Gold Seeker Closing Report: Gold and Silver End Mixed While Stocks Fall

	Close	Gain/Loss
Gold	$773.45	+$4.00
Silver	$9.84	-$0.13
XAU	96.06	+0.82%
HUI	231.17	+1.04%
GDM	698.63	+0.45%
JSE Gold	2168.43	+10.50
USD	85.82	+0.10
Euro	129.12	-0.39
Yen	108.53	+0.78
Oil	$42.07	-$1.64
10-Year	2.669%	-0.065
T-Bond	135.59375	+0.890625
Dow	8691.33	-2.72%
Nasdaq	1547.34	-1.55%
S&P	888.67	-2.31%

Gold traded mostly slight higher in Asia and London and fell as much as $7.20 to $762.25 by late morning in New York before it and rallied to as high as $780.30 in early afternoon trade and then fell back off a bit into the close, but it still ended with a gain of 0.52%. Silver fell to as low as $9.637 by late morning in New York before it also rallied back higher in late trade, but it still ended with a loss of 1.3%.

Euro gold rose to about €598, platinum lost $33.50 to $801.50, and copper fell nearly 6 cents to about $1.42.

Gold and silver equities fell nearly 3% at the open, but they then rallied back higher for most of the rest of trade and ended with about 1% gains despite roughly 2% losses in the major indices.

Report	For	Reading	Expected	Previous
Pending Home Sales	Oct	-0.7%	-3.0%	-4.3%

Tomorrow at 10AM EST is the Wholesale Inventories report for October expected at 0.2% and at 2PM is the Treasury Budget for November expected at -$171.0 billion. Also expected at some point tomorrow is a finalized plan by congress to bail out the automakers.

Oil fell after “the U.S. Energy Information Administration said it expects global oil consumption to decline by 50,000 barrels a day this year and by 450,000 barrels a day in 2009, well below earlier forecasts on both counts.”

The U.S. dollar index and treasuries rose as the Dow, Nasdaq, and S&P fell on renewed economic worries after FedEx cut its annual profit outlook on falling demand for its services.

Among the big names making news in the market today were FedEx, Con-way, Principal Financial, Targanta Therapeutics, Kroger, AutoZone, and Sony.

“Gold was able to shrug off pressure from the weakness in the Euro-Yen cross and close higher for the pit session which is quite an achievement. It is holding support at levels shown on the chart near $765 or so. Resistance remains at $780 followed by $790.

Open interest went up yesterday but that is a bit misleading because it was all concentrated in the June 2009 and December 2009 contracts.

The gains in the HUI and the XAU are turning the chart patterns friendly especially give the inability of the broader stock market to maintain rallies. The HUI is trading above the 50 day moving average. If it can maintain its gains and this level going into the closing bell, it should spark some further short covering among technically oriented shorts. The 10 and 20 day moving averages are heading higher and the 40 day looks like it is also turning up. That would signify the trend is now higher for the shorter term. The 50 day would need to turn up to bring the intermediate trend to up.”- Dan Norcini, JSMineset.com

“February Gold closed up 4.9 at 774.2. This was 10.2 up from the low and 5.4 off the high.

March Silver finished down 0.125 at 9.85, equal to the high and 0.15 up from the low.

Gold moved back into positive territory this afternoon after spending much of the morning lower on the day. There was no real trend developing though, as the market spent the day inside yesterday's range. The optimism that drove the stock and commodities markets higher yesterday eased back somewhat today, and the dollar rallied today as risk aversion returned to dominate. US Pending Home Sales data, released this morning, was better than expected, falling only 0.7% in October compared to expectations for declines of 3-4%. This allowed the stock market to recover some of its earlier losses, and may have helped gold move higher as well.

Like gold, silver stayed inside yesterday's range today and traded both sides of unchanged, but unlike gold, it stayed in negative territory for most of the afternoon. Silver had a stronger day yesterday relative to gold, as the market managed to forge a technical breakout. It appeared that silver responded better to the economic optimism, possibly due to silver's role as an industrial metal. Declines in the stock market and crude oil and a stronger dollar were all negative to silver. A 501,129 oz. decline in exchange stocks apparently did little to support the market.”- The Hightower Report, Futures Analysis and Forecasting

Crystallex’s (KRY) legal action, Pacific Rim’s (PMU) arbitration, Anatolia’s (ANO.TO) foregone cash stipend, Coeur’s (CDE) crushing activities, and Aquiline’s (AQI.TO) Board appointment and shareholder rights plan 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.

Golconda Announces Option to Acquire Placer Claims in the Mitchell Creek Area of Northern British Columbia - More
- December 09, 2008 | Item | E-mail

Chapleau Intersects 23.45 g/t Gold, 39.33 g/t Silver and 3.53 % Lead on the Coringa Gold Project, Brazil - More
- December 09, 2008 | Item | E-mail

Crystallex Advised of Legal Action - "Crystallex International Corporation (Toronto:KRY.TO - News)(NYSE-A: KRY) today reported it has received a Notice of Application, concerning the commencement of a legal proceeding against Crystallex. The Notice of Application has been filed by Computershare Trust Company of Canada in their capacity as Trustee for the holders of the Company's 9.375% Unsecured Notes due December 23, 2011." More
- December 09, 2008 | Item | E-mail

Win-Eldrich provides Ashdown Update - More
- December 09, 2008 | Item | E-mail

Major Drilling sees weak metal exploration in 2009 - "Major Drilling Group International (MDI.TO: Quote, Profile, Research, Stock Buzz), the world's No. 2 mine drilling company, expects a "significant" slowdown in base metals exploration next year and is uncertain about future activity in the gold-mining sector, the company said on Tuesday.

On a conference call to discuss the company's second-quarter earnings, Chief Executive Francis McGuire said the current economic climate has weighed on drilling activity and will continue to do so in the short to medium term." More
- December 09, 2008 | Item | E-mail

Century Mining Appoints New Vice President Of South American Operations And General Manager Of Century Mining Peru - More
- December 09, 2008 | Item | E-mail

Continental Precious Minerals Strengthens Senior Management Team With Two Key Executive Appointments - More
- December 09, 2008 | Item | E-mail

Xtierra Inc. - Bilbao Project update - More
- December 09, 2008 | Item | E-mail

GWR Drills 26 Metres Grading 0.87% Copper and 6.3 g/t Gold - More
- December 09, 2008 | Item | E-mail

Gabriel Resources Ltd: Supreme Court Annuls Archaeological Discharge - More
- December 09, 2008 | Item | E-mail

Scott Walters joins Mawson Advisory Board - More
- December 09, 2008 | Item | E-mail

StoneShield Commences Exploration at the Jefferson Project, Nevada - More
- December 09, 2008 | Item | E-mail

Houston Lake Mining Intersects 1.5 Metres Grading 15.98 G/mt Gold at Dogpaw - More
- December 09, 2008 | Item | E-mail

Cardero Commences Metallurgical Program for Pampa El Toro Iron Sand Project, Marcona District, Southern Peru - More
- December 09, 2008 | Item | E-mail

Adex Mining Provides Year-End Update - More
- December 09, 2008 | Item | E-mail

Crosshair Discovers New Uranium Zone - More
- December 09, 2008 | Item | E-mail

Millstream Sets Terms of Financing - More
- December 09, 2008 | Item | E-mail

Logan Resources announces $200,000 private placement - More
- December 09, 2008 | Item | E-mail

Everton Starts Drilling on Fresso Concession, Dominican Republic - More
- December 09, 2008 | Item | E-mail

Roxmark completes another $1 million financing with MineralFields Group - More
- December 09, 2008 | Item | E-mail

Romarco Continues North Zone Expansion With 71 Meters of 2.8 g/t Au at Haile - More
- December 09, 2008 | Item | E-mail

Alexis Minerals Adopts Shareholders Rights Plan - More
- December 09, 2008 | Item | E-mail

Pacific Coast announces renegotiation of Burwash Option Agreement - More
- December 09, 2008 | Item | E-mail

Boliden Cuts Zinc Production - More
- December 09, 2008 | Item | E-mail

Platinum Group Metals Ltd.: Definitive Agreements For 74% Deal Executed - More
- December 09, 2008 | Item | E-mail

Pacific Rim Files Notice of Intent to Seek CAFTA Arbitration - "By exploring, discovering and delineating gold deposits in El Salvador while at all times operating in full compliance with El Salvadoran law, Pacific Rim has developed precious metal assets higher in value than the investment of over US$ 75 million undertaken in El Salvador by the Company and its predecessors. The Company's claims under CAFTA are based on the Government of El Salvador's breaches of international and El Salvadoran law arising out of the Government's failure, within its own mandated time frames and pursuant to the clear terms of applicable laws, to issue exploration and exploitation permits to which the Company is entitled. This inaction by the Government of El Salvador has resulted in significant loss to the Company, its employees, and the local communities." More
- December 09, 2008 | Item | E-mail

Coeurs Palmarejo Project Commences Crushing Activities - "The mine has successfully operated the crusher, an important milestone in completion of the construction of the processing facilities at Palmarejo. In addition, commencement of silver and gold production remains on target to begin in late March following mechanical completion of all plant facilities." More
- December 09, 2008 | Item | E-mail

Aquiline Strengthens Board of Directors and Adopts Shareholder Rights Plan - "Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI - News) is pleased to report the appointment of Darren Maupin to its Board of Directors effective immediately. Mr. Maupin is a portfolio manager who established his career at Fidelity Management & Co. ("Fidelity") from 1998-2007. He was a Research Analyst prior to being awarded lead or co-lead mandates for seven funds, including Global Capital Appreciation and Aggressive International, as well as other sector-specific funds." More
- December 09, 2008 | Item | E-mail

Anatolia's Board Foregoes Annual Cash Stipend For 2009 - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX: ANO - News) today announces that at its regularly scheduled December Board meeting, the Directors agreed to forego their annual cash stipend for 2009, instead taking compensation in the form of stock options at a strike price of C$2.00, which is a 106% premium to the closing stock price on December 8, 2008." More
- December 09, 2008 | Item | E-mail

Sarraf Gentile LLP Files Securities Class Action Against Crystallex International Corporation - "According to the complaint, the defendants made several statements during the Class Period about the Company's Las Cristinas Gold Project located in Sifontes, Venezuela, and that the issuance of the required Venezuelan government permit in connection with that project was imminent. The complaint alleges, however, that during the Class Period defendants did not have a reasonable expectation that the Company would receive the required permit and that on April 30, 2008, the permit was, in fact, denied. On news that the permit was denied, the complaint alleges, the Company's stock fell roughly from a closing price of $1.68 on April 29, 2008, to a closing price of $0.91on April 30, 2008, on heavy volume." More
- December 09, 2008 | Item | E-mail

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