, 2008 through October 21, 2008)." More
- October 30, 2008 | Item | E-mail

Redcorp Signs New Concession Agreement at Lagoa Salgada - More
- October 30, 2008 | Item | E-mail

U3O8 Corp. Cuts 14 Metres at 0.106% (2.1 Pounds Per Short Ton) U3O8 at Aricheng South - More
- October 30, 2008 | Item | E-mail

Capella Starts Drilling on Lajitas Gold Copper Project - More
- October 30, 2008 | Item | E-mail

Volta Resources reports drilling results from its Gaoua copper-gold project in Burkina Faso - More
- October 30, 2008 | Item | E-mail

Louvem Mines Reports its 2008 Third Quarter Results - More
- October 30, 2008 | Item | E-mail

Paragon Continues to Intersect Precious Metal-Rich Massive Sulphides at Lemarchant Prospect, South Tally Pond VMS Project - More
- October 30, 2008 | Item | E-mail

Intrepid Reports Operating Activities for the Quarter Ended 30 October 2008 - More
- October 30, 2008 | Item | E-mail

HudBay Wins Manitoba's 2008 Outstanding Large Business Award - More
- October 30, 2008 | Item | E-mail

Murgor announces the appointment of Isabelle Gauthier as Chief Financial Officer and moves its head office to Kingston, Ontario - More
- October 30, 2008 | Item | E-mail

Skygold Drilling Underway on the SHG Properties - More
- October 30, 2008 | Item | E-mail

High grade results continue to extend gold & base metal mineralization at the Corak property - More
- October 30, 2008 | Item | E-mail

Alhambra Appeal Leads to a November 17, 2008 Court Adjournment - More
- October 30, 2008 | Item | E-mail

Fusion Resources Limited - Quarterly report to the Australian Securities Exchange for the period ending 30 September 2008 - More
- October 30, 2008 | Item | E-mail

Mirabela senior debt financing update - More
- October 30, 2008 | Item | E-mail

High Desert Gold Corporation Announces Engagement of Financial Advisor and Adoption of Shareholder Rights Plan - More
- October 30, 2008 | Item | E-mail

Global Hunter Reports Significant Rhenium Grades From 2005 and 2007 Drill Holes at Rabbit South - More
- October 30, 2008 | Item | E-mail

US Gold Cortez Trend Drilling Intersects 0.07 opt Gold Over 50ft. - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(Frankfurt:US8.F - News) announces that drilling at Gold Bar, located South of the company's Tonkin project in the Cortez Trend, successfully intersected what US Gold's geologists believe is a new mineralized zone, similar to those previously mined at the property between 1985-1997. Drilling in this new area returned 0.07 ounces per ton (opt) over 50 ft. including 0.15 opt over 20 ft (2.44 grams per tonne (gpt) over 15.2 meters (m) including 5.04 gpt over 6.1 m)." More
- October 30, 2008 | Item | E-mail

Richmont Mines Reports Results for the Third Quarter of 2008 - "Revenue for the third quarter of 2008 was $16.5 million, a 245% increase compared with $4.8 million in the third quarter of 2007, when the Company's Beaufor Mine was shut down for a five-week period during replacement of its headframe structure. Total precious metals revenue was up $10.9 million, or 245%, to $15.3 million in the third quarter of 2008 compared with $4.4 million in the third quarter of 2007, as a result of significantly more ounces of gold sold at a 28% higher selling prices per ounce, in Canadian dollars." More
- October 30, 2008 | Item | E-mail

Nevsun Resources Ltd.: Bisha Project-Finance and Economic and Project Update - "Nevsun Resources Ltd., (Toronto:NSU.TO - News)(NYSE-A: NSU) ("Nevsun") is pleased to announce that the Industrial Development Corporation of South Africa ("IDC") has approved a US$89 million commitment to the development of the Company's Bisha Project. Nevsun and the Eritrean National Mining Corporation ("ENAMCO") (collectively the "Sponsors") own the Project, located in the Gash Barka District of Eritrea. IDC will be appointed as Lead Banker to the Project." More
- October 30, 2008 | Item | E-mail

Orko Silver Hits 7.30 Metres of 425 g/t Silver-Equivalent - "Orko Silver Corp. (TSX VENTURE:OK) is pleased to announce that it has received further assay results from its on-going diamond drilling program at La Preciosa Project in Durango, Mexico.

Of particular note is a thick, high-grade intercept for the Martha Vein in hole BP08-289. This hole is located on the eastern side of the mineralized trend. Hole BP08-289 yielded a true thickness of 7.30 metres grading 0.312 g/t gold and 406.5 g/t silver for a silver-equivalent of 425.3 g/t." More
- October 30, 2008 | Item | E-mail

Great Basin Gold Announces the Granting of the Mining Right for its Burnstone Mine in South Africa - "Great Basin Gold Ltd. ("Great Basin or the "Company") (TSX: GBG; AMEX: GBN; JSE: GBG) today announced the granting of the Mining Right for its Burnstone Mine in South Africa by the Department of Minerals and Energy. The Mining Right was granted on 28 October 2008 to the Company's wholly owned subsidiary, Southgold Exploration (Pty) Ltd ("Southgold") and authorizes Southgold to mine for gold, silver and aggregate in the Burnstone Project area. The Burnstone property is located in the Witwatersrand Goldfield of South Africa." More
- October 30, 2008 | Item | E-mail

Barrick Earns $0.29 Per Share ($0.40 Per Share Before Special Items) - "Barrick reported third quarter net income of $254 million ($0.29 per share) and operating cash flow of $542 million ($0.62 per share). Net income before special items of $97 million ($0.11 per share) was $351 million ($0.40 per share)(1) compared to $345 million ($0.40 per share) in the prior year period." More
- October 30, 2008 | Item | E-mail

AngloGold Ashanti Results for the Third Quarter 2008 - "AngloGold Ashanti reported an increase in gold production on 1.265Moz, 1% higher than the previous quarter and in-line with guidance provided in July 2008. Cerro Vanguardia in Argentina and Obuasi in Ghana posted significant improvements against the previous quarter, with gold production increasing 59% and 16% respectively. The South African operations continued to perform steadily, using 92.4% of power supply, while operating at 100% production capacity." More
- October 30, 2008 | Item | E-mail

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