Gold Seeker Closing Report: Gold Gains Over 1% While Silver Falls Over 1%

	Close	Gain/Loss
Gold	$742.15	+$12.50
Silver	$9.16	-$0.115
XAU	64.36	-9.17%
HUI	151.57	-10.14%
GDM	450.32	-9.83%
JSE Gold	1461.06	+40.32
USD	86.75	+0.33
Euro	125.02	-1.33
Yen	107.26	+1.36
Oil	$63.22	-$0.93
10-Year	3.729%	+0.032
T-Bond	117.328125	+0.375
Dow	8175.77	-2.42%
Nasdaq	1505.90	-2.97%
S&P	848.92	-3.18%

Gold rose nearly $10 in Asia before it fell back off by early morning in London and saw as much as a $23.30 loss at $706.35 by about 6AM EST, but it then rallied back higher for the rest of the day and ended near its session high of over $746 with a gain of 1.71%. Silver also saw over 1% gains in Asia before it fell back off and saw a 6.2% loss at as low as $8.70, but it too rallied back higher into the close and ended with a loss of just 1.24%.

Euro gold rose to about €591, platinum lost $19 to $774.50, and copper gained roughly 11 cents to about $1.79.

Gold and silver equities fell over 3% by late morning before they rallied to find slight gains by early afternoon, but they then fell back off into the close and ended with over 9% losses.

Report	For	Reading	Expected	Previous
New Home Sales	Sep	464K	445K	452K

Oil fell on more demand concerns while the U.S. dollar index rose on the continued move to cash as investors sold assets they perceive as riskier than the fiat currency.

Treasuries rose as the Dow, Nasdaq, and S&P ultimately ended markedly lower on more recession worries and apprehension before this week’s fed meeting and GDP data.

Among the big names making news in the market today were Humana, Goldman Sachs and Citigroup, Verizon, General Motors and Chrysler, CenturyTel and Embarq, Capital One, Suntrust, Loews, Pilgrim’s Pride, and Morgan Stanley.

The Problem is not broken entities. That is a symptom. The basis of the problem is OTC derivatives. That is the foundation that is never addressed. If you treat symptoms without handling the cause the result is more symptoms. Because the aim of remedial actions is improper, there is little chance of a fix, only an ebb and flow in a downward spiral that lacks real intervention.

In competitive shooting it pays to aim, which is the same when attempting to right an economic crisis.

Even the Fed buying these failed special performance contracts mucks up the Fed’s balance sheet without solving the problem. It simply shifts the problem to where more serious trouble could occur, and that is in the credit rating of US Treasuries.

You can say that unless the real target is aimed at, the problem will persist. The problem now however is it is too late. There is no way to net the derivatives as many are written totally naked such as the majority of older credit default derivatives. The ability to net all OTC derivatives died as dislocations began in the ability of the final asset to maintain its value. Credit default derivatives were created on an actuarial type analysis and of course that went boom.”- Jim Sinclair, JSMineset.com

“December Gold closed up 12.6 at 742.9. This was 27.4 up from the low and 3.1 off the high.

December Silver finished down 0.1 at 9.195, 0.025 off the high and 0.365 up from the low.

From the early morning weakness the gold market managed a series of stair step rallies, with the December gold contract at times reaching as much as $40.8 an ounce above the very early morning lows. Clearly seeing some slightly better than expected US economic data served to temper some of the fears of too much slowing. However, the recovery in the gold market was probably tied to the ebb and flow of the Dollar which fell back by as much as 109 points from the mid session highs. In the end, the most beneficial development on Monday for the gold bulls was probably the fact that equity prices managed to recoil from fresh new lows early in the trading session.

Like the gold market, the silver market managed to forge a series of stair step gains after forging an early morning low. In fact, December silver managed to forge a 53 cents rally off the early morning low. Perhaps the recovery in copper prices or the bounce in equities prompted some technical short covering in silver, and in the end after the high anxiety at the beginning of the day, one could say that macro economic psychology held together rather surprisingly.” - The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 61.43 tonnes were removed from the trust.

Richmont’s (RIC) acquisition agreement with Patricia Mining (PAT.V), Newmont’s (NEM) output in Peru, Northern Dynasty’s (NAK) pebble project, Aurizon’s (AZK) drill results, Gammon Gold’s (GRS) opening bell ringing, Apollo Gold’s (AGT) mine development, Entree’s (EGI) drilling, Fronteer’s (FRG) drill results, and Orko Silver’s (OK.V) 100% ownership of the Santa Monica Property 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.

Richmont Mines Inc. and Patricia Mining Corp. Enter Into Acquisition Agreement - "Richmont Mines Inc. ("Richmont") (Toronto:RIC.TO - News)(NYSE-A: RIC) and Patricia Mining Corp. ("Patricia Mining") (CDNX:PAT.V - News) today announced that they have entered into a definitive agreement (the "Acquisition Agreement") for Richmont to acquire all of Patricia Mining's outstanding shares through a combination of cash and stock. Patricia Mining shareholders will receive $0.15 in cash and 0.055 of one Richmont share for each Patricia Mining share held." More
- October 27, 2008 | Item | E-mail

Newmont's Yanacocha Peru gold pit ups output in Q3 - "Output at the Yanacocha mine in Peru, one of Latin America's largest gold mines, grew to 449,000 ounces in the third quarter of 2008, up 20 percent from the same period a year ago, the company said on Monday." More
- October 27, 2008 | Item | E-mail

Stellar Sell its Uranium Properties in the Otish Bassin - More
- October 27, 2008 | Item | E-mail

Medallion Closes $340,000 Non-Brokered Private Placement Financing - More
- October 27, 2008 | Item | E-mail

Malaga: A clarification regards the technical report published in 2006 - More
- October 27, 2008 | Item | E-mail

Southampton Ventures to Commence Drilling in Ring of Fire, McFauld's Lake, Ontario on Noront Resources Ltd.'s Option to Joint Venture "Moonbeam" Property - More
- October 27, 2008 | Item | E-mail

UNOR Announces Completion of its 2008 Field Season and 2009 Discussions - More
- October 27, 2008 | Item | E-mail

Inspiration Mining Corporation to Launch Normal Course Issuer Bid - More
- October 27, 2008 | Item | E-mail

Industrial Minerals Engages RBC Capital Markets as Financial Advisor - More
- October 27, 2008 | Item | E-mail

Northern Dynasty Minerals Ltd. - Successful 2008 Study Program Continues At Alaska's Pebble Project - "The Pebble Partnership continues to make sizable investments across a broad range of technical, environmental and social disciplines to move the project forward efficiently toward the completion of a proposed development plan and the onset of permitting," said Northern Dynasty President & CEO Ron Thiessen. "The tremendous amount of work undertaken this year by geological and geotechnical drilling crews, environmental and socioeconomic consultants, as well as the site personnel that support them, has moved us that much closer to reaching our program goals." More
- October 27, 2008 | Item | E-mail

Mountain Lake Cancels Flow-Through Portion of Private Placement - More
- October 27, 2008 | Item | E-mail

Noront and Rosseau Resolve Proxy Contest and Agree on Composition of Noront Board - More
- October 27, 2008 | Item | E-mail

Infill drilling confirms thickness of 20 to 60 metres at Joanna Gold Project - "To date, three hundred ninety-seven (397) holes totalling 118,600 metres have been completed by Aurizon at Joanna, with the objective of confirming results from previous drilling and to extend the mineralized zones. Results from two hundred eighty-two (282) holes have been previously released, and results from thirty-eight (38) holes are included in this release. Results are currently pending for seventy-seven (77) holes." More
- October 27, 2008 | Item | E-mail

Puget Ventures Inc. Moves Forward with Benton Resources Option in Werner Lake/Rex Lake; Will Not Acquire 1592129 Ontario Inc. At this Time - More
- October 27, 2008 | Item | E-mail

Consolidated Thompson Completes Environmental Assessment Process on Labrador Railway Project - More
- October 27, 2008 | Item | E-mail

Duluth Metals Drills Large Corridor of Higher Grade Copper, Nickel, Platinum and Palladium Mineralization - More
- October 27, 2008 | Item | E-mail

2008 Surface Work Indicates 4 Kilometers of Strike Length for the BA Mineralization. - More
- October 27, 2008 | Item | E-mail

Laurion Chooses to Drop Options on Three Underperforming Properties; Resource Properties Update - More
- October 27, 2008 | Item | E-mail

Cartier Discovers Several Au-Ag-Cu-Zn Volcanic Massive Sulphide Systems on Kinojevis - More
- October 27, 2008 | Item | E-mail

Landore Resources Limited - Junior Lake property iron ore deposit - More
- October 27, 2008 | Item | E-mail

Terrane Awards Engineering and Procurement Contract at Mt. Milligan - More
- October 27, 2008 | Item | E-mail

Normabec Obtains 31.76 g/t Au Over 1.5 Meters and 21.04 g/t Au Over 2.0 Meters on Pitt Gold and Initiates a 4,000 Meter Drilling Program - More
- October 27, 2008 | Item | E-mail

Los Andes Copper Announces Latest Drilling Results - More
- October 27, 2008 | Item | E-mail

Western Warrior announces effective date of share consolidation and name change to Whetstone Minerals Inc. - More
- October 27, 2008 | Item | E-mail

AuEx Ventures, Inc.: Strong Gold Results Continue at Long Canyon - More
- October 27, 2008 | Item | E-mail

Anaconda Announces Additional High-Grade Drill Results and New Molybdenum Results From the Inca de Oro Sur Joint Venture - More
- October 27, 2008 | Item | E-mail

Noront and Rosseau Resolve Proxy Contest and Agree on Composition of Noront Board - More
- October 27, 2008 | Item | E-mail

Intrepid Mines Limited: Paulsens Mine Life Extension Update - More
- October 27, 2008 | Item | E-mail

Sage Closes Private Placement With MineralFields - More
- October 27, 2008 | Item | E-mail

LKA International is Notified Richmont Declines To Participate Further in Golden Wonder Exploration - More
- October 27, 2008 | Item | E-mail

MetalCORP Initiates Spin-Off of Gold Properties Into a New Public Company - More
- October 27, 2008 | Item | E-mail

Minera Andes files technical report confirming large copper resource at Los Azules - More
- October 27, 2008 | Item | E-mail

Gold jewellery demand down 21 percent in 2Q, but production down too - "The World Gold Council reports that gold jewellery demand fell 21 percent year on year in the second quarter, but anecdotal eveidence suggests a sharp pick up in the third quarter." More
- October 27, 2008 | Item | E-mail

Gammon Gold to Ring the Opening Bell on the New York Stock Exchange - "Gammon Gold Inc. ("Gammon") (TSX:GAM and NYSE:GRS): President & Chairman, Fred George, along with Chief Executive Officer, Rene Marion and certain members of the senior management team, Board of Directors and invited guests will celebrate Gammon's listing on the NYSE by presiding over ringing the NYSE Opening Bell today at 9:30 AM EDT." More
- October 27, 2008 | Item | E-mail

Apollo Gold Commences Development of the Black Fox Mine - "Apollo Gold Corporation (“Apollo”) (TSX: APG - News)(AMEX: AGT - News) is pleased to give an update on the status of activities related to commencement of mining at its 100% owned Black Fox Project (“Black Fox”) located near Timmins, Ontario, Canada. Since April 2008, when Apollo completed the feasibility study on the Black Fox mine, it has made progress on a number of fronts." More
- October 27, 2008 | Item | E-mail

Entree Commences Drilling at Lordsburg, New Mexico - "Entree Gold Inc. (Toronto:ETG.TO - News)(NYSE-A: EGI)(Frankfurt:EKA.F - News) ("Entree" or the "Company") has commenced drilling on the western target at the Lordsburg, New Mexico copper-gold porphyry project. The Lordsburg project is located within a southeast-trending belt which hosts several large current and past copper producers, including Freeport McMoran's Morenci, Tyrone, Chino and Safford operations." More
- October 27, 2008 | Item | E-mail

Orko Silver Corp. Acquires 100% of Santa Monica Property, and Goldcorp Increases Its Orko Share Position - "Orko Silver Corp. ("Orko") (TSX VENTURE:OK - News) announces that it has signed an agreement with Goldcorp Inc. and certain of its subsidiaries (the "Goldcorp Group") to acquire 100% ownership of the Santa Monica Property in Durango, Mexico. Santa Monica lies immediately adjacent to Orko's La Preciosa Deposit, with a previously reported 43-101 compliant inferred resource estimate of 15.35 million tonnes grading 0.321 g/t Au and 190 g/t Ag at a cut-off grade of 100 g/t for a Silver Equivalent grade of 209.2 g/t, and equaling 3,211 million grams Ag-Eq or 103.2 million oz Ag-Eq." More
- October 27, 2008 | Item | E-mail

Fronteer Hits More Wide Intervals of High-Grade Gold at Long Canyon, Nevada - "Gold mineralization at Long Canyon has now been intersected over a strike length of 1.6 kilometres (one mile) and across multiple zones, with a geochemical footprint of at least 300 metres (1,000 feet) in width. The deposit remains open in all directions. A 500-metre-long (1,500 feet) gold soil anomaly to the southwest of the currently drilled mineralized zone has yet to be tested." More
- October 27, 2008 | Item | E-mail

Credit crunch threatens mining projects - Credit Suisse - "The credit crisis risks delaying around $50 billion of the mining sector's capital expenditure used to fund new or expand existing projects in 2009, Credit Suisse said on Monday.

Limited access to financing may impact the construction of some 300 million tonnes of iron ore, 5 million tonnes of copper, 10 million tonnes of aluminium and over 1 million ounces of platinum, which could be delayed 2-3 years, a report said." More
- October 27, 2008 | Item | E-mail

Consumers fear LME cobalt/moly volatility - "The London Metal Exchange is trying to extend its reach into the world of minor metals with contracts for cobalt and molybdenum, but success depends to an extent on consumers.

This is because they fear the price volatility of the contracts due to start trading in the second half of 2009." More
- October 27, 2008 | Item | E-mail

FACTBOX-Mines and plants hurt by low prices, high costs - "The global financial crisis and sharp falls in metals prices have forced several companies to abandon or put on hold their plans to bring new mines on-stream.

Some existing producers have also shut down or curtailed their output at mines and plants as high costs and low prices bite. Below are details of the major projects and facilities which have been affected in recent months, as well as other related news." More
- October 27, 2008 | Item | E-mail

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