-- Posted 10 September, 2009 | | Source: SilverSeek.com

The Metals:

Gold briefly saw slight gains in Asia before it fell back off in London to see a loss of $12.40 at as low as $982.60 by about 6AM EST, but it then rallied back higher for most of the rest of trade and ended near its new session high of $997.50 with a loss of just 0.03%.  Silver followed a similar pattern and rebounded from its overnight low of $16.03 to end near its session high of $16.68 with a gain of 0.61%.

Euro gold fell to about €682, platinum gained $1.50 to $1282, and copper fell nearly 5 cents to about $2.86.

Gold and silver equities rose over 3% by early afternoon and remained near their highs into the close.

The Economy:

U.S. poverty rate hits 11-year high as recession bites  Reuters

Geithner Says Government Moving to Reduce Its Role in Markets  Bloomberg

Foreclosure filings dip from July to August  Yahoo

Tomorrow at 8:30AM EST brings Import and Export Prices for August.  At 9:55 is Michigan Sentiment for September expected at 67.8, at 10AM is the Wholesale Inventories report for July expected at -1.0%, and at 2PM is the Treasury Budget for August expected at -$150 billion.

The Markets:

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

Oil rose after the IEA raised its demand forecast and the EIA reported that crude inventories fell a larger than expected 5.9 million barrels.

The U.S. dollar index fell again to its lowest level this year as market participants continue to put cash to work in higher yielding assets.

Treasuries added to notable gains after today’s 30-year note auction drew strong demand of 2.92 bid to cover at a high yield of just 4.238%.

The Dow, Nasdaq, and S&P saw modest gains in morning trade after the better than expected jobs data and then added to their gains in afternoon trade after the successful bond auction.

Among the big names making news in the market today were P&G, Apple, Target, Merck, GM, and Monsanto.

The Commentary:

“Dear CIGAs,

Judging from some of the emails I have been receiving, the feds and their gold capping efforts have already unsettled many of gold’s friends. Please note – the bullion banks can attempt to stuff the price of gold back below $1,000 but without a strong rally in the US Dollar, they are spitting in the wind as the fundamentals are arrayed against them.

I am reminded of an old movie named Beau Geste, in which the defenders of a fort are reduced to stuffing the bodies of their fallen soldiers into the ports in order to convince their enemies that the fort is still well manned and ably defended, where the truth was that their situation was dire indeed. Bluff and bravado are what the bullion banks rely on. If longs will not run all their efforts will go for naught.

Gold is not going to be held down by these crafty schemers indefinitely due to the simple fact that the Forex markets are far too large for any one entity to give a sustained push to a currency in a direction that is contrary to the supply/demand factors affecting that particular currency. Economics 101 has not been suspended just because the feds and their crony pals at Goldman and Morgan would wish it otherwise. The world is awash in Dollars and the supply is only going to continue to increase. Even if demand were to remain constant (which it will not), that is insufficient to absorb the excess supply meaning that price must fall. As the Dollar falls, gold will continue higher, capping efforts of the feds notwithstanding. Honest money is yet going to rule the day unless one can change human nature with a mere sweep of the hand. Investors worldwide, and governments worldwide, are slowly but surely coming to grips with what US spending profligacy is doing to its currency and are voting with their feet.

Technically, gold has been able to attract buyers above $980. The longer it can hold near that level, the better the chances become that $1,000 will give way.

Also, the strong rally in the HUI is very encouraging as it has fought avid buying above the 400 level, which was the former high and now seems to be serving as strong technical support. That is promising for the bullish cause and is no doubt serving to unnerve some of the weaker shorts.”- Dan Norcini, More at JSMineset.com

“1. This morning around 8am an interviewer asked a talking head "In the cold reasoning of Wall Street why do we care?" concerning those who purchased Lehman paper from their local banks only to find out that their saving were totally wiped out.

That approach simply explain the heart of the problem. Wall Street, the Banksters and Federal Agencies simply so not care. They never cared and they never will care. It is a form of "the public be damned," and they have been.

2. I refer you back to one of Martin Armstrong’s best lessons. The article he wrote is titled "How all systems can collapse overnight." This is exactly how the dollar will behave. It will move lower, slowly with on balance decline and inter-day or inter-week rallies. The weight on price will grow and grow and then the bottom will fall out. This will happen as a product of loss of confidence both in economic and political leadership.

The coming winter is going to be very difficult on the US dollar. Be prepared!

Regards,”- Jim Sinclair, JSMineset.com

“December Gold closed down 0.3 at 996.8. This was 11.8 up from the low and 2.8 off the high.

December Silver finished up 0.2 at 16.67, 0.05 off the high and 0.475 up from the low.

After initially trading lower overnight on profit taking, December gold was able to claw its way back during the session and at one point even traded above the $1,000 per oz price level. Gold gained ground as the Dollar sank to a new low for the move and as oil prices rallied on a better supply/demand outlook which seemed to stir up inflation based demand for the metal. Gold was also supported by a decline in long-term bond rates as that too seemed to feed the inflation psychology present in the market place. Buying in gold picked up following better than expected news on US jobless claims which seemed to raise macro economic optimism for a sustained recovery. A report of de-hedging by a major gold producer seemed to be another factor lifting gold off session lows.

While silver started off the session lower weighed down by the weakness in gold and copper, like gold the market it was also able to recover and trade much stronger on the day. Silver gained upside traction finding support from outside markets as the slide in the Dollar, rising oil prices and gains in equities is starting to revive commodity inflation concerns. Rising investor risk appetite as confidence in the economy grows also helped to lift silver prices. Today's jobless claims report added to sentiment that economic conditions are improving and as an industrial metal, silver certainly seemed to benefit from this point of view.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Rick Ackerman joins the gold conspiracy nuts

China can't afford to let gold and silver prices slump

The Statistics:

Activity from: 9/08/2009

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.12 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 Miners:

Seabridge’s (SA) drilling, Apollo’s (AGT) property purchase, Pacific Rim’s (PMU) first quarter results, Allied Nevada’s (ANV) development studies, and Anatolia’s (ANO.TO) initial Mineral Resource estimate 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:

Valterra Intersects 4.07 g/t Au & 1.57 g/t Ag over 47.64m at the Star Project - More
- September 10, 2009 | Item | E-mail

Quaterra Announces Completion of Non-Brokered Private Placement - More
- September 10, 2009 | Item | E-mail

Millstream Completes Non-Brokered Private Placement - More
- September 10, 2009 | Item | E-mail

Westminster engages Contact Financial for investor relations - More
- September 10, 2009 | Item | E-mail

Benton Reports That Coro Mining Corp. Announces Positive Conclusions From Independent Review of San Jorge Project by Mendoza University - More
- September 10, 2009 | Item | E-mail

Coronado Resources Ltd.: Copper and Gold Payments-Progress Update - More
- September 10, 2009 | Item | E-mail

Continental Nickel Reports Grant of Stock Options - More
- September 10, 2009 | Item | E-mail

Coro Announces Positive Conclusions From Independent Review of San Jorge Project by Mendoza University - More
- September 10, 2009 | Item | E-mail

Affinity Gold Corp. Updates Shareholders - More
- September 10, 2009 | Item | E-mail

ICS finds JV partner - More
- September 10, 2009 | Item | E-mail

Lovitt Resources Inc.: Fall Exploration Program Detailed - More
- September 10, 2009 | Item | E-mail

Trevali Discovers New Silver-Rich Zones at Santander - More
- September 10, 2009 | Item | E-mail

Explor Increases Kidd Township Property - More
- September 10, 2009 | Item | E-mail

Evolving Gold Intersects Gold at Carlin Property in Nevada - More
- September 10, 2009 | Item | E-mail

Brazauro to Acquire Água Branca Property in Brazil from Talon Metals Corp. - More
- September 10, 2009 | Item | E-mail

Alexandria Delineates Multiple High Grade Gold Targets on its Cadillac Break Properties, Val d'Or - More
- September 10, 2009 | Item | E-mail

Duncastle Starts Fall Drill Program at Historic Yankee-Dundee Mine - More
- September 10, 2009 | Item | E-mail

Blue Note Amends Previously Announced Private Placement - More
- September 10, 2009 | Item | E-mail

North American Palladium to Webcast From Denver Gold Forum - More
- September 10, 2009 | Item | E-mail

Alder Resources Ltd.: Canadian Creek Project, Yukon Gold Geochemical Anomalies Outlined Along 4 km Trend - More
- September 10, 2009 | Item | E-mail

Goldbrook Drills 95.4 Metres of 0.78% Ni, 1.19% Cu and 4.10 g/t PGE Au at Mystery and Discovers New Zone of Mineralization - More
- September 10, 2009 | Item | E-mail

Unico, Inc. Announces Filing of Form 8-K Reporting Reduction of Total Stockholders' Deficit by $4.7 Million - More
- September 10, 2009 | Item | E-mail

Cameco Investor Webcast Advisory - More
- September 10, 2009 | Item | E-mail

Yorbeau: Drilling Activity Update - More
- September 10, 2009 | Item | E-mail

Lake Victoria's Latest Trench Gold Assays Average 2.28 Grams per Metric Ton at Kinyambwiga Gold Project, Tanzania - More
- September 10, 2009 | Item | E-mail

Valley High Ventures Ltd.: Drilling Commences at Cordero Project, Mexico - More
- September 10, 2009 | Item | E-mail

Levon Resources Ltd.: Phase I Bulk Tonnage Drilling Has Commenced at Cordero Project, Mexico - More
- September 10, 2009 | Item | E-mail

Amador Gold Corp Samples 28.87 g/t Gold and 26.4 g/t Gold 950 Meters Away From Recent High-Grade Discovery - More
- September 10, 2009 | Item | E-mail

Maya Update on Amizmiz Exploration Program - More
- September 10, 2009 | Item | E-mail

Golden Valley Mines Intersects Significant Near Surface Gold Mineralization and Depth Extension at the Jeffrey Zone - More
- September 10, 2009 | Item | E-mail

Marathon Announces Analyst Day at Marathon PGM-Cu Project - More
- September 10, 2009 | Item | E-mail

Terrane Metals Corp.: Mt. Milligan Receives Mines Act Permit From British Columbia Government - More
- September 10, 2009 | Item | E-mail

Linear Metals Reports Additional Beryllium and Tantalum Results Compiled From The Seymour Lake Project - More
- September 10, 2009 | Item | E-mail

J-Pacific Releases Technical Report for the Elizabeth Gold Property - More
- September 10, 2009 | Item | E-mail

TNR Gold Corp. / International Lithium Strengthen Management and Technical Depth - More
- September 10, 2009 | Item | E-mail

American Lithium Minerals Inc. Information to Be Available Through Standard & Poor's Market Access Program - More
- September 10, 2009 | Item | E-mail

Constantine Intersects 6.1 Meters of 1.5% Copper and 9.2% Zinc in Deepest Massive Sulphide Intersection to Date Palmer VMS Project, Alaska - More
- September 10, 2009 | Item | E-mail

Silver Fields Resources Inc.: Silver Property Acquisition - More
- September 10, 2009 | Item | E-mail

Drilling Commences at Ucore's Bokan-Dotson Ridge Rare Earth Project - More
- September 10, 2009 | Item | E-mail

Etruscan establishes priority drill target in eastern Cote d'Ivoire - More
- September 10, 2009 | Item | E-mail

International Wayside Receives Positive Pre-Feasibility Study and Updates Resources at Bonanza Ledge Gold Project, B.C. - More
- September 10, 2009 | Item | E-mail

Ultra Lithium to Acquire 100% of the Berland River Brine Projects - More
- September 10, 2009 | Item | E-mail

Golden Share Mining Corporation Signs With CHF Investor Relations - More
- September 10, 2009 | Item | E-mail

Underworld Step-Out Holes Expand Golden Saddle Zone, Including 3.13 g/t Au Over 100.4 Meters - More
- September 10, 2009 | Item | E-mail

Metanor Resources Inc.: Barry Gets Another Drill, Good Results Prompts More Drilling - More
- September 10, 2009 | Item | E-mail

Mantra Reports: 7.28g/t in Drill Results From Colorado Creek, Project Exploration Updates, and Information Circular Mailed Out for Upcoming Shareholder Meeting - More
- September 10, 2009 | Item | E-mail

Weststar Announces Exploration Program on the Axe Property - More
- September 10, 2009 | Item | E-mail

Nevada Gold Holdings Inc. Stakes New Lode Mining Claims on Tempo Prospect - More
- September 10, 2009 | Item | E-mail

Premier drilling defines gold zone at PQ-North - More
- September 10, 2009 | Item | E-mail

Cartier Announces Discovery of a New Gold Zone on its Dollier Property - More
- September 10, 2009 | Item | E-mail

Minera Andes announces that production has resumed at the San Jose Mine - More
- September 10, 2009 | Item | E-mail

Strong Demand for Gold Stocks - More
- September 10, 2009 | Item | E-mail

Jinshan Achieves Record Gold Production and Commences Initial Start-up Crushing Operations at its CSH Gold Mine in China - More
- September 10, 2009 | Item | E-mail

First VMS 43-101 Resource Shows More Than 1 Million Ounces of Gold at La Mancha's Hassai Property - More
- September 10, 2009 | Item | E-mail

MacDonald Mines Announces Closing of Private Placement Financing for Aggregate Gross Proceeds of $2,525,000 - More
- September 10, 2009 | Item | E-mail

Bayswater Commissions Pre-Feasibility Study for Reno Creek Uranium Project, Wyoming - More
- September 10, 2009 | Item | E-mail

Consolidated Abaddon Acquires 7 Rare Earth and Lithium Claim Blocks - More
- September 10, 2009 | Item | E-mail

Thunder Mountain Gold, Inc. and Kenai Resources Ltd. Announce Intended Reorganization - More
- September 10, 2009 | Item | E-mail

Excel Gold Mining Inc. Announces the Beginning of Its Drilling and Exploration Campaign for September 24 - More
- September 10, 2009 | Item | E-mail

East Asia Minerals Drills 4.81 g/t Gold Over 30 Metres Within 100 Metres Grading 2.11 g/t Gold From 400 Metre Step-Out at Main Miwah Gold Zone - More
- September 10, 2009 | Item | E-mail

Abitex reports new high grade U-Au discovery in Otish Mountains with initial assays up to 3.54% U3O8 and 46.85 g/t gold - More
- September 10, 2009 | Item | E-mail

Douglas Lake Minerals Inc. Initiates Tanzanian Mining License Application - More
- September 10, 2009 | Item | E-mail

DOT Announces Proposed Financing With the MineralFields Group and Others - More
- September 10, 2009 | Item | E-mail

Pancontinental Uranium Corporation: Pancon's Northern Territory, Australia Uranium Prospects Enhanced by New Chilling Exploration Data - More
- September 10, 2009 | Item | E-mail

2009 Drill Program Nearing Completion at Seabridge Gold's KSM Project - "Seabridge Gold (TSX:SEA - News)(AMEX:SA - News) reported today that this year's 14,000 meter drill program at KSM is on schedule to accomplish its three main objectives: (i) upgrading inferred mineral resources; (ii) generating geotechnical information for pit slopes, waste dumps and other infrastructure; and (iii) installing monitoring wells for environmental base-line work." More
- September 10, 2009 | Item | E-mail

Apollo Gold Purchases Property Contiguous to its Black Fox Mine from Newmont Canada Corporation - "Apollo Gold Corporation (“Apollo”) (TSX: APG - News) (NYSE Amex: AGT) is pleased to announce that it has acquired from Newmont Canada Corporation ("Newmont"), a subsidiary of Newmont Mining Corporation (NYSE: NEM - News), certain mineral properties located in the Township of Hislop, Ontario, Canada which are contiguous to the southeast boundary of Apollo’s Black Fox Project and the northwest boundary of Apollo’s Grey Fox Property (see attached map). This newly acquired property, known as the Pike River Property, consists of the surface and mineral rights to approximately 1,145 acres consisting of parcels 1735 LC, 1726 LC, 23687 SEC, 23777 SEC, 3852 SEC and 11125 SEC." More
- September 10, 2009 | Item | E-mail

Pacific Rim Mining Announces Fiscal 2010 First Quarter Results - "For the three month period ended July 31, 2009, Pacific Rim recorded a loss for the period of $(0.9) million or $(0.01) per share, compared to a loss of $(3.3) million or $(0.03) per share for the three month period ended July 31, 2008. The $2.4 million decrease in net loss for Q1 2010 compared to Q1 2009 is primarily related to significantly lower direct exploration and general and administrative expenses combined with a small gain on the sale of bullion, offset in part by expenses related to the CAFTA action during Q1 2010 for which there is no comparable item in Q1 2009." More
- September 10, 2009 | Item | E-mail

Allied Nevada Announces Development Studies at Hycroft and Provides Corporate Update - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to announce development studies at its Hycroft gold mine located near Winnemucca, Nevada. The Company has completed an internal study aimed at optimizing production levels at Hycroft. The study considered the implementation of a crushing and conveying system and included an analysis of various potential mining rates." More
- September 10, 2009 | Item | E-mail

Anatolia reports initial mineral resource estimate at Cevizlidere copper-gold-molybdenum porphyry target - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO - News) announces the initial Mineral Resource estimate for the Cevizlidere copper-gold-molybdenum porphyry property in east-central Turkey. The Cevizlidere deposit is located approximately 50 kilometers southeast of Anatolia's Cöpler Gold Project." More
- September 10, 2009 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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