Gold Seeker Weekly Wrap-Up: Gold Gains Nearly 3% on the Week While Dow Plunges Over 18%

Please Note: There will not be a Gold Seeker Report on Monday. Monday is also Columbus Day in the US and Canadian Thanksgiving Day. The regular daily schedule should resume on Tuesday.

	Close	Gain/Loss	On Week
Gold	$852.00	-$31.80	+2.92%
Silver	$10.49	-$1.33	-6.59%
XAU	100.56	-12.16%	-10.29%
HUI	248.12	-12.70%	-7.79%
GDM	714.16	-13.44%	-11.18%
JSE Gold	1898.59	+174.77	+17.73%
USD	82.63	+1.38	+2.68%
Euro	133.94	-2.20	-2.93%
Yen	99.50	-0.84	+4.66%
Oil	$77.70	-$8.89	-17.21%
10-Year	3.861%	+0.027	+5.95%
Bond	116.65625	+0.140625	-2.53%
Dow	8451.19	-1.49%	-18.15%
Nasdaq	1649.51	+0.27%	-15.30%
S&P	899.25	-1.17%	-18.19%

Gold rose as much as $46.95 to $930.75 by late trade in Asia before it fell back near unchanged by late morning in New York, fell even further in afternoon trade, and then ended with a loss of 3.6%. Silver rose $0.42 to $12.24 in Asia and traded mostly modestly lower in morning New York trade before it also dropped another leg further in the last hour and a half of trade and ended with a loss of 11.25%. Both metals have fallen even further in after hours access trade at the time of writing.

Euro gold fell to about €635, platinum lost $35 to $989, and copper fell over 26 cents to about $2.15.

Gold and silver equities fell over 15% by the middle of the afternoon before they rallied back higher in late trade to see only about 6% losses, but they then fell back off in the last minutes of trade and ended with over 12% losses.

Report	For	Reading	Expected	Previous
Import Prices	Sep	-3.0%	-2.5%	-2.6%
Import Prices ex-oil	Sep	-0.9%	-	-
Export Prices	Sep	-1.0%	-	-1.7%
Export Prices ex-ag.	Sep	-1.0%	-	-
Trade Balance	Aug	-$59.1B	-$59.0B	-$61.3B

Oil fell to a more than one-year low under $78 a barrel on worries over waning demand due to the apparent global slowdown in economic growth.

The U.S. dollar index rose as other world currencies fell more on a variety of worries while the dollar found some strength on hopes the G7 will find solutions to the many crises facing the world at this weekend’s meeting.

Treasuries rose as the Dow, Nasdaq, and S&P mostly fell markedly once again on worries over the health and sustainability of the financial system, but a late rally back higher left the Nasdaq with a small gain and the Dow and S&P with relatively minor losses on hopes that a solution can be worked out over the weekend.

Among the big names making news in the market Friday were GE, GM, Ford, Chrysler, Wells Fargo and Wachovia, and Macy’s.

The good news is that Monty and Tony are right. The bad news is that the cure will deliver a Weimar beyond Weimar within one year.

The option below is an international commitment to monetize all bankruptcies without limit while placing the entire world into a zero interest rate lock.

Currencies will then bull then bear, varying day to day. This will swing gold wildly.

Manipulation of gold today, as you have seen a thousand times, will not do much.

Gold is headed to $1000 after this $900 dance, down slightly and then blast through $1000 on its way to $1200 and $1650.

The planetary killers are the OTC manufacturers, yet this QUADRILLION PLUS dollar problem is never properly defined. It never will be either.

I wager you that JP Morgan, who is collecting and being federally funded, will weather the storm by some miracle.

Eventually the Federal Reserve Gold Certificate Ratio, modernized and revitalized, fails miserably after everything else, including what is below.

“December Gold closed down 27.5 at 859. This was 4 up from the low and 62.5 off the high.

December Silver finished down 1.275 at 10.6, 1.145 off the high and equal to the low.

The gold market saw early flight to quality buying but despite continued weakness in the US equity market into mid session, gold prices just before 11:30 central time actually fell back to unchanged levels. Subsequently, gold fell very sharply along with the equity markets and that was certainly disappointing to the bull camp. Perhaps some longs we're simply inclined to bank profits ahead of the weekend or perhaps seeing the US Dollar give off the impression of finishing the week strong discouraged some players. As suggested in the midday coverage just saying discussions of a stock trading holiday in some foreign markets would seem to leave high anxiety in place into next week. Certainly the G7 will attempt to shore up confidence with weekend actions and that could be another reason why some gold longs decided to bank profits around the highs of today.

As suggested in the morning and midday coverage the silver market clearly diverged from the action being seen in the gold market early in the session. In fact, in the wake of the Friday action many traders feared that silver was being swept into the physical commodity category. Significant pressure in both copper and platinum prices, a rising US Dollar and extreme macro economic uncertainty has seemingly left silver's stock as a financial instrument at a low level. Therefore, many traders anticipate silver will continue to maintain a tight positive correlation with the US equity market.”- The Hightower Report, Futures Analysis and Forecasting

Tanzanian Royalty’s (TRE) completed private placement, Gold Reserve’s (GRZ) equipment sale, Paramount’s (PZG) assay results, Timberline’s (TLR) amended purchase agreement, Midway’s (MDW) drill results, Gold Fields’ (GFI) operational guidance, Sterling Mining’s (SRLM.OB) TSX delisting, and First Majestic’s (FR.TO) resources were among the big stories in the gold and silver mining industry making headlines Friday.

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Elray Resources Building Presence in Areas of Known Gold Deposits - More
- October 10, 2008 | Item | E-mail

Northern Shield Completes Private Placement - More
- October 10, 2008 | Item | E-mail

Tanzanian Royalty Chairman Completes One Million Dollar Private Placement - "Tanzanian Royalty Exploration Corporation (Toronto:TNX.TO - News) (TRE - News) announces that the $1,000,000 private placement with Mr. James E. Sinclair announced October 1, 2008 has closed. Mr. Sinclair purchased 327,225 common shares at a purchase price of $3.056 per share." More
- October 10, 2008 | Item | E-mail

Duran Ventures Annual and Special Meeting Update - More
- October 10, 2008 | Item | E-mail

MacMillan Gold Special Meeting Update - More
- October 10, 2008 | Item | E-mail

Benton Resources Corp. ("Benton") Receives Resource Estimates From Its Joint Venture Partner on the BCF property - More
- October 10, 2008 | Item | E-mail

MacMillan Gold Receives 100,000 Additional Common Shares From West Timmins Mining - More
- October 10, 2008 | Item | E-mail

Sterling Mining Company Announces Intention to Delist From the Toronto Stock Exchange - "Sterling Mining Company's (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News)("Sterling") board of directors has submitted a written request to the Toronto Stock Exchange to voluntarily delist its common shares from TSX." More
- October 10, 2008 | Item | E-mail

Hawk Uranium Inc. Announces Extension to Term of Warrants - More
- October 10, 2008 | Item | E-mail

Court Rules in Favor of Kobex - More
- October 10, 2008 | Item | E-mail

Gold Reserve Announces Sale of Certain Equipment - "Gold Reserve Inc. (TSX:GRZ - News) (AMEX:GRZ - News) announced it has agreed to sell one SAG mill, two ball mills (35,000 tonne per day through-put) and related motors currently being manufactured for the Company’s Brisas Project. The total value of this transaction is approximately $43 million. The Company will recover approximately $18 million of progress payments and the purchaser will assume the Company’s remaining payment obligations related to the equipment of approximately $25 million." More
- October 10, 2008 | Item | E-mail

Norsemont Mining Announces Major New Discovery at Constancia Project in Peru - More
- October 10, 2008 | Item | E-mail

GobiMin announces initial resource estimate for Yanxi Copper Deposit - More
- October 10, 2008 | Item | E-mail

Capstone and Sherwood Sign Combination Agreement - More
- October 10, 2008 | Item | E-mail

IMA Conserves Large Treasury for Acquisition of Flagship Asset - More
- October 10, 2008 | Item | E-mail

Sherwood and Capstone Sign Combination Agreement - More
- October 10, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Reports High Grade Gold Assays at Clavo 66 (11.35 g/t Au Over 3.5 Metres) - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) has received the assays from drill hole LU-18 from the heart of Clavo 66, which intersected the main mineralized structure at a depth of approximately 80 meters from the surface drilled to expand the resource. The structure contained a 3.52 meter (true width) intercept of 11.35 g/t gold with additional 1.48 to 1.85 g/t Au Eq. mineralization for approximately 2 meters in the hanging wall and 1 meter in the footwall." More
- October 10, 2008 | Item | E-mail

American Uranium Approves 46:1 Share Consolidation - More
- October 10, 2008 | Item | E-mail

High acid prices add pressure to miners' margins - "Record prices for sulphuric acid, used in the production of copper and a significant cost in extraction, are squeezing mining company margins at a time when copper prices are weakening, analysts say." More
- October 10, 2008 | Item | E-mail

Anooraq Announces Appointment of Head of Exploration and Mineral Strategy - More
- October 10, 2008 | Item | E-mail

HuntMountain Receives Conditional Listing Approval from the Toronto Stock Exchange - More
- October 10, 2008 | Item | E-mail

Merrex Options Turkish Gold Properties - More
- October 10, 2008 | Item | E-mail

Kalimantan Acquires 100% Ownership of KSK Contract of Work - More
- October 10, 2008 | Item | E-mail

Uruguay Mineral Exploration Inc. Announces Results for the First Quarter of Fiscal Year 2009 - More
- October 10, 2008 | Item | E-mail

Timberline Signs Letter of Intent to Amend the Purchase Agreement to Acquire Small Mine Development, LLC - "Timberline Resources Corporation (AMEX:TLR - News) announced today that it has signed a non-binding Letter of Intent to amend the purchase agreement to acquire Small Mine Development, LLC (``SMD''), one of the largest underground mine contractors in the United States. The Company expects to sign the definitive version of the amendment to the purchase agreement shortly." More
- October 10, 2008 | Item | E-mail

Midway Continues to Expand Gold Zones at Pan - "Midway Gold Corp (the "Company") (CDNX:MDW.V - News)(NYSE ALTERNEXT: MDW) is pleased to report that drilling on the Pan Project continues to expand gold mineralization at both the Wendy and Nana gold zones." More
- October 10, 2008 | Item | E-mail

First Majestic Silver Corp.: Del Toro Silver Mine NI 43-101 Resources of 57 Million Ag eqv. Ounces - "FIRST MAJESTIC SILVER CORP. (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) ("First Majestic" or the "Company") is pleased to announce an update regarding its activities in Mexico at the Del Toro Silver Mine and the Resource development presently underway." More
- October 10, 2008 | Item | E-mail

Gold Fields Updates Operational Guidance for Q1 F2009, on Track to Produce Approximately 1 MOZ in Q3 F2009 - "Group attributable production for Q1 F2009 is expected to be approximately 798,000 ounces. This is 2.7% lower than the guidance provided on 1 August 2008, which indicated production of 820,000 ounces. This is due mainly to slower than expected build-up of production at Cerro Corona." More
- October 10, 2008 | Item | E-mail

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