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

	Close	Gain/Loss
Gold	$741.80	-$0.85
Silver	$9.36	-$0.195
XAU	76.30	-4.86%
HUI	180.55	-3.15%
GDM	544.29	-3.82%
JSE Gold	1509.30	-76.89
USD	86.80	+0.07
Euro	126.48	+0.44
Yen	103.76	+0.75
Oil	$54.95	-$2.09
10-Year	3.684%	-0.066
T-Bond	118.8125	+0.265625
Dow	8273.58	-2.63%
Nasdaq	1482.05	-2.29%
S&P	850.75	-2.58%

Gold fell slightly in Asia and rose marginally in London before it plummeted to see a $12.05 loss at $730.60 by about 8:45AM EST and then rallied back higher to find a $6.85 gain at $749.50 by early afternoon in New York, but it then fell back off in the last hour of trade and ended with a tiny loss of 0.11%. Silver climbed over 1% to $9.68 and fell over 3% to $9.24 before it also rallied back higher for most of trade in New York, but it still ended with a loss of 2%.

Euro gold fell to €583, platinum lost $25 to $813, and copper fell over 5 cents to about $1.65.

Gold and silver equities fell over 5% in the first hour of trade before they rallied back higher to find slight gains by early afternoon, but they then fell back off into the close along with the major indices and ended with roughly 4% losses.

Report	For	Reading	Expected	Previous
NY Empire State Index	Nov	-25.4	-26.0	-24.6
Capacity Utilization	Oct	76.4%	76.5%	76.4%
Industrial Production	Oct	1.3%	0.2%	-2.8%

Tomorrow at 8:30AM EST brings PPI for October expected at -1.8% and Core PPI expected at 0.1%. At 9AM is the Net Foreign Purchases report expected at $17.5 billion.

Oil eventually fell to close under $55 on demand and recession concerns despite some increased geopolitical concerns. Prices briefly rose to over $58 after pirates seized a massive oil tanker about 450 miles off the coast of Kenya, but most believe that oil will make its way to the market sooner or later and the worries soon eased. The seizure marks both the furthest from the coast a ship has been taken and also the largest ship ever successfully taken. The tanker is believed to have been moved near an island known inhabited by pirates and officials are waiting to hear about ransom money to recover the oil.

The U.S. dollar index fell from early gains and ended just modestly higher after the G20 summit failed to result in any clear actions and US manufacturing data came out weak. Japan also released data showing that its economy slipped into recession in the third quarter with a growth rate of -0.1%.

Treasuries rose as the Dow, Nasdaq, and S&P fell markedly again on continued and increased worries over world recession.

Among the big names making news in the market today were Target, Lowe’s Citigroup, Goldman Sachs, and Las Vegas Sands.

Recall that big increase in the November Gold contract’s open interest on Thursday of last week in which 886 new contracts were put on in that particular month. Prior to Thursday there were only 83 contracts outstanding in the November. It appears that those contracts were instituted for the express purpose of taking delivery as this morning’s data from the Comex stated that 823 of them were indeed assigned. Now we need to watch to see whether or not they will be retendered. If not, it will be encouraging.

Over the last few days, JP Morgan Futures division has consistently been the largest issuer of the gold while Bank of Nova Scotia has consistently been the largest stopper. Bank of Nova Scotia generally is a large stopper anyway so that is not unusual in itself. The question we would have is with Morgan. Unfortunately, we have no way of knowing for whom Morgan is doing the selling as that information is confidential outside of the firm and the warehouses but we do know that BNS was the buyer.”- Dan Norcini, JSMineset.com

“December Gold closed down 0.5 at 742. This was 11 up from the low and 5 off the high.

December Silver finished down 0.16 at 9.33, 0.16 off the high and 0.11 up from the low.

The gold market staged a bit of a comeback after initially trading weaker in reaction to lower global equity markets. It also seemed the gold market was undermined early in the session by a lack of firm economic policy initiates at the weekend G20 meeting that seemed to leave the global economic outlook bleak. A weak US region manufacturing reading also seemed to add to the selling interest in Gold while a stronger Dollar was yet another factor that favored the bear camp. But the market was able to claw its way back and at times even trade higher on the session as the metal seemed to follow a recovery in US equities which turned higher on bargain hunting buying. But with gold staying within last Friday's price range, it seemed as if the market was looking for a stronger directional signal.

Silver saw a choppy two sided trade, but it seemed as if the bear camp mostly had the upper hand. It seemed as if the silver market had a hard time shaking free from the pressure of a firmer Dollar and weak copper prices. Also with the Auto sector still in peril, the silver market seemed to be weighed down by the weak industrial demand prospects for the metal. In fact, a dismal reading on a regional manufacturing survey for November seemed to offset a better than expected report on Oct US industrial production. But like gold, trading in silver was mostly confined to within Friday's range as a strong directional catalyst seemed to be lacking this session.”- The Hightower Report, Futures Analysis and Forecasting

Agnico’s (AEM) mine tour, Banro’s (BAA) assay results, Central Sun’s (SMC) exploration results, ITH’s (THM) drill results, Apex Silver’s (SIL) mine sale to Sumitomo Corp (8053.T), IAMGOLD’s (IAG) bid for Euro Resources, Fortuna’s (FVI.V) third quarter results, Excellon’s (EXN.TO) dewatering effort, Oro Silver’s (OSR.V) assay results, MAG’s (MVG) third quarter results, Minefinders’ (MFN) gold and silver pour and third quarter results, and U.S. Silver’s (USA.V) board changes 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.

Agnico-Eagle hosts analyst and investor tour at Kittila gold mine in northern Finland - "Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") today announced that it is conducting a tour for analysts and investors of its new Kittila gold mine and facilities in northern Finland on November 18, 2008. Construction commenced at the 100% owned Kittila mine project in northern Finland in the second quarter of 2006. Kittila has probable gold reserves of 3.0 million ounces (18.2 million tonnes grading 5.1 grams per tonne)." More
- November 17, 2008 | Item | E-mail

Fortuna Reports for Q3 2008: Net Loss of $0.31 Million, Positive Operating Cash Flow of $0.17-Million, Cash Position of $41.23-Million, Working Capital of $52.9 - "During the third quarter of 2008 the Company generated $7.79 million of sales compared to $9.20 million in the same period of 2007. With respect to the first nine months of 2008 the Company generated $22.47 million compared to $23.74 million in the same period of 2007. Higher concentrate tonnage sales of 74% with respect to the same period of 2007 were weighted down in terms of sales value by a combination of lower realized zinc and lead prices and an increment in smelter treatment charges." More
- November 17, 2008 | Item | E-mail

Silvercorp Second Quarter Dividend-CAD$0.02 - "Silvercorp's second quarter dividend of CAD$0.02 per share will be paid on January 21, 2009 to shareholders of record at the close of business on December 31, 2008. The declaration and amount of any future dividends will be at the discretion of the Board of Directors and may be adjusted in the future based on fluctuations in metal prices and cash flows." More
- November 17, 2008 | Item | E-mail

Golden Dawn Minerals Inc. Announces Assay Results from Drilling on the MC Zone, Link-Catharine Property, Northeastern Ontario - More
- November 17, 2008 | Item | E-mail

Golden Band Resources Signs Exploration MoU with Anhui Geology - More
- November 17, 2008 | Item | E-mail

Champion Minerals Initiates Phase 2 Resource Drilling Along 57 km Taconite Iron Formation at the Attikamagen Iron Property - More
- November 17, 2008 | Item | E-mail

Richmond Minerals Inc. - Samples assay up to 4.0 % copper - More
- November 17, 2008 | Item | E-mail

Constitution Mining Contracts Mining Services Company in Peru - More
- November 17, 2008 | Item | E-mail

Capital Gold Continues To Set Record Gold Production Totals - More
- November 17, 2008 | Item | E-mail

Altius Minerals Corporation: High Grade Gold At Viking Project, Newfoundland, Canada - More
- November 17, 2008 | Item | E-mail

Blue Note Mining Reports Third Quarter Results - Concentrate Tonnage Sales Increase by 29% - More
- November 17, 2008 | Item | E-mail

New Asia Gold Defines Gold Mineralization in 6 Different Zones - More
- November 17, 2008 | Item | E-mail

Ecuador introduces mining law amid protest threats - "Ecuador introduced a new mining law to the legislature that bolsters the leftist's government control over the industry, in a move rejected by environmentalists and Indians threatening street protests.

The legislation, sent late on Friday, is key for the future of world-class gold, copper and silver projects, but its ambiguity over contract types and a new tax scheme could hurt an industry already hit hard by a global credit crunch and falling metal prices." More
- November 17, 2008 | Item | E-mail

FACTBOX-Key details of Ecuador's mining bill - "Ecuador's leftist government late last week introduced a new mining law to the legislature that bolsters state control over the nascent sector.

The law's ambiguous language over types of contracts and a new tax scheme could further delay an industry already hit by a global credit crunch and falling metals prices." More
- November 17, 2008 | Item | E-mail

Labrador Iron Mines Holdings Limited - More
- November 17, 2008 | Item | E-mail

Wits Basin and London Mining Sign Agreement Relating to Joint Venture - More
- November 17, 2008 | Item | E-mail

George Forrest International Afrique S.P.R.L. to Acquire Forsys Metals Corp in Cash Transaction Valued at Approximately CAD$579 Million - More
- November 17, 2008 | Item | E-mail

Mirasol commences a 1,700-metre drill program at Joaquin and extends the La Morena gold zone - More
- November 17, 2008 | Item | E-mail

Logan Resources begins drilling on Brynnor Iron project, Vancouver Island - More
- November 17, 2008 | Item | E-mail

Dynacor Gold Mines Inc. reports record net earnings of more than $297,000 in Q3 2008 - More
- November 17, 2008 | Item | E-mail

Malaga: Q3 results and outlook - More
- November 17, 2008 | Item | E-mail

Farallon Announces First Quarter Fiscal 2009 Results - More
- November 17, 2008 | Item | E-mail

Directors Dealings - Chairman further increases personal shareholding - More
- November 17, 2008 | Item | E-mail

Yorbeau Intersects More High-Grade Gold at Lac Gamble - More
- November 17, 2008 | Item | E-mail

Solex Reports Complete Drill Results at the Sayana Central Target, Macusani East Uranium Project, Peru - More
- November 17, 2008 | Item | E-mail

Carpathian Doubles Multi-Million Ounce Gold Resource on the Rovina Valley Project, Romania - More
- November 17, 2008 | Item | E-mail

Silverado Announces Updated Mineral Resource Estimates for Workman's Bench Gold and Antimony Deposit at Nolan Creek - More
- November 17, 2008 | Item | E-mail

Bannerman Appoints Highly Qualified CEO and Secures A$20M Funding Facility - More
- November 17, 2008 | Item | E-mail

Nirek's Progress Report: An Update - More
- November 17, 2008 | Item | E-mail

High River Gold announces late filing of interim financial statements - More
- November 17, 2008 | Item | E-mail

Excellon Updates Platosa Mine Dewatering Effort - "Excellon Resources Inc. (TSX:EXN - News) announces that the dewatering of the Platosa test-mine has been delayed. The concrete plug placed in early November has developed some leakage as revealed during the mine dewatering over the last week and the decision has been made to improve the seal before resuming mine dewatering. Further injection of cement has been started to seal the plug through two diamond drill holes. A third hole will be drilled later this week for additional cement injection if necessary. The Company is being advised by a leading Canadian consulting engineer as it carries out this procedure and will provide another update when it is complete." More
- November 17, 2008 | Item | E-mail

Banro intercepts broad zones of gold mineralization at its Lugushwa project - "Assay results have been received for an additional 26 core holes completed since the last drilling update for Lugushwa. These 26 holes were drilled at the D18 prospect with the objectives of improving the geological interpretation of the deposit and upgrading Inferred Mineral Resources to the Indicated Mineral Resource category for inclusion in the preliminary economic assessment ("scoping study"). This scoping study will assess all mineralization which has been identified to date at the Lugushwa project and is expected to be completed in 2009." More
- November 17, 2008 | Item | E-mail

IAMGOLD: Expiry of the Deadline for Competing Bids for Euro Ressources S.A. - "IAMGOLD Corporation (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) notes that the timeframe for competing or improved offers for Euro Ressources S.A. ("Euro") has expired. This timeframe is set by the general regulations of the French Autorite des marches financiers. No competing or improved offers for Euro have been presented." More
- November 17, 2008 | Item | E-mail

Oro Silver Discovers New Vein System & Confirms Structural Depth Extension of Vetagrande Vein System, Zacatecas, Mexico - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) has received all final assay results for the summer 2008 Vetagrande drilling program which was completed in August 2008. The objectives of the drilling program were to test the structural down-dip extension of the historic Vetagrande mine vein system, and to test the exploration potential for additional sub-parallel vein systems." More
- November 17, 2008 | Item | E-mail

MAG Silver Reports Third Quarter Financial Results - "The Company's loss for the nine months ended September 30, 2008 amounted to $4.3 million or $0.08 per share as compared to $4.8 million or $0.12 per share for the same period last year. The loss for the nine months ended September 30, 2008 includes $2.4 million as a non-cash charge for Stock Based Compensation ($2.7 million for the same period in 2007)." More
- November 17, 2008 | Item | E-mail

Central Sun Mining Inc.: High Grade Gold Intersected at Orosi; New Resource Estimation in Progress for Limon & Orosi - "The 2008 exploration program has been very successful; we have achieved our objectives of outlining new gold zones that will likely significantly increase the economic mineral resources in the two mining areas. We have developed a much greater understanding of the nature and distribution of the gold mineralization within these extensive epithermal systems which will allow for more efficient and focussed exploration in the future." More
- November 17, 2008 | Item | E-mail

Minefinders Pours First Gold and Silver at the Dolores Mine and Provides Third Quarter 2008 Results - "First gold and silver dore production at Dolores marks another significant milestone in the commissioning of the Dolores Mine" said Mark Bailey, Minefinders' President and CEO. "I would like to take this opportunity to commend and congratulate those who have worked diligently to bring this deposit from a grassroots discovery to production." More
- November 17, 2008 | Item | E-mail

U.S. Silver Announces Board Changes - "U.S. Silver Corporation (CDNX:USA.V - News) ("U.S. Silver" or the "Company") announced that as part of the Company's previously announced strategic review, Mark Hartmann and Bruce Reid have resigned as Directors of the Company. The Board of U.S. Silver is now comprised of seven directors with a majority of those directors being independent." More
- November 17, 2008 | Item | E-mail

ITH's Multi-Million Ounce Livengood Gold Deposit Expanded by Step Out Drilling - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (CDNX:ITH.V - News)(NYSE-A: THM)(Frankfurt:IW9.F - News) is pleased to announce the latest drill results from its 2008 resource expansion program at its bulk tonnage Livengood gold project near Fairbanks, Alaska (see Table 1). The exemplary results extend the higher grade Core Zone an additional 300 metres to the south of the southernmost holes used in the mid-year resource update announced October 29, 2008." More
- November 17, 2008 | Item | E-mail

Sumitomo Corp to buy Bolivia mine from Apex Silver - "Sumitomo Corp (8053.T: Quote, Profile, Research, Stock Buzz), Japan's third-biggest trading house, said it has reached a basic agreement to buy Apex Silver Mines Ltd's (SIL.A: Quote, Profile, Research, Stock Buzz) interest in a Bolivian mine in a deal worth $22.5 million.

The purchase of the San Cristobal mine comes amid a plunge in Apex shares and falling metals prices, and analysts said such tumbling stock prices could create other takeover opportunities in the global mining sector." More
- November 17, 2008 | Item | E-mail

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