Gold Seeker Closing Report: Silver Out Gains Gold Once Again

	Close	Gain/Loss
Gold	$982.45	+$3.50
Silver	$15.92	+$0.20
XAU	161.18	+2.17%
HUI	398.10	+2.63%
GDM	1229.63	+2.73%
JSE Gold	2744.30	+31.94
USD	78.39	-0.82
Euro	143.14	+1.50
Yen	104.65	+1.05
Oil	$68.55	-$0.03
10-Year	3.644%	-0.071
T-Bond	116.765625	+0.78125
Dow	8740.87	+0.22%
Nasdaq	1836.80	+0.44%
S&P	944.79	+0.20%

Gold fell over $10 to $968.80 by late trade in Asia before it rallied back near unchanged in London and rose to see a $7.27 gain at $986.22 by late morning in New York, but it then fell back off a bit into the close and ended with a gain of just 0.36%. Silver dropped to $15.44 in Asia before it rose to see a $0.27 gain at $15.99 in New York and then also fell back off a bit midday, but it then closed the session out with another late rally and ended with a gain of 1.27%.

Euro gold climbed near €691, platinum gained $23.50 to $1234, and copper fell a couple of cents to about $2.30.

Gold and silver equities rose over 2% by midmorning before they pulled back a bit midday, but they next rose to new highs in afternoon trade and ended with almost 3% gains.

Report	For	Reading	Expected	Previous
Pending Home Sales	April	6.7%	0.5%	3.2%

Tomorrow at 8:15AM EST brings ADP Employment for May expected at -520,000. At 10AM are Factory Orders for April expected at 0.5% and ISM Services for May expected at 45.0.

Oil waffled on either side of unchanged and ended slightly lower after topping $69 earlier in the day as traders debated whether or not demand will continue to improve.

The U.S. dollar index fell and treasuries rose as the Dow, Nasdaq, and S&P erased the majority of their early gains and headed lower for most of afternoon trade in lackluster reaction to the better than expected housing data.

Among the big names making news in the market today were Morgan Stanley, JPMorgan, American Express, GM, BlueMountain, and Goldman Sachs.

“August Gold closed up 4.4 at 984.4. This was 4.7 up from the low and 3.9 off the high.

July Silver finished up 0.22 at 15.955, 0.065 off the high and 0.25 up from the low.

The gold market waffled around both sides of unchanged during the trading session Tuesday but the bull camp might have been somewhat disappointed by the lack of a fresh new high for the move in the wake of residual Dollar weakness and generally upbeat equity market action. However, a number of physical commodity markets acted as if they were partially overbought from the recent string of gains and that same mentality might served to keep gold prices off balance. Given the relative proximity of the Friday and Monday closes, at ($980.3 and $980.0) that level could be seen as a key pivot point in the coming trading session. With gold not definitively benefiting from further declines in the Dollar on Tuesday some traders suggested that distinctly positive US equity market action is at least part of the bull's case in gold. Therefore, the upcoming US economic readings would appear to be relatively important to the gold trade.

The silver market seemingly outperformed the gold market, with the July silver contract actually managing a fresh new high for the move and at least temporarily climbing above the even number $16.00 level on the charts. While copper prices were generally soft during the trade, platinum and energy prices remained positive and that might have lent silver some support from the industrial demand angle. Talk about an ongoing build in silver derivative holdings is seen by the bulls as a positive but the bears are suggesting that sharp gains in small investor holdings might be an indication of an overbought market.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR added 15.27 tonnes to a new record high holding and the LSE added 0.23 tonnes.

Note: Change in Total Tonnes from yesterday’s data: 0.92 tonnes were added to the trust.

Note: Change in Total Tonnes from yesterday’s data: 260.36 tonnes were added to the trust to make for a new record high holding.

The rising death toll at Harmony’s (HMY) disused mine, Royal Gold’s (RGLD) dividend, Almaden’s (AAU) new gold target, Fronteer’s (FRG) granted option, Apollo’s (AGT) first gold pour, the suspended operation of the Jerritt Canyon Mine in Nevada, Hecla’s (HL) private placement, and Apogee’s (APE.V) awarded contract to complete a scoping study 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.

Royal Gold Announces Third Quarter Dividend - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), a leading precious metals royalty company, today announced that its Board of Directors has declared its third quarter dividend of $0.08 per share of common stock. The dividend is payable on July 17, 2009 to shareholders of record at the close of business on July 2, 2009. The Company has paid dividends since 2000." More
- June 02, 2009 | Item | E-mail

Freewest Intersects 34.1% Cr2O3 Over 174 Metres at Black Thor on Its 100%-Owned McFaulds Property, Northern Ontario - More
- June 02, 2009 | Item | E-mail

Almaden Minerals Ltd.: New Bulk Tonnage Gold Target Identified at Matehuapil, Mexico - "Almaden Minerals Ltd. (Toronto:AMM.TO - News)(AMEX:AAU - News) ("Almaden") wishes to provide an update of exploration progress on its Matehuapil project located in Zacatecas and Coahuila States, Mexico. In May, 2009 Almaden received an annual progress report for work carried out in 2008 from Minera de Cordilleras, S de RL de CV ("Minera") a subsidiary of Golden Minerals Company (successor to Apex Silver Mines Corporation) regarding work on the Matehuapil property in Zacatecas, Mexico. Manuel Arragon-Arreola, Ph.D., was lead author of the Minera report." More
- June 02, 2009 | Item | E-mail

Revett Minerals Shares Quoted on US OTC Bulletin Board - More
- June 02, 2009 | Item | E-mail

EurOmax announces bridge loan financing and cancellation of private placement - More
- June 02, 2009 | Item | E-mail

Golden Eagle Reports Temporary Suspension of Roasters at Jerritt Canyon Gold Mill - More
- June 02, 2009 | Item | E-mail

Hecla Announces $60 Million Private Placement - "Hecla Mining Company (NYSE:HL) today announced it has entered into a definitive agreement to sell securities to selected institutional investors for aggregate gross proceeds of approximately $60 million. The offering is expected to close on or about June 5, 2009, subject to the satisfaction of customary closing conditions. Hecla is required to file a resale registration statement relating to the shares and warrants in the offering.Hecla Mining Company (NYSE:HL) today announced it has entered into a definitive agreement to sell securities to selected institutional investors for aggregate gross proceeds of approximately $60 million. The offering is expected to close on or about June 5, 2009, subject to the satisfaction of customary closing conditions. Hecla is required to file a resale registration statement relating to the shares and warrants in the offering." More
- June 02, 2009 | Item | E-mail

Death toll at South African gold mine rises to 61 - "The death toll from a fire at an abandoned South African gold mine rose to at least 61 on Tuesday, making it the country's worst such disaster in recent memory at an illicit mine.

The fire has raged for days at the mine, owned by Harmony Gold Mining Co., in the central Free State province whose many disused mines hold enough deposits to attract illegal mining syndicates." More
- June 02, 2009 | Item | E-mail

Drilling Commences on Miranda Gold's Red Canyon Project - More
- June 02, 2009 | Item | E-mail

Silk Road Resources Ltd. announces progress on sale of Bulagou Property and a bridge loan to EurOmax - More
- June 02, 2009 | Item | E-mail

Nebu Resources Inc. Continues to Acquire Prospective Gold Projects in Ontario - More
- June 02, 2009 | Item | E-mail

LoadStar Copper Project Acquisition - More
- June 02, 2009 | Item | E-mail

UC Hub Group Signs Binding Agreement for Gold and Royal American Sapphire Property - More
- June 02, 2009 | Item | E-mail

Western Troy to Explore Gold and Rare Earths Prospects This Summer - More
- June 02, 2009 | Item | E-mail

Eagle Plains Commences 2009 Follow-up on Iron Range Gold Discovery - More
- June 02, 2009 | Item | E-mail

Katanga Announces Exchange of US$265.3 Million Mandatory Convertible Facility - More
- June 02, 2009 | Item | E-mail

Homeland Uranium Inc. Buys Back Stock - More
- June 02, 2009 | Item | E-mail

Cantex announces progress on Suwar project - More
- June 02, 2009 | Item | E-mail

MDN Confirms an Investment in a Niobium and Tantalum Deposit - More
- June 02, 2009 | Item | E-mail

Dominion Minerals Chairman's Letter to Shareholders - More
- June 02, 2009 | Item | E-mail

Atna Enters Into New Agreement in the Sand Creek Uranium Joint Venture; Drilling to Resume - More
- June 02, 2009 | Item | E-mail

Capella Updates on Lajitas Gold-Copper Project - More
- June 02, 2009 | Item | E-mail

Probe Mines Technical Updates on Victory and Tamarack Projects, McFauld's Lake Area - More
- June 02, 2009 | Item | E-mail

Copper Fox announces a $6,000,000 non-brokered Private Placement of which $5,000,000 has been pre sold - More
- June 02, 2009 | Item | E-mail

Osisko Releases South Barnat Updated Resource Estimate - More
- June 02, 2009 | Item | E-mail

Boxxer Provides Sampling Results from Boss No.9 Zone; Drilling Expected to Commence Shortly - More
- June 02, 2009 | Item | E-mail

Mirasol Reports Claudia Project Exploration Summary - More
- June 02, 2009 | Item | E-mail

Lake Victoria Mining Company Completes a Binding Letter Agreement to Acquire Kilimanjaro Mining Company Inc. - More
- June 02, 2009 | Item | E-mail

Apogee Awards Contract for Scoping Study on High Grade Pulacayo Silver-Lead-Zinc Deposit, Bolivia - "Apogee Minerals Ltd. ("Apogee" or "the Company") (TSX VENTURE:APE - News) is pleased to announce that Micon International Limited ("Micon") has been awarded a contract to complete the scoping study (the "Study") on the Pulacayo deposit, located at Pulacayo, southwest Bolivia." More
- June 02, 2009 | Item | E-mail

Fronteer Grants Option to International Enexco on Loomis Gold Property, Nevada - "Fronteer Development Group Inc. (Toronto:FRG.TO - News)(FRG - News) is pleased to announce that it has granted International Enexco Inc. (CDNX:IEC.V - News) an option to earn a 51% interest in its 100% owned Loomis Mountain gold property in eastern Nevada." More
- June 02, 2009 | Item | E-mail

Apollo Gold Announces First Gold Pour and Declares Commercial Production - "Apollo Gold Corporation (“Apollo,” or “we”) (TSX: APG - News) (NYSE Amex: AGT) wishes to update the market respecting the progress and development at its Black Fox mine and, in particular, is pleased to announce that the first gold bars produced at Black Fox were poured during the last week of May 2009." More
- June 02, 2009 | Item | E-mail

Nevada gold mine closed due to mercury emissions - "State environmental regulators have ordered a northeast Nevada gold mine to shut down because it failed to meet a deadline to install equipment to reduce mercury emissions. The Jerritt Canyon Mine, about 50 miles north of Elko, was directed to cease operations by midnight May 30, the Nevada Division of Environmental Protection confirmed Monday.

The Environmental Protection Division had issued an order in March 2008 requiring Queenstake Resources USA of Elko -- a subsidiary of the Canada-based Yukon-Nevada Gold Corp. -- to install new emission control systems by the end of that year at the mine." More
- June 02, 2009 | Item | E-mail

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.