-- Posted 18 November, 2008 | | Source: SilverSeek.com

The Metals:

Gold traded slightly lower in Asia and London and dropped to as low as $730.95 by about 9AM EST in New York before it rose to see a $4.30 gain at $746.10 by about noon, but it then fell back off into the close and ended with a loss of 1.11%.  Silver fell over 2% to $9.137 and rallied as much as 4.2% to $9.752 before it also fell back off in the last hour and a half of trade, but it still ended with a gain of 2.03%.

Euro gold fell to about €562, platinum gained $ 13.50 to $826.50, and copper remained at about $1.65.

Gold and silver equities traded roughly 2% higher in morning trade before they fell back off in afternoon action and ended about 1% lower.

The Economy:

Paulson, Bernanke, and FDIC Chairwoman Bair spoke before the House Financial Services Committee this morning to defend and explain their recent actions with their shift in the TARP strategy.  Ron Paul Questions Bernanke at House Financial Services Committee This Morning [Video]

Lawmakers, Treasury lock horns on foreclosures  Reuters

Paulson Clashes With Congress, Warns Against Using Bailout as a `Panacea'  Bloomberg

Home builder sentiment tumbles to new low  Reuters

Home Prices Tumble in 80% of U.S. Cities as Foreclosures Drive Down Values  Bloomberg

Tomorrow at 8:30AM EST brings CPI for October expected at -0.8%, Core CPI expected at 0.1%, Building Permits for October expected at 772,000, and Housing Starts expected at 780,000.  At 2PM is the release of FOMC minutes from the fed’s October 29^th meeting.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil ended lower in mixed trade on more worries over demand as the U.S. dollar index rose on the view that other countries are even worse off than the US.

Treasuries rose on economic uncertainty as Core PPI fell a record amount and Homebuilder Sentiment reached a new record low.  “The NAHB/Wells Fargo Housing Market index slumped five points to 9 in November, the lowest since the measure was started in January 1985. Readings below 50 mean more builders view market conditions as poor than favorable.”

The Dow, Nasdaq, and S&P swung around in wild action and ended modestly higher on perhaps some hopes that the worst is over and economic data will start getting better from what in many cases are record low levels.

Among the big names making news in the market today were Las Vegas Sands, American Express, Saks, Ford, Hewlett-Packard, Home Depot, the automaker chiefs, Medtronic, and Yahoo.

The Commentary:

“December Gold closed down 9.3 at 732.7. This was 1.7 up from the low and 9.8 off the high.

December Silver finished up 0.22 at 9.55, 0.11 off the high and 0.35 up from the low.

Surprisingly the gold market forged a relatively tight trading range despite seeing a relatively strong Dollar, falling equity prices and periodic gains in silver prices. Since gold opened weaker and spent a large portion of the day around the lows, it would seem like the bear forces were winning out. December gold did manage a slide bounce but was simply unable to get near the prior session's highs. It is possible that a very sharp drop in the US PPI reading served to knock the wind out of the sail of the gold market, especially since the inflation declines were in some instances record monthly declines. With sharply lower oil prices and generally weak oil price action the outside market action could have emboldened the bear camp.

The silver market clearly outperformed the gold market throughout the trading session. In fact, both silver and platinum clearly outperformed the gold market and given that the US stock market was down sharply at times and the silver market managed to hold in positive ground on the day that probably caused some silver bears a little concern. The silver market also wasn't concerned about ongoing strength in the Dollar and a sharper than expected slide in US inflation readings.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Governments can't handle global run on gold coins

Thom Calandra's new letter interviews Frank Veneroso on gold

The Statistics:

As of close of business: 11/17/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.62 tonnes.

COMEX Gold Trust (IAU)

 Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

 Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

Almaden’s (AAU) closed private placement, Freeport’s (FCX) non-striking workers in Peru and 600 job cuts in the US, Rubicon’s (RBY) closed financing, Gammon’s (GRS) revised and extended credit facility, Fronteer’s (FRG) drill results, Kirkland’s (KGI.TO) drill results, Excellon’s (EXN.TO) assay results, Minco Silver’s (MSV.TO) Prospector / Explorer of the Year Award, Silverstone’s (SST.V) silver sales, Aquiline’s (AQI.TO) drill results, Coeur’s (CDE) property purchase, and International Minerals (IMZ.TO) first quarter results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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

All of today's gold and silver stock news:

Press Release Renforth Resources Inc. 44 Victoria Street, Suite 450, Toronto, Ontario, M5C 1Y2 - More
- November 18, 2008 | Item | E-mail

AXMIN Announces Closing of Cdn$4 Million Non-Brokered Private Placement - More
- November 18, 2008 | Item | E-mail

Almaden Minerals Ltd. Announces Closing of Private Placement - "Almaden Minerals Ltd. (the "Company") (Toronto:AMM.TO - News)(NYSE-A: AAU) announces that it has closed in escrow a Private Placement of 86,000 Units at a price of $0.70 per Unit. Each Unit will consist of one flow-through common share and one non-flow-through common share purchase warrant entitling the holder to purchase one additional non-flow-through common share at a price of $1.00 per share for a period of 1 year from the Closing." More
- November 18, 2008 | Item | E-mail

Augusta Announces 14% Increase in Rosemont Reserves; 16% Reduction in Strip Ratio - More
- November 18, 2008 | Item | E-mail

Uranium Star Identifies Potentially Economic Vanadium on Three Horses Property in Madagascar - More
- November 18, 2008 | Item | E-mail

Excellon Encounters Additional High Grade Sulphides at Platosa - "Excellon Resources Inc. (Toronto:EXN.TO - News) announces assay results for massive, semi-massive and breccia sulphide intercepts from 11 recent holes in the Platosa Test-mine area. Nine of these holes have cut new mineralization in the NE-1 Manto, a sulphide body discovered since the preparation of Excellon's February 3, 2008 NI 43-101 compliant Mineral Resource estimate, and the Company believes that a significant tonnage of sulphide mineralization is developing there." More
- November 18, 2008 | Item | E-mail

Corriente Resources Inc.: Ecuador Government Establishes Tariff Cuts to Aid Mining Development - More
- November 18, 2008 | Item | E-mail

Minco Silver Wins Prospector/Explorer of the Year Award at China Mining - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce that it has received the Prospector / Explorer of the Year Award at the 2008 China Mining Awards for its outstanding progress on the Fuwan Silver project located in Guangdong Province, China." More
- November 18, 2008 | Item | E-mail

Workers at Freeport's Peru mine will not strike - "Workers at Cerro Verde, one of Peru's largest copper pits, will not strike, a union leader said on Tuesday, after closing a deal with the company for better wages and working conditions.

The union had threatened, and delayed plans, to strike several times this month and last. Cerro Verde (CVE.LM: Quote, Profile, Research, Stock Buzz) is controlled by the U.S.-based miner Freeport-McMoran Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz).

"We have reached a small peace, which I expect to hold for a few months because we closed a contract," union leader Leoncio Amudio told Reuters." More
- November 18, 2008 | Item | E-mail

Serengeti and Fjordland Identify High Priority Gold Drill Target on Their Mil QUEST JV Project - More
- November 18, 2008 | Item | E-mail

Olympus Successfully Completes Toll Treatment Trials - More
- November 18, 2008 | Item | E-mail

Palladon Iron Corporation Acquires Additional 2,000 Acres of Mineral Property at Iron Mountain, Utah - More
- November 18, 2008 | Item | E-mail

Rubicon Minerals closes $10.2 million financing - "Rubicon Minerals Corporation (TSX.RMX:AMEX.RBY) (the "Company") is pleased to announce that it has closed its previously announced concurrent brokered and non-brokered private placements, raising gross aggregate proceeds of $10,200,930. Pursuant to the brokered offering, the Company issued 4,500,000 flow-through common shares (the "FT Shares") at a price of $1.35 per FT Share and 3,296,300 common shares (the "Offered Shares") at a price of $1.10 per Offered Share, for gross proceeds of $9,700,930 (the "Brokered Offering")." More
- November 18, 2008 | Item | E-mail

Argex Silver Capital Inc. Announces Proposed Qualifying Transaction With 7013833 Canada Corp. - More
- November 18, 2008 | Item | E-mail

Gammon Gold Accepts Commitment For Revised and Extended US$50 Million in Total Credit Facilities - "Gammon Gold Inc. ("Gammon Gold") (TSX:GAM and NYSE:GRS): Gammon announced today that it has received and accepted a commitment letter from its current lending syndicate comprised of the Bank of Montreal and the Bank of Nova Scotia, that revises and extends the terms of its existing credit facility which was set to expire on December 31, 2008." More
- November 18, 2008 | Item | E-mail

Typhon: Update on Fayolle Project - More
- November 18, 2008 | Item | E-mail

Darnley Bay Resources Announces Financing - More
- November 18, 2008 | Item | E-mail

Freeport-McMoRan cutting 600 mine jobs in U.S. - "Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) said on Tuesday it will cut around 600 jobs at its U.S. mining operations to lower costs at a time when copper and other metal prices have plummeted." More
- November 18, 2008 | Item | E-mail

Chepica Project Update - More
- November 18, 2008 | Item | E-mail

Silverstone Provides Q3-2008 Silver Sales - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) reports sales of 386,000 ounces of silver in the third quarter of 2008 and 1.2 million ounces for the nine months ended September 30, 2008. Silverstone purchased Q3 - 2008 production at an average cost of US$3.97 per ounce. The cost of silver is fixed at less than US$4.00 per ounce through 2010." More
- November 18, 2008 | Item | E-mail

Landore Resources Limited - Junior Lake property mining leases granted new claims - More
- November 18, 2008 | Item | E-mail

Pacific North West Capital Corp. - John Londry, Vice President Exploration, Retires - More
- November 18, 2008 | Item | E-mail

Iberian Minerals Corp. Announces Senior Management Appointment - More
- November 18, 2008 | Item | E-mail

Iberian Minerals Corp. Reports Third Quarter 2008 Results - More
- November 18, 2008 | Item | E-mail

Temex intersects high grade gold: 271 g/t gold extension of lower Hallnor vein systems confirmed - More
- November 18, 2008 | Item | E-mail

Trevali Defines High-Grade Tailings at Llacsacocha on Santander Silver-Lead-Zinc Mine Project in Peru - More
- November 18, 2008 | Item | E-mail

Augyva: Drilling Results Confirm Potential of the Duncan Iron Project - More
- November 18, 2008 | Item | E-mail

Pelangio Announces Encouraging Results From Its 2008 Drilling Program at Obuasi, Ghana - More
- November 18, 2008 | Item | E-mail

Farallon Provides Legal Update - More
- November 18, 2008 | Item | E-mail

Ireland Inc. Provides Operations Update in President's Letter to Shareholders - More
- November 18, 2008 | Item | E-mail

Cadillac Announces Senior Management Appointment - More
- November 18, 2008 | Item | E-mail

International Nickel Ventures Corporation Implements Shareholder Rights Plan - More
- November 18, 2008 | Item | E-mail

ALERT: Silver @ 1.5-31.0 oz/ton Follows Gold Discovery Breakthrough by Colorado Goldfields Inc. - More
- November 18, 2008 | Item | E-mail

Rolling Rock Resources Increases Its Monument Bay Gold Deposit 28.3% to 1,212,000 Ounces - More
- November 18, 2008 | Item | E-mail

Nord Resources Announces Results of Scoping Study - Johnson Camp Copper Mine Production Can Be Increased 60% - More
- November 18, 2008 | Item | E-mail

AuEx Ventures, Inc.: Gold Mineralization Extended Further at Long Canyon - More
- November 18, 2008 | Item | E-mail

Alhambra Resources Ltd. - Hearing Regarding Legal Claim Adjourned Until November 24, 2008 - More
- November 18, 2008 | Item | E-mail

Astral and Kootenay Intersect New Stockwork Zone and Extend Main Discovery Zone to 900m at Jumping Josephine - More
- November 18, 2008 | Item | E-mail

Aurelio Announces Amended Agreement to Sell Hill Copper-Zinc Project & 3% NSR in Gavilanes Gold Project for $4 Million - More
- November 18, 2008 | Item | E-mail

Diamond Discoveries Reports High Chromium Values Intersected Over Several Metres on Caribou Property, Thetford Mines, Quebec - More
- November 18, 2008 | Item | E-mail

Aquiline Resources Inc.: Navidad Continues to Expand as Drilling Intersects Further Wide Zones of Mineralization in Step Out Drilling at Loma de La Plata - "Aquiline Resources Inc. ("Aquiline" or the "Company") (Toronto:AQI.TO - News) is pleased to report the results of 72 new diamond drill holes pertaining to its Navidad Silver Project, Chubut Province, Argentina. Best holes include NV08-857 at Loma de La Plata which intersected 23 metres of 321 g/t Ag some 250 metres east of the known resource. While drill hole NV08-867 intersected 119 g/t Ag across 86 metres in an area between the Connector Zone and the Company's latest discovery, the Valle de Esperanza zone." More
- November 18, 2008 | Item | E-mail

Coeur Announces Option Agreement to Purchase La Currita Silver and Gold Property Adjacent to Palmarejo Project - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced that it has entered into an option agreement with Tara Gold Resources Corporation and its subsidiary Corporación Amermín that will allow Coeur to earn a 100% interest in the La Currita property adjacent to Coeur’s Palmarejo silver and gold project now in construction in the state of Chihuahua, Mexico." More
- November 18, 2008 | Item | E-mail

International Minerals Reports Net Income of US$3.73 Million for First Fiscal Quarter Ended September 30, 2008 - "The consolidated net income for the quarter ended September 30, 2008 of $3.73 million ($0.04 per share) compares to a net loss of $2.7 million (loss of $0.03 per share) for the fiscal first quarter of 2007. The gain is due principally to the equity gain at the Pallancata Mine joint venture of $3.8 million (2007 - loss of $292,442) and the increased foreign exchange gain of $1.2 million (2007 - loss of $1.8 million) due to a weakening of the Canadian dollar against the US dollar. The equity gain resulted from Hochschild sole-funding the costs of expansion of the Pallancata Mine to the 1,000 tonnes per day ("tpd") production level. Capital costs beyond 1,000 tpd are paid 60% by Hochschild and 40% by IMZ." More
- November 18, 2008 | Item | E-mail

Fronteer Development Group Inc.: Drilling Continues to Extend Gold Mineralization at Long Canyon - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that further step-out drilling has extended high-grade, near-surface, oxide gold mineralization by an additional 100 metres (328 feet) along strike at its 51% owned Long Canyon project in Nevada." More
- November 18, 2008 | Item | E-mail

Kirkland Lake Gold Inc.: Drilling Continues to Expand Gold Zones Within the South Mine Complex on the South Claims JV - "Kirkland Lake Gold Inc. ("KL Gold") (TSX:KGI - News; AIM:KGI) and Queenston Mining Inc. ("Queenston") (TSX:QMI - News; FRANKFURT:QMI - News; STUTTGART:QMI - News) are pleased to announce recently completed drilling within the South Mine Complex ("SMC") on the jointly held (50%-50%) South Claims Joint Venture located south of KL Gold's Macassa Mine in Kirkland Lake, Ontario. Intersections include 1.04 ounces of gold per ton ("opt") over a core length of 21.6 feet (10.5 feet true width) and 1.82 opt uncut (1.10 opt cut) over a core length of 9.3 feet (4.7 feet true width)." More
- November 18, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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