Gold Seeker Closing Report: Gold and Silver Gain With Stocks and Oil As Dollar Drops Back Off

	Close	Gain/Loss
Gold	$960.25	+$7.05
Silver	$15.46	+$0.31
XAU	149.68	-0.28%
HUI	361.46	-0.23%
GDM	1123.87	-0.15%
JSE Gold	2433.65	-85.30
USD	79.46	-0.77
Euro	140.98	+1.26
Yen	102.39	+0.54
Oil	$72.68	+$1.35
10-Year	3.862%	-0.074
T-Bond	115.00	+0.875
Dow	8770.92	+0.37%
Nasdaq	1862.37	+0.50%
S&P	944.89	+0.61%

Gold and silver saw modest gains at $957.80 and $15.29 in Asia before they fell back off in London and traded over 1% lower at as low as $943.10 and $14.952 by about 9AM EST in New York, but they then rallied back higher for the rest of the day and gold ended near its session high of $961.40 with a gain of 0.74% while silver closed near its session high of $15.515 with a gain of 2.05%.

Euro gold fell to about €679 on euro strength, platinum lost $2.50 to $1263, and copper gained nearly 8 cents to about $2.44.

Gold and silver equities fell about 2% at the open before they rallied back higher to see over 1% gains by early afternoon, but they then fell back off into the close and ended with slight losses on the day.

Report	For	Reading	Expected	Previous
Retail Sales	May	0.5%	0.5%	-0.2%
Retail Sales ex-auto	May	0.5%	0.2%	-0.2%
Initial Claims	6/06	601K	615K	625K
Business Inventories	Apr	-1.1%	-1.0%	-1.3%

Tomorrow at 8:30AM EST brings Import and Export Prices for May and at 9:55 is Michigan Sentiment for June expected at 69.5.

Oil climbed over $73 at one point on raised demand estimates while the U.S. dollar index plummeted back under 80 again as decent economic data encouraged traders to put cash to work in higher yielding assets.

Treasuries rose after today’s 30-year note auction drew strong demand. The bonds drew a yield of 4.72% and that was the highest since August 2007, but it was still less than many feared and that fact eased a lot of recent concerns over the government’s ability to continue to sell massive amounts of debt.

The Dow, Nasdaq, and S&P rose modestly on decent economic data that reinforced the view that the economy may be pulling out of recession.

Among the big names making news in the market today were Boeing, Bank of America, GM, AIG, and Progressive.

“August Gold closed up 7.3 at 962. This was 19.5 up from the low and 1.2 off the high.

July Silver finished up 0.268 at 15.493, 0.047 off the high and 0.568 up from the low.

The gold market managed a very impressive post report flow recovery rally on Thursday morning. Clearly the gold strength was at least partially the result of broad based physical commodity buying interest. Also a failed rally attempt in the Dollar provided some additional lift to gold prices. But given the strength in oil prices and periodic gains in equity markets, one can't rule out inflation buying in the gold market's attempt to bounce in the action today. Classic fundamental analysis could also suggest that news of another decline in South African gold production provided the market with some measure of support.

With another pulse up move in the copper market and sharp gains in the energy complex, the silver market seemed to get some lift from outside market forces. It is even possible that silver and gold prices saw an indirect lift from a recovery in the Treasury market in the wake of the last leg of the current auction cycle. In other words, seeing a slight tempering of the rising rate outlook might have emboldened the bull camp in the precious metals markets.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.12 tonnes and the JSE added 0.73 tonnes.

Harmony’s (HMY) wage offer, US Gold’s (UXG) drill results, IAMGOLD’s (IAG) mill expansion, Fronteer’s (FRG) metallurgical tests, and ECU’s (ECU.TO) dore generation 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.

Dumont starts metals recovery testwork and files independent corroboration for its NI-43-101 technical report, Alberta polymetallic black shale properties - More
- June 11, 2009 | Item | E-mail

Mega Silver Inc. Announces Grant of Options - More
- June 11, 2009 | Item | E-mail

Minto Explorations Acquires Additional Shares of Northern Tiger - More
- June 11, 2009 | Item | E-mail

Strategic Resources Completes Sale of Assets to Red Rock Energy Ltd. - More
- June 11, 2009 | Item | E-mail

MagIndustries Announces Updated Technical Report and Clarifies Previous Disclosure - More
- June 11, 2009 | Item | E-mail

Latin American Minerals and Grupo Minero Los Boros Combine Lithium Properties Into Lithium Americas Corp. - More
- June 11, 2009 | Item | E-mail

NWT Uranium Corporation President's Letter to Shareholders - More
- June 11, 2009 | Item | E-mail

Nevoro Completes NI 43-101 Technical Report on Stillwater Project - More
- June 11, 2009 | Item | E-mail

Pebble Creek Mining Ltd. Obtains Environmental Clearance and Stage One Forest Clearance at Askot Project, India - More
- June 11, 2009 | Item | E-mail

Harmony weighs further wage offer to South Africa unions - "South Africa's Chamber of Mines said on Thursday that Harmony Gold Mining Co. (HARJ.J: Quote) has indicated to mineworkers unions that it would like to explore a further wage offer on a bilateral basis." More
- June 11, 2009 | Item | E-mail

Orex Exploration Inc.: Corporate Update - More
- June 11, 2009 | Item | E-mail

Klondike Silver Corp: 2009 Regional Exploration Program Underway in the Slocan Silver Camp - More
- June 11, 2009 | Item | E-mail

Olympus' Gold Production Continues to Increase - More
- June 11, 2009 | Item | E-mail

Anatolia hires Vice President Corporate Development - More
- June 11, 2009 | Item | E-mail

Metanor Drills 10.40 g/t Au Over 7.65m - More
- June 11, 2009 | Item | E-mail

Aura Silver Initiates Drilling of Silver/Gold Targets Across Extensive Jasperoid Zone at Higo Blanco Project, Mexico - More
- June 11, 2009 | Item | E-mail

Wallbridge Mining Initiates $1.6 million 2009 Exploration Program on Parkin Offset Dyke - More
- June 11, 2009 | Item | E-mail

Kinbauri Gold Provides Update on Glen Eagle Transaction - More
- June 11, 2009 | Item | E-mail

Dorato Appoints Augusto Baertl to Board of Directors - More
- June 11, 2009 | Item | E-mail

Dia Bras Closes $925,520 Non-Brokered Private Placement - More
- June 11, 2009 | Item | E-mail

Altius and Millrock Form Strategic Alliance - More
- June 11, 2009 | Item | E-mail

Millrock Arranges Financing With Altius to Form Strategic Alliance - More
- June 11, 2009 | Item | E-mail

Trilliant Exploration to Present Financial Statements for Q-1 2009 - More
- June 11, 2009 | Item | E-mail

Hawthorne Announces Quotation on the Pink Sheets in the United States - More
- June 11, 2009 | Item | E-mail

Corona Gold Corp. and Harte Gold Corp.: Intersect Extensions of the Sugar Zone With New Drilling - More
- June 11, 2009 | Item | E-mail

Iberian Minerals Announces AGM Results - More
- June 11, 2009 | Item | E-mail

Fortune adopts 2009 Shareholder Rights Plan - More
- June 11, 2009 | Item | E-mail

Uranium One Announces Extension of Subscription Agreement with Japanese Consortium - More
- June 11, 2009 | Item | E-mail

Uranium Hunter Provides Results of Independent Assay and Concentration Testing Showing Significant Concentrations of Gold and Silver - More
- June 11, 2009 | Item | E-mail

Nevada Gold Holdings Inc. Provides Overview of Nevada Exploration - More
- June 11, 2009 | Item | E-mail

Sunridge Gold Provides Exploration Update, Asmara Project, Eritrea - More
- June 11, 2009 | Item | E-mail

Uranium Energy Corp Receives Final Draft Permit for First Production Area at Goliad ISR Project - More
- June 11, 2009 | Item | E-mail

Abacus Amends Asset Purchase Agreement with Teck - More
- June 11, 2009 | Item | E-mail

Yukon-Nevada Gold Corp. subsidiary, Queenstake Resources USA, Inc. takes over suspended operations to accelerate installation of new mercury emission system - More
- June 11, 2009 | Item | E-mail

San Gold Discovers New High Grade Zone East of Hinge Deposits - More
- June 11, 2009 | Item | E-mail

AuEx Ventures, Inc.: Initial Column Leach Test Results Announced for Long Canyon - More
- June 11, 2009 | Item | E-mail

New Dawn's Turk Mine in Zimbabwe Increases Gold Output during May 2009 to 28.5 Kg's - More
- June 11, 2009 | Item | E-mail

Vatukoula Shareholders Approve Investment by Canadian Zinc - More
- June 11, 2009 | Item | E-mail

Coniagas closes balance of $4.125 million financing - More
- June 11, 2009 | Item | E-mail

Ivernia Names Brent Omland Vice President Finance and Chief Financial Officer; Bruce Hooper Vice President Corporate Development and Exploration - More
- June 11, 2009 | Item | E-mail

Arehada Provides Operations Update - More
- June 11, 2009 | Item | E-mail

Platinex Issues Shares for Services - More
- June 11, 2009 | Item | E-mail

US Gold Exploration News Release: El Gallo Drilling Continues to Return Exceptional Results! - "US GOLD CORPORATION (Toronto:UXG.TO - News) (AMEX:UXG - News) is pleased to announce that new core drilling from the El Gallo project in Sinaloa State, Mexico continues to deliver exceptional results. Since drilling began in November this discovery has grown dramatically and covers an area totaling 1,475 ft (450 m) long x 1,300 ft (400 m) wide and to a depth of 380 ft (115 m). The results to date suggest there is good potential for further growth. Nine new core holes were drilled since our last news release. All of the holes were designed to test for extensions of the mineralization: Four on the west end, two on the east end, one on a possible cross cutting feature and two testing for depth in the middle of the zone. Full results are listed in Appendix 1." More
- June 11, 2009 | Item | E-mail

IAMGOLD Approves Mill Expansion & Paste Backfill Plant at Niobec Niobium Mine, Significantly Increasing the Mine's Long Term Cash Flow - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today announced Board of Director approval of a US$28 million Mill Expansion and an US$18.9 million Paste Backfill Plant addition to the Niobec Niobium Mine near Chicoutimi, Quebec. The Mill Expansion will increase mill throughput by 24% and the Paste Backfill Plant increases proven and probable reserves by 36% and inferred resources by 72% (as previously announced on February 23, 2009)." More
- June 11, 2009 | Item | E-mail

ECU Silver Reports on First Month of Dore Generation - "In our first full month of operation within our oxide resource, we have generated 56 dore bars with a total weight of 1,135 kilograms (kg). Our assays of the dore bars show that they contain a total of approximately 614 ounces of gold and 23,354 ounces of silver. At current commodity prices of around US$950 per ounce for gold and US$15 per ounce for silver, the dore bars generated in the month of May represent a gross value in the order of US$935,000." More
- June 11, 2009 | Item | E-mail

Fronteer Development Group Inc.: Long Canyon Column-Leach Tests Return Gold Recoveries Averaging up to 90.1% - "Fronteer Development Group Inc. (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that column-leach testing of bulk samples from the Long Canyon project have returned gold recoveries averaging as high as 90.1%. The metallurgical test data suggests Long Canyon's oxidized gold mineralization is amenable to low-cost, conventional, heap-leach processing." More
- June 11, 2009 | Item | E-mail

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