-- Posted 9 September, 2009 | | Source: SilverSeek.com

The Metals:

Gold climbed back over $1000 in Asia and then dropped to $992.50 in London before it rose back near $1000 by late morning in New York, but it then fell back off into the close and ended with a loss of 0.24%.   Silver fell to as low as $16.21 in Asia and rose to as high as $16.69 in New York before it also fell back off in the last couple of hours of trade, but it still ended with a gain of 0.24%.

Euro gold fell to about €683, platinum gained $0.50 to $1280.50, and copper fell a few cents to about $2.91.

Gold and silver equities waffled near unchanged for most of the morning, but they then fell back off in afternoon trade and ended with almost 3% losses.

The Economy:

“The Federal Reserve said 11 of its 12 regional banks reported signs of a stable or improving economy in July and August, adding anecdotal evidence that the worst U.S. recession in seven decades is over.

Five districts, including San Francisco, home to the biggest regional economy, “mentioned signs of improvement,” the Fed said today in its Beige Book business survey, published two weeks before officials meet to set monetary policy.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 9/05 expected at 560,000 and the Trade Balance for July expected at -$27.3 billion.

The Markets:

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

Oil rose again while the U.S. dollar index and treasuries fell on continued economic optimism that sent the Dow, Nasdaq, and S&P modestly higher on the day.

Among the big names making news in the market today were McDonald’s, Apple, Fannie Mae, JPMorgan, and Comcast.

The Commentary:

“Dear CIGAs,

Here are some points of interest from a technical perspective in the gold chart…

Note that this is a weekly chart.

1. All of the major moving averages are moving upward – the long term trend is solidly higher.

2. The broad based triangular consolidation pattern that has been in effect since early this year has been decidedly broken to the upside with further follow through coming so far this week

3. The weekly RSI, which has been in the same consolidation mode as the underlying metal, has also broken out of its pattern to the upside and has breached the 60 level.

4. Note the heavy red line near the 1003 level and you can see the significance of a WEEKLY close above this level. That has never yet been accomplished. When it does gold will test the all time high near $1030. A breach of that and $1200 comes into play. Any guesses as to why the feds are attempting to fight the price rise? They too can read price charts…

5. Ideal technical behavior would be for gold to hold support on any price retracements above the downsloping trendline that marked the upper boundary of the 9 month long consolidation pattern this year

6. Failure at this level would send it back into the triangle and would not signify any damage to the uptrend but would spell a further period of price consolidation as the market attempts to adjust to the current price levels. Keep in mind that anything above $900 is still a lofty level in the minds of many players and particularly end users who need time to see how demand fares near these current levels.

7. Only a downside breach of $860 would threaten the friendly chart picture and give the deflationist argument any credibility. It is evident that gold is dismissing that view.  See chart here.”- Dan Norcini, More at JSMineset.com

“December Gold closed down 2.7 at 997.1. This was 1.6 up from the low and 6.9 off the high.

December Silver finished down 0.04 at 16.47, 0.26 off the high and 0.03 up from the low.

While the gold market saw a two sided trade this session, it was a bit surprising to see the market struggle above the $1,000 price level considering outside market influences were generally bullish. Despite the Dollar being pushed to a new low for the move and equities thrusting higher, the gold market traded well below yesterday's highs. There also didn't seem to be the inflation based buying interest in gold that was seen in the previous session even though oil prices continued to climb strongly. Perhaps seeing gold trade over $1,000 per oz may have been too enticing as profit taking seemed to pressure gold around mid-session. Talk that high gold prices could choke off industry demand may have been another factor prompting some traders to book profits. Gold added to losses late in the session after the Beige Book noted economic conditions in August remained weak.

The silver market swayed in both directions on Wednesday. Bullish outside market influences provided early session support to silver, especially with the Dollar being pushed to a new low for the move. A better macro economic view tied to gains in equities also provided a certain amount of price support to silver. But like gold, the buying momentum in silver seemed to ebb this session and perhaps the market had become short-term overbought. In fact, as gold began to back peddle further on a disappointing Beige Book report and with copper losses mounting, silver couldn't seem to avoid spill over selling from these markets.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Barrick bets that gold rally has long way to go

Adrian Douglas: Barrick can't get gold needed to cover hedges

Now that's security: Vaults managed by Morgan Chase

Gene Arensberg: Gold, silver breakout in action

Two years ago Max Keiser warned of 'Death of the Dollar'

GATA Media Special: Supply and demand will send gold soaring

Game over: Barrick dilutes by $3 billion to buy back gold hedges

The Statistics:

Activity from: 9//2009

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

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 Miners:

Claude’s (CGR) drill results, Barrick’s (ABX) increased bought deal equity offering, US Gold’s (UXG) drill results, Solitario’s (XPL) drill results, Apollo’s (AGT) toll mining agreement, Midway’s (MDW) surface sampling, ITH’s (THM) drill results, and Hecla’s (HL) updated guidance 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:

Golden Harp reports that Benton has commenced phase II drilling on high grade zones at the Copper Hill Block A Option - More
- September 09, 2009 | Item | E-mail

Sego reports significant gold assays at Miner Mountain Copper Gold Porphyry Project - More
- September 09, 2009 | Item | E-mail

Benton Starts Phase II Drilling on High Grade Zones at Golden Harp Block a Option - More
- September 09, 2009 | Item | E-mail

SAMEX Mining Corp.: Introducing "Video-Grams" - More
- September 09, 2009 | Item | E-mail

Eaglecrest Samples 49.5 Grams Per Tonne Gold on Surface at the Buriti Gold Zone, San Simon Project, Bolivia - More
- September 09, 2009 | Item | E-mail

Macusani Yellowcake (TSX VENTURE: YEL) Announces High Grade Uranium Intersections on Recently Acquired Corachapi Properties - More
- September 09, 2009 | Item | E-mail

TERRA VENTURES INC.: Hathor Discovers High-Grade Uranium Mineralization 200 Metres From Roughrider Zone - More
- September 09, 2009 | Item | E-mail

Brazauro Reports Results of Additional Drilling Completed by Eldorado Gold Corp. at Tocantinzinho - More
- September 09, 2009 | Item | E-mail

Oro Gold Drills 3.6 g/t Gold Over 81.8 Metres in New Zone at Trinidad Project, Mexico - More
- September 09, 2009 | Item | E-mail

Gold Bullion Development: Granada Gold Mine Update - More
- September 09, 2009 | Item | E-mail

Sutter Gold Appoints VP of Environment, Health & Safety - More
- September 09, 2009 | Item | E-mail

Hathor Discovers High-Grade Uranium Mineralization 200 Metres From Roughrider Zone - More
- September 09, 2009 | Item | E-mail

Jiminex Inc. hires consultants for Hemlo Gold Property - More
- September 09, 2009 | Item | E-mail

Vangold's Kanon Samples 21m at 2.51 g/t Au and 57m at 1.23 g/t Au in Trench at Fergusson Gold Project, PNG - More
- September 09, 2009 | Item | E-mail

Ventana Announces Additional La Mascota Drill Results-19.0 Metres of 27.05 Grams Per Tonne Gold - More
- September 09, 2009 | Item | E-mail

First Metals Announces Rescheduled Annual Meeting-Maintains TSX Listing - More
- September 09, 2009 | Item | E-mail

Stingray Issues Shares to Xstrata to Complete Acquisition of El Pilar Copper Property, Mexico - More
- September 09, 2009 | Item | E-mail

Western Lithium Commences Additional Drilling in Nevada to Support Long Term Lithium Carbonate Production - More
- September 09, 2009 | Item | E-mail

Strategic Resources Stakes Rare Earth Claims - More
- September 09, 2009 | Item | E-mail

Helio reports excellent metallurgical testwork results from the Porcupine target, SMP Gold Project, Tanzania - More
- September 09, 2009 | Item | E-mail

Avanti Mining Announces Conversion by RCF of 75% of the Convertible Loan Into Units - More
- September 09, 2009 | Item | E-mail

Bison Gold Announces Stock Option Grants - More
- September 09, 2009 | Item | E-mail

Amerigo Announces Favourable Decision in TSX Listing Review - More
- September 09, 2009 | Item | E-mail

Chariot Resources at Two Global Investment Conferences; Final Draft of ESIA Has Been Received - More
- September 09, 2009 | Item | E-mail

Cadan Announces Crushers and Ballmill for T'Boli Gold-Silver Mine Ready for Shipment - More
- September 09, 2009 | Item | E-mail

Victory Nickel Announces 43-101 Frac Sand Resource, Provides Project Updates - More
- September 09, 2009 | Item | E-mail

BCGold Corp. Advances Minto Area Properties - More
- September 09, 2009 | Item | E-mail

Cadillac Announces Granting of Options - More
- September 09, 2009 | Item | E-mail

Inmet Mining Responds to Press Reports of Equity Transaction with Korea Resources Corporation; Announces Alliance Agreement with Korea Resources - More
- September 09, 2009 | Item | E-mail

Uracan begins drilling on higher grade Grandroy and Turgeon Est Zones - More
- September 09, 2009 | Item | E-mail

JNR Announces Drilling Underway at Rocky Brook Uranium Project - More
- September 09, 2009 | Item | E-mail

GoldTrain Samples Return 21.6 g/t Au Over 2 Meters at Missinabie - More
- September 09, 2009 | Item | E-mail

Drilling Underway on Universal's Nevada Gold Property - More
- September 09, 2009 | Item | E-mail

Sultan Minerals Identifies Strong New Exploration Targets on the Kena Gold-Copper Property, BC - More
- September 09, 2009 | Item | E-mail

Hudson Commences Drilling Greenland Rare Earth Project - More
- September 09, 2009 | Item | E-mail

Lateegra Acquires Additional Timmins Belt Properties - More
- September 09, 2009 | Item | E-mail

Nautilus Minerals-High Success Rates Exploring from MV Fugro Solstice - More
- September 09, 2009 | Item | E-mail

Aura Minerals Provides Project and Corporate Update - More
- September 09, 2009 | Item | E-mail

Minera Andes announces work stoppage at San Jose Mine - More
- September 09, 2009 | Item | E-mail

Mantis drills 2.053 gpt over 15.5-meters including high grade intercept and announces discovery of a significant stockwork gold system at Cree Lake - More
- September 09, 2009 | Item | E-mail

Canplats Adds to Management Team and Commences Follow-Up Reconnaissance Exploration Program - More
- September 09, 2009 | Item | E-mail

Canarc Arranges CA$900,000 in Private Placement Financings - More
- September 09, 2009 | Item | E-mail

Kirrin Resources Announces $800,000 Offering - More
- September 09, 2009 | Item | E-mail

Riverside Receives High Grade Gold Exploration Results From Expanded Target Zones on Sugarloaf Peak Gold Project, Arizona - More
- September 09, 2009 | Item | E-mail

Hawthorne Assays Significant Grades in Surface Trench Vein-400.0 g/t Au Over 0.40 Metres (Uncut); Positive Results Continue From Drilling at Taurus Zone - More
- September 09, 2009 | Item | E-mail

San Gold Cohiba Zone Extends to Depth and Along Strike - More
- September 09, 2009 | Item | E-mail

Liberty Star Completes ZTEM Geophysical Survey at Big Chunk, Alaska and All Assessment Work Requirements for Our Alaska State Mining Claims - More
- September 09, 2009 | Item | E-mail

New X-Cal Website - More
- September 09, 2009 | Item | E-mail

MacDonald Mines Plans September Drilling Program Based on the Results of the 2009 Summer Exploration Program On Its Nickel, PGM & Base Metal Property - More
- September 09, 2009 | Item | E-mail

Uranium Star Formally Applies for TSX Venture Exchange Listing; Further Strengthens Management Team for Green Giant Vanadium Project - More
- September 09, 2009 | Item | E-mail

Detour Gold Receives Positive Pre-Feasibility Study for Its Detour Lake Gold Project in Ontario - More
- September 09, 2009 | Item | E-mail

Midland Acquires a New High Potential Gold Property Along the South Porcupine-Destor Fault - More
- September 09, 2009 | Item | E-mail

Linear Gold Corp. Announces Appointment of Chief Operating Officer - More
- September 09, 2009 | Item | E-mail

General Metals Receives Water Rights Permit on the Independence Project - More
- September 09, 2009 | Item | E-mail

Consolidated Thompson Announces New Chief Financial Officer, Chief Operating Officer and General Counsel - More
- September 09, 2009 | Item | E-mail

Pitchstone Drills Additional Mineralization at Gumboot - More
- September 09, 2009 | Item | E-mail

Firestone Ventures Announces Exploration Plans for Zinc Properties in Guatemala - More
- September 09, 2009 | Item | E-mail

Molycor Gold Corp.: Drilling Begins on Windpass Gold Property - More
- September 09, 2009 | Item | E-mail

Brookmount Explorations, Inc. Enters Into Merger Negotiations With Matmown, Inc. - More
- September 09, 2009 | Item | E-mail

UME: Gold Production for the Quarter ended August 31, 2009 - More
- September 09, 2009 | Item | E-mail

Uruguay Mineral Exploration Inc. Announces Additional Results for Arenal Deeps Resource Drilling Including 18.9m at 4.08 g/t Au and 29m at 3.5 g/t Au - More
- September 09, 2009 | Item | E-mail

African Copper plc: Operational Update - More
- September 09, 2009 | Item | E-mail

Thelon to Acquire Lithium Project - More
- September 09, 2009 | Item | E-mail

Claude Resources Inc. Intercepts 8.68 Grams of Gold per Tonne Over 4.5 Meters True Width at Seabee Mine - "The high grade intercepts reported throughout the year have demonstrated the potential to increase the reserve grade at the Seabee Mine," stated Philip Ng, Vice President, Mining Operations. "These results should positively impact full year 2009 production by providing multiple mining areas for extraction at the Seabee Mine." More
- September 09, 2009 | Item | E-mail

Barrick Announces Bought Deal Increased to $3.5 Billion - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) announced today that it, in response to strong investor demand, has entered into an agreement to increase the size of its previously announced bought deal equity offering of approximately $3.0 billion (81.2 million common shares) to approximately $3.5 billion (94.8 million common shares) at a price of $36.95 per share. The offering is being led by a syndicate of underwriters, headed by RBC Capital Markets, Morgan Stanley, J.P. Morgan Securities Inc. and Scotia Capital Inc." More
- September 09, 2009 | Item | E-mail

US Gold Nevada Cortez Trend Drilling Intersects New Zone - "US GOLD CORPORATION (AMEX:UXG - News)(TSX:UXG - News) announces that drilling at the Gold Bar Project in Nevada's Cortez Trend has intersected a new mineralized zone and returned one of the best holes ever drilled at the property: 0.085 ounces per ton (opt) gold over 150 feet (ft) (2.9 grams per tonne (gpt) gold over 45.7 meters (m)), including 0.251 opt gold over 25 ft (8.6 gpt gold over 7.6 m) and including 0.125 opt gold over 35 ft (4.27 gpt gold over 10.7 m)." More
- September 09, 2009 | Item | E-mail

Solitario Exploration & Royalty Reports Exceptional High-Grade Drilling Results on Its Bongará Zinc Project, Peru - "Solitario Exploration & Royalty Corp. (NYSE Amex:XPL) (TSX:SLR) announced that it has received all assay results for its 2009 drilling program at its Bongará zinc project in Peru. Thirteen core holes totaling 3,611 meters were completed, eleven in the San Jorge Zone and two in the Karen-Milagros zone. All thirteen holes intersected significant mineralization." More
- September 09, 2009 | Item | E-mail

Hecla Updates Guidance Increasing Silver Production and Lowering Cash Costs Per Ounce - "Hecla’s operations continue to show marked improvement as a result of previously implemented plans which focused on lowering cash costs through cost-cutting and optimization programs. Increased production volumes, improved grade control measures and greater availability of hydroelectric power at the Green Creek mine have led to lower operating costs in 2009 compared with 2008. Prices for by-product base metals have also rebounded sharply since early June which helps to reduce operating costs at both the Greens Creek and Lucky Friday mines." More
- September 09, 2009 | Item | E-mail

Apollo Gold Signs Toll Milling Agreement with St Andrew Goldfields - "Apollo Gold Corporation (“Apollo”) (TSX: APG - News) (NYSE Amex: AGT) is pleased to announce that it has signed an agreement with St Andrew Goldfields Ltd., (“St Andrew”) in which St Andrew will mill 100,000 tonnes of Apollo’s Black Fox mine gold ore." More
- September 09, 2009 | Item | E-mail

Midway Surface Sampling Discovers Oxide Gold at Golden Eagle Project, Washington - "Midway Gold Corp. ("Midway") (TSX-V:MDW - News)(AMEX:MDW - News) announces that surface sampling has identified an area 750 feet by 700 feet (see Figure 1) of oxidized gold mineralization. This is located along the western flank of the 100% owned Golden Eagle sulfide-rich refractory gold resource, near Republic, Washington. Ninety-seven percent of the samples containing gold mineralization were oxidized." More
- September 09, 2009 | Item | E-mail

International Tower Hill Announces Latest Drill Results From Livengood Gold Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") is pleased to announce assay results for 17 additional drill holes from the Livengood 2009 Summer drill program. The results have expanded the Money Knob deposit on a number of fronts, including the Sunshine, East and Deep Core Zones." More
- September 09, 2009 | Item | E-mail

Barrick to sell $3 billion in stock to buy back hedges - "Barrick Gold will issue $3 billion in stock to eliminate all of its fixed-price gold hedges and a portion of its floating hedges, taking a $5.6 billion hit to third-quarter earnings, the world's top gold miner said on Tuesday.

For Barrick, which expects gold prices to keep rising, the deal should remove what has been a big drag on its shares, the legacy of the company's past reliance on hedging, a practice it abandoned in 2003." More
- September 09, 2009 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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