Gold Seeker Closing Report: Gold and Silver Fall as Bernanke Bounces Dollar

	Close	Gain/Loss
Gold	$881.95	-$11.40
Silver	$16.79	-$0.05
XAU	178.38	-1.86%
HUI	416.89	-1.97%
GDM	1254.31	-2.02%
JSE Gold	2359.54	-5.89
USD	73.29	+0.33
Euro	154.57	-0.85
Yen	95.12	-0.55
Oil	$124.31	-$3.45
10-Year	3.898%	-0.073
T-Bond	115.890625	+0.84375
Dow	12402.85	-0.81%
Nasdaq	2480.48	-0.44%
S&P	1377.65	-0.58%

Gold rose slightly to $896.80 and silver climbed to $16.93 by late trade in Asia before both metals dropped in early New York trade to as low as $877.30 and $16.495 by about 9:30AM EST after Bernanke’s speech lifted the dollar, but the metals then rallied back higher into the close and ended with losses of just 1.3% and 0.3%.

Euro gold fell to about €571, platinum lost $14 to $1992, and copper fell a couple of cents to about $3.59.

Gold and silver equities rose slightly in midmorning trade, but they then fell back off with the major indices in afternoon trade and ended with about 2% losses.

Report	For	Reading	Expected	Previous
Factory Orders	Apr	1.1%	-0.1%	1.5%

Tomorrow at 8:15 AM EST brings ADP Employment for May expected at -30,000. At 8:30 is first quarter Productivity expected at 2.5% and at 10AM is the ISM Services report for May expected at 51.0.

Oil fell on worries over falling demand as the U.S. dollar index rose after Bernanke acknowledged its recent weakness and hinted that the fed may do something about it in the future, but no fundamental plans or policy changes were actually announced.

Treasuries eventually rose after the Dow, Nasdaq, and S&P began to fall in early afternoon trade on continued worries about the financial sector. Dismal auto sales numbers added to the sour mood on Wall Street as rumors surfaced about Lehman’s possible need to raise capital, but all three indices rebounded in late trade and ended off their worst levels of the session after Lehman denied rumors that it was in trouble.

Among the big names making news in the market today were Lehman, Ford, GM, ResCap, Staples and Corporate Express, Toll Brothers, and the airlines.

“August Gold finished down 11.5 at 885.5, 11.5 off the high and 7.5 up from the low.

July Silver closed down 0.075 at 16.835. This was 0.315 up from the low and 0.015 off the high.

The gold market started out the trading session Tuesday with some positive early support from the international markets but that support was fleeting. In fact, the double combination of a rising US Dollar and sagging oil prices was simply too much for the bull camp in gold. With US equities forging periodic gains, one could even suggest that flight to quality hopes in gold were also undermined during the trade. But even a turn lower in equities later in the session didn't seem to provide much support to gold. A number of markets were watching for a close below the psychological level of $125 in July crude oil as a close below that level was thought to signal some form of a bullish breakdown in oil prices and that in turn could lift the Dollar, lift equity prices and perhaps undermine the precious metals markets. Clearly weakness in a host of physical commodity markets seemed to add to the gold markets vulnerability.

The silver market seemed to have a somewhat more impressive trade on Tuesday as the market came under pressure in the wake of the renewed strength in the Dollar but the silver market actually did a fairly good job of rejecting the selling pressure. In fact, for silver to have rejected the brunt of the selling in the face of sharp declines in oil prices and weakness in a host of physical commodity markets, it is possible that some in the bull camp came away heartened by the trade action.”- The Hightower Report, Futures Analysis and Forecasting

Paramount’s (PZG) drill results, Ivanhoe’s (IVN) mining agreement, Claude’s (CGR) drill program, Orezone’s (OZN) drill results, Great Panther’s (GPR.TO) mine reopening celebration, Silver Quest’s (SQI.V) drill program, and Silver Wheaton’s (SLW) acquired production 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.

MacMillan & Duran Report Entire 718.1 Metre Hole 6 Averages 0.555% Cu and 0.041% Mo Including 571.4 Metres of 0.657% Cu and 0.041% Mo - More
- June 03, 2008 | Item | E-mail

Dia Bras Reports 2008 First Quarter Results - More
- June 03, 2008 | Item | E-mail

Copper Fox Metals Inc. - Second Quarter Results - Three and Six Months Ended April 30, 2008 - More
- June 03, 2008 | Item | E-mail

Vangold Appoints VP Exploration - More
- June 03, 2008 | Item | E-mail

Eastern Goldfields Concludes the Purchase of the Barbrook Mine - More
- June 03, 2008 | Item | E-mail

Noront Resources Ltd. & Probe Mines Ltd. Enter Discussion Regarding McFaulds Lake Area - More
- June 03, 2008 | Item | E-mail

Golden Phoenix Completes 8000 Feet of Drilling at Its Mineral Ridge Gold Mine; Reports Initial Exploration Objectives and Results - More
- June 03, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Reports Drill Results From its San Miguel Vein in Mexico - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) reports assay results from drill holes SM-25 through SM-33 in the San Miguel target area in the northwest portion of the project. This series of first pass exploratory holes was drilled to the northwest of 'Clavo 99' on the newly acquired Elyca concession and the Empalme concession. Many of these holes intersected significant mineralization which will be followed up by additional drilling." More
- June 03, 2008 | Item | E-mail

Breakwater Sues Blue Note in New Brunswick - More
- June 03, 2008 | Item | E-mail

Case Financial Enters Four Million Dollar Exploration Agreement With Trio Gold Corp - More
- June 03, 2008 | Item | E-mail

Trio Gold Corp. Announces the Signing Today of a Four Million Dollar Exploration Agreement - More
- June 03, 2008 | Item | E-mail

Golden Valley Mines: Abitibi Grassroots Exploration Program Update Diamond Drill Program Underway-Island 27 Prospect (Kirkland Lake-Matachewan, Ontario) - More
- June 03, 2008 | Item | E-mail

Ivanhoe expects Mongolian mining agreement soon - "Mongolia is expected shortly to approve a long-awaited mining agreement for one of the world's biggest copper deposits, the head of Ivanhoe Mines Ltd (IVN.TO: Quote, Profile, Research) said on Tuesday." More
- June 03, 2008 | Item | E-mail

Buchans River intersects 16.0 metres of 10.30% combined base metals: 6.64% zinc, 3.01% lead, 0.65% copper, & 15.06 g/t silver & 0.11 g/t gold - More
- June 03, 2008 | Item | E-mail

AXMIN Announces Closing of First Tranche of Non-Brokered Private Placement - More
- June 03, 2008 | Item | E-mail

Western Prospector Announces Changes to Mill Design for More Efficient Uranium Processing Method - More
- June 03, 2008 | Item | E-mail

La Mancha's Exploration Program in Cote d'Ivoire Continues to Generate Strong Results - More
- June 03, 2008 | Item | E-mail

Baja Mining Closes Transaction With Korean Consortium in Escrow - More
- June 03, 2008 | Item | E-mail

Pro-Or Closes the Private Placement of 780,000$ - More
- June 03, 2008 | Item | E-mail

Merrex 2008 Phase I Drilling Program Underway at Jubilee - More
- June 03, 2008 | Item | E-mail

Kinbauri Drilling Suggest Significant Increase in Resources at El Valle - More
- June 03, 2008 | Item | E-mail

Aspire International Announces the Signing of a 10 Year Mining Management Contract - More
- June 03, 2008 | Item | E-mail

Skybridge Drilling Intersects Blue Caribou Target - More
- June 03, 2008 | Item | E-mail

Canadian Arrow Mines - 2008 Summer Field Programs Underway - More
- June 03, 2008 | Item | E-mail

Drill targets prioritized on Fishhook Ni-Cu-PGE Property - More
- June 03, 2008 | Item | E-mail

Bonaventure Enterprises Inc.-Third Update on Winter Drill Program at K9 Uranium Property: Down-Hole Gamma-Scintillometre Results - More
- June 03, 2008 | Item | E-mail

Semafo Declares Commercial Production at Mana Gold Mine - More
- June 03, 2008 | Item | E-mail

Kria Resources Appoints New CFO and Board Member - More
- June 03, 2008 | Item | E-mail

Peregrine Diamonds and Peregrine Metals Plan to Merge as a New, Multi-Commodity Resource Company - More
- June 03, 2008 | Item | E-mail

Typhoon Intersects 10,84 g/t Au Over 19,0 Meters at Fayolle - More
- June 03, 2008 | Item | E-mail

Tombstone Exploration's Drilling Program to Begin June 12 - More
- June 03, 2008 | Item | E-mail

Santa Fe Gold Agrees to Purchase Processing Equipment and Real Property for Summit Silver-Gold Project - More
- June 03, 2008 | Item | E-mail

Premier-Roxmark - Additional drill added - Drill results include 2.01g/t Au across 101.0 metres - More
- June 03, 2008 | Item | E-mail

Spartan Securities Applies for Listing for Grenville Gold On U.S. Pink Sheets Over the Counter Market - More
- June 03, 2008 | Item | E-mail

Wave Uranium Acquires Second Mineral Lease on State Lands In Southeastern Utah - More
- June 03, 2008 | Item | E-mail

EXMIN Resources Inc.: Annual and Interim Financials Filed-Cease Trade Orders Lifted - More
- June 03, 2008 | Item | E-mail

Network discovers 5.82 g/t of gold over 12.0m at La Blanca - More
- June 03, 2008 | Item | E-mail

Logan Resources provides update on Redford iron ore/gold project on Pacific west coast of Vancouver Island - More
- June 03, 2008 | Item | E-mail

New Guinea Gold Pours 1,060 ozs of Gold in May 2008 - More
- June 03, 2008 | Item | E-mail

Delta Uranium Provides Exploration Update - More
- June 03, 2008 | Item | E-mail

General Moly Appoints Timothy D. Arnold as General Manager of Mt. Hope - More
- June 03, 2008 | Item | E-mail

Probe Announces Discussions With Noront Resources Inc. and Mobilization of Drilling Program - More
- June 03, 2008 | Item | E-mail

Radius Signs Agreement to Develop its Tambor Gold Deposit - More
- June 03, 2008 | Item | E-mail

Great Western Minerals and CanAlaska to Explore High Grade Rare Earth Element Discovery in Manitoba - More
- June 03, 2008 | Item | E-mail

East West Resource Corporation: Drilling Targets Prioritized on Fishhook Nickel-Copper-PGE Project - More
- June 03, 2008 | Item | E-mail

CanAlaska and Great Western Minerals to explore high grade rare earth element discovery in Manitoba - More
- June 03, 2008 | Item | E-mail

Pacific North West Capital and Stillwater Mining Commence $1,000,000 Drill Program - Goodnews Platinum Project, Alaska - More
- June 03, 2008 | Item | E-mail

Castillian Receives Assays from the EF-2 Target with up to 12.45% Cu and 1.58% Ni in a Grab Sample, San Luis Project, Argentina - More
- June 03, 2008 | Item | E-mail

Pure Nickel Announces Significant New Zone on William Lake Property - More
- June 03, 2008 | Item | E-mail

S.Africa tweaks royalty tax in final mine bill - "South Africa, the world's top producer of precious metals, said on Tuesday it had revised a mining royalty bill to charge royalty based on profitability after miners said the previous tax could hurt investment." More
- June 03, 2008 | Item | E-mail

Chancery Resources Inc. Provides Corporate Overview and Growth Strategy - More
- June 03, 2008 | Item | E-mail

Galway Resources engages John Tumazos to commercialize the Victorio Project - More
- June 03, 2008 | Item | E-mail

Case Financial Enters Into $4 Million Exploration Agreement With Trio Gold Corp - More
- June 03, 2008 | Item | E-mail

Independent Nickel Hits Mineralization in 7 Initial Holes at the Disco Zone; Announces Executive Appointment - More
- June 03, 2008 | Item | E-mail

Molycor Gold Corp.: Drilling Resumes on New Manganese/Magnesium Discoveries - More
- June 03, 2008 | Item | E-mail

Western Prospector Announces Changes to Mill Design for More Efficient Uranium Processing Method - More
- June 03, 2008 | Item | E-mail

First Uranium Appoints New Director to the Board - More
- June 03, 2008 | Item | E-mail

Claude Resources Moves Madsen Underground 8 Zone Drill Program Ahead of Schedule - "The analysis we have undertaken since the beginning of 2008 has convinced us that the 12th level is the opportune platform from which to initiate a Phase One 10,000 meter - 10 drill hole program. This enables us to commence underground drilling and resource expansion months ahead of schedule." More
- June 03, 2008 | Item | E-mail

Great Panther Celebrates Renaissance of 400 Year-Old Silver Mine - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) recently celebrated the reopening of the famous Guanajuato Mines, in the city of Guanajuato in central Mexico. Since purchasing a 100% interest in the mines in late 2005 and commencing mining in June 2006, the Company has made great strides in refurbishing the plant, rehabilitating the mine and increasing production." More
- June 03, 2008 | Item | E-mail

Silver Quest Resources Ltd.: Phase 2 Drill Program Commences on Santa Rosa Property, Mexico - "Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI - News) is pleased to announce the commencement of a Phase 2 reverse-circulation ("RC") drill program on the Santa Rosa property. The Phase 2 drill program comprising approximately 1,800 metres of RC drilling is to define the geometry and establish continuity of the known multiple mineralized zones, and to drill-test newly discovered surface showings." More
- June 03, 2008 | Item | E-mail

Orezone Updates Bombore With Positive Drilling Results - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) is pleased to provide an update on the Bombore gold project in Burkina Faso, West Africa. Orezone has recently received all of the assays from the recent 19,662m Reverse Circulation (RC) drill program. This program was designed to infill sections of the Met-Chem resource model (see February 14, 2008 press release) and to also test for new zones and extensions. Drilling results support the continuity of the current resource model and have identified several new zones outside of the current model including: 28m of 0.74g/t at Maga, 12m of 3.38g/t at P8P9 and 12m of 2.71g/t at Siga." More
- June 03, 2008 | Item | E-mail

Silver Wheaton Acquires 50% of Life of Mine Silver Production From Aurcana's La Negra Mine in Mexico - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce that it has agreed to purchase 50% of the life of mine silver produced at the La Negra mine located in Queretaro State, Mexico. The La Negra mine, which is 80% owned by Aurcana Corporation ("Aurcana") (CDNX:AUN.V - News), is a 1,000 tonne per day polymetallic mine originally discovered, developed and operated for thirty years by Penoles S.A. de C.V. ("Penoles")." More
- June 03, 2008 | Item | E-mail

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