Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil

	Close	Gain/Loss
Gold	$732.50	-$9.25
Silver	$10.10	-$0.36
XAU	81.87	-8.83%
HUI	192.96	-9.67%
GDM	580.89	-9.26%
JSE Gold	1682.31	-24.39
USD	85.97	+1.11
Euro	126.85	-2.37
Yen	102.32	+0.09
Oil	$60.77	-$4.53
10-Year	3.707%	+0.013
T-Bond	116.796875	+0.171875
Dow	8695.79	-4.85%
Nasdaq	1608.70	-4.34%
S&P	904.88	-5.03%

Gold and silver traded slightly lower in Asia and London before the rose sharply at the New York open and climbed to as high as $759.55 and $10.78 by about 9AM EST, but they then fell back off in late morning trade and ended not far from their lows of $728.35 and $9.88 with losses of 1.25% and 3.44%.

Euro gold fell to about €576, platinum lost $28 to $835, and copper fell nearly 10 cents to about $1.72.

Gold and silver equities rose over 3% at the open, but they then fell back off for most of the rest of trade and ended with about 9% losses.

Report	For	Reading	Expected	Previous
Initial Claims	11/01	481K	476K	485K
Productivity	Q3	1.1%	1.0%	3.6%

“The Labor Department reported Thursday that the number of people continuing to draw unemployment benefits jumped by 122,000 to 3.84 million in late October, well above analysts' estimates of 3.74 million.”

Tomorrow at 8:30AM EST brings October’s jobs data. Nonfarm Payrolls are expected at -200,000, the Unemployment Rate is expected at 6.3%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 33.6. At 10AM are Pending Home Sales for September expected at -3.4% and Wholesale Inventories for September expected at 0.3% and at 3PM is Consumer Credit for September expected at $0.0 billion.

Oil fell to the lowest since March 21, 2007 on more economic and demand worries while the U.S. dollar index rose as the Bank of England cut by a larger than expected 150 basis points or 1.5% to 3% and the European Central Bank cut by 50 basis points to 3.25%.

Treasuries rose only slightly as concerns over pending supply battled safe haven buying from the fact that the Dow, Nasdaq, and S&P plummeted again on worries over the health of the economy. After over 5% losses yesterday, the three indices suffered losses of roughly 5% more today.

Among the big names making news in the market today were OfficeMax, Toyota, Citigroup, Goldman Sachs, Macy’s, Target, Gap, Wal-Mart, Blackstone, AIG, and Dana.

“December Gold closed down 10.2 at 732.2. This was 2.2 up from the low and 25.8 off the high.

December Silver finished down 0.4 at 10.055, 0.645 off the high and 0.085 up from the low.

Initially the gold bulls thought they had control as the very aggressive international rate cut moves briefly rekindled inflationary expectations or perhaps for a couple of seconds even hopes of growth. In the end, the deflationary crowd seemed to regain control which wasn't all that surprising in the face of a sharp upward thrust in the Dollar and a serious downshift in the stock market. In fact, with the energy complex and a host of physical commodity markets falling sharply the downdraft spillover seemed to be in almost every market.

While some silver players hoped that silver might hold up better than gold, the interest or lack of interest in the silver/gold or gold/silver spreads was apparently a secondary factor in the face of renewed deflationary fears. Clearly seeing the Dollar strengthen and seeing both copper and platinum prices under pressure meant that silver was seeing negative influences from a number of different directions.”- The Hightower Report, Futures Analysis and Forecasting

Venezuela’s plan to offer a joint venture to Russian-owned miner Rusoro (RML.V) to operate the Las Cristinas and Brisas gold projects, Gammon Gold’s (GRS) drill results, Exeter’s (XRA) drill results, IAMGOLD’s (IAG), Aurizon’s (AZK), and Randgold’s (GOLD) third quarter results, Excellon’s (EXN.TO) sealed water flow and shareholder rights plan, Fortuna’s (FVI.V) stock options, Scorpio’s (SPM.TO) drill results, and Arian Silver’s (AGQ.V) drill 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 Appoints Vice President, Investor Relations & Value Strategies - More
- November 06, 2008 | Item | E-mail

Sage Gold Inc.-Drilling Update: Gold Hill Project-Arizona - More
- November 06, 2008 | Item | E-mail

Baja Mining to Host Conference Call for Investors - More
- November 06, 2008 | Item | E-mail

Sunergy Announces Acquisition of 150 Sq. Km. Mining Interest in Ghana, West Africa - More
- November 06, 2008 | Item | E-mail

Excellon Seals Water Inflow at Platosa - "Excellon Resources Inc. (Toronto:EXN.TO - News) is pleased to announce that it has successfully sealed the water inflow encountered during normal mine development on October 4th. The dewatering of the mine to active working area is expected to take several days, following which, mine production and development will resume. The Company has ore stockpiled within the mine, which when accessible will be available to deliver to the Penoles Naica mill almost immediately and regular shipping will resume shortly thereafter." More
- November 06, 2008 | Item | E-mail

Sage Gold Inc.: Exploration Update-Lynx Zone-Beardmore Geraldton Gold Camp - More
- November 06, 2008 | Item | E-mail

Venezuela to offer Russians Crystallex gold project - "Venezuela said it will offer a joint venture to Russian-owned miner Rusoro (RML.V: Quote, Profile, Research, Stock Buzz) to operate the Las Cristinas and Brisas gold projects, currently under contract to two Canadian companies, Mining minister Rodolfo Sanz on Thursday.

He told a Russian delegation that a memorandum of understanding would soon be signed with Rusoro." More
- November 06, 2008 | Item | E-mail

Golden Goose Resources reports its financial results for the third quarter of 2008 - More
- November 06, 2008 | Item | E-mail

United Reef Update on General Reef Investment - More
- November 06, 2008 | Item | E-mail

Gammon Gold Announces Further Positive Exploration Drilling Results and a Progress Update on the Scoping Study for the Guadalupe y Calvo Gold-Silver Project - "As of the end of October, the Company had completed 152 diamond drill holes, totaling 30,640 meters (61%) of the planned 50,000 meter drill program at the Guadalupe y Calvo project in Chihuahua State, Mexico. The Company has received assays for 95 of these 152 completed diamond drill holes. These results now show that there is a substantial volume of potentially underground-mineable vein mineralization that is locally, very high grade. Of the 95 drill holes for which assays are available, 49 (52%) had cut a minimum of 2 meter lengths grading a minimum of 3 g/t gold equivalent using a 50:1 gold to silver ratio." More
- November 06, 2008 | Item | E-mail

Avalon Takes Action on Corporate Social Responsibility - More
- November 06, 2008 | Item | E-mail

Peru Antamina raises reserve estimate by 77 pct - More
- November 06, 2008 | Item | E-mail

Ur-Energy Third-Quarter Webcast Scheduled - More
- November 06, 2008 | Item | E-mail

Freewest Updates Exploration Activity on Its 100%-Owned McFaulds Property, James Bay Lowlands, Northern Ontario - More
- November 06, 2008 | Item | E-mail

Typhoon: Successful Drill Campaign at Fayolle - More
- November 06, 2008 | Item | E-mail

Queenston Intersects 13.6 Meters of 10.2 g/t Gold at McBean - More
- November 06, 2008 | Item | E-mail

Marathon Project Receives Support from Pic River First Nation - More
- November 06, 2008 | Item | E-mail

Volta Resources Announces Further Drilling Results From its Gaoua Copper-Gold Project in Burkina Faso - More
- November 06, 2008 | Item | E-mail

Cypress & Skyharbour Add Second Deep Chibougamau Drill Rig to Broulan Reef Bruce Channel / Red Lake Gold Project - More
- November 06, 2008 | Item | E-mail

ESIA Approval Another Milestone for the Passendro Gold Project, Central African Republic - More
- November 06, 2008 | Item | E-mail

General Metals Announces Sale of 150 Sq. Km. Nyinahin Mining Concession in Ghana for $1,000,000 in Cash and Stock - More
- November 06, 2008 | Item | E-mail

Manicouagan Minerals Announces More Encouraging Results From HPM/Forgues Including-9.54 Metres Grading 1.12% Nickel, 0.23% Copper and 528 ppm Cobalt - More
- November 06, 2008 | Item | E-mail

Colorado Goldfields Earns Validation of Clean Water Technology at Gold King Mine - More
- November 06, 2008 | Item | E-mail

Southwestern Resources Corp.: Status Update - More
- November 06, 2008 | Item | E-mail

FNX Reports Third Quarter 2008 Results - More
- November 06, 2008 | Item | E-mail

Dundee Precious Metals Reports Third Quarter 2008 Results - More
- November 06, 2008 | Item | E-mail

Fortuna Silver Mines Inc.: Stock Options Granted - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News; BVL:FVI) announces that it has granted incentive stock options to its officers and employees to purchase up to 850,000 shares exercisable for ten years at a price of $0.85 per share." More
- November 06, 2008 | Item | E-mail

Exeter Reports More High Grade Drill Intersections at Cerro Moro-Drilling to Focus on Escondida Vein - "Exeter Resource Corporation (CDNX:XRC.V - News)(NYSE-A: XRA)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports additional high grade drill intersections from its Cerro Moro gold-silver project in the mining Province of Santa Cruz, Argentina." More
- November 06, 2008 | Item | E-mail

Excellon Resources Announces Shareholder Rights Plan - "Excellon Resources Inc. (TSX:EXN - News; "Excellon") today announces that its board of directors has adopted a shareholder rights plan (the "Rights Plan"). The purpose of the Rights Plan is to provide shareholders and the board of directors with adequate time to consider and evaluate any unsolicited take-over bid made for Excellon's common shares, provide the board of directors with adequate time to identify, develop and negotiate value-enhancing alternatives, and encourage the fair treatment of shareholders in connection with any take-over bid made for Excellon's common shares." More
- November 06, 2008 | Item | E-mail

IAMGOLD Announces Q3 Record Revenues of $227 Million and an Operating Cash Flow Increase of 141% to $71.7 Million - "Net earnings were $18.8 million or $0.06 per share compared to net earnings of $19.5 million or $0.07 per share in Q3 2007. Adjusted net earnings(1), excluding an impairment charge related to capitalized exploration expenditures were $23.4 million or $0.08 per share." More
- November 06, 2008 | Item | E-mail

Scorpio's Drilling of the North West Main Zone from the 10th Level Confirms High-Grade Intersects Previously Reported - "As announced on November 4, 2008, the Company's response to weakening metal prices has been to modify the mine plan to focus on developing the readily accessible higher-grade stope areas for near-term extraction. The NW Zone is one such high-grade area from which we have initiated a steady production of mill feed." More
- November 06, 2008 | Item | E-mail

Aurizon Reports Highlights of Third Quarter 2008 Results - "Net earnings of $7.1 million, or $0.05 per share, were achieved in the third quarter of 2008 compared to net earnings of $3.8 million, or $0.03 per share, in the same period of 2007. Operating results were impacted by non-cash derivative gains of $2.8 million and foreign exchange gains of $0.6 million, on an after tax basis." More
- November 06, 2008 | Item | E-mail

Arian Silver Reports Phase-2 Assays on Initial 19 Holes at San Jose - "Arian Silver Corporation ("Arian Silver" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News) today provided the results from the first 19 drill-holes from the Phase-2 drill programme at its San Jose Project." More
- November 06, 2008 | Item | E-mail

Randgold Resources announces 3rd Quarter Results - "The company posted a net loss of USUSD684 000 for the quarter (Q2: profit of USUSD20.2 million), but would have made a net profit of USUSD8.2 million had it not been for a non cash provision of USUSD8.8 million against investments in auction rate securities which had shown a deterioration in credit ratings." More
- November 06, 2008 | Item | E-mail

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