Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Roughly 1% and 3% on the Week

	Close	Gain/Loss	On Week
Gold	$1003.80	+$9.10	+1.04%
Silver	$16.67	+$0.09	+2.90%
XAU	169.08	+1.20%	+1.70%
HUI	426.10	+1.73%	+4.17%
GDM	1271.10	+1.36%	+2.36%
JSE Gold	2649.32	+70.86	+3.73%
USD	76.68	-0.13	-1.89%
Euro	145.83	+0.04	+1.94%
Yen	110.32	+1.32	+2.59%
Oil	$69.29	-$2.65	+1.87%
10-Year	3.343%	+0.001	-2.88%
Bond	121.875	+0.125	+1.27%
Dow	9605.41	-0.23%	+1.74%
Nasdaq	2080.90	-0.15%	+3.08%
S&P	1042.73	-0.14%	+2.59%

Gold rose modestly to waffle on either side of the $1,000 level in Asia and London and then climbed to as high as $1011.65 by about 10AM EST in New York before it fell back off into the close, but it still ended with a gain of 0.91%. Silver jumped to as high as $16.967 by about 10AM EST in New York before it also fell back off into the close, but it still ended with a gain of 0.54%.

Euro gold rose to about €689, platinum gained $34 to $1316, and copper fell a few cents to about $2.83.

Gold and silver equities rose over 3% in the first half hour of trade, but they then fell back off to see only a little over 1% gains by late morning and remained at about that level for the rest of the day.

Report	For	Reading	Expected	Previous
Import Prices	Aug	2.0%	1.0%	-0.7%
Import Prices ex-oil	Aug	0.4%	-	-0.3%
Export Prices	Aug	0.7%	-	-0.3%
Export Prices ex-ag.	Aug	0.8%	-	0.1%
Michigan Sentiment	Sep	70.2	67.5	65.7
Wholesale Inventories	July	-1.4%	-1.0%	-2.1%
Treasury Budget	Aug	-$111.4B	-$139.5B	-$111.9B

Next week’s economic highlights include PPI, Retails Sales, Empire Manufacturing, and Business Inventories on Tuesday, CPI, TIC Flows, Capacity Utilization, and Industrial Production on Wednesday, and Building Permits, Housing Starts, Initial Claims, and the Philadelphia Fed on Thursday.

Oil fell back below $70 on worries over the sustainability of the recent increase in energy demand.

The U.S. dollar index fell yet again today to a new low for the year on the continued move into higher yielding assets.

Treasuries rose slightly as the Dow, Nasdaq, and S&P mostly fell on concern about a pullback or worse in the major indices.

Among the big names making news in the market Friday were Morgan Stanley, Campbell Soup, General Motors, JPMorgan, and FedEx.

The Battle for $1,000 gold continues with Saruman and Sauron (Goldman and Morgan) attempting to crush the rebellion against their rule by the forces of honest money. Sadly for them, the rebels succeeded in beating them back and thwarting their plans.

I should point out that today’s close is the HIGHEST WEEKLY CLOSE ever for gold. Prior to this week, it managed to poke through the $1,000 level on more than one occasion but was never able to CLOSE above $1,000 at the end of those particular weeks. Technically, this is bad news for the perma bears.

Both Euro gold and British Pound priced gold look good on the charts with Euro gold knocking on the door of the 700 level once again while BP gold is trading over 600.

Gold’s gains are even more impressive considering the weakness in crude oil today and the run up in the bond market. It appears to me that gold is gathering as much safe haven buying as the bond market. This is a break in the pattern that has held for most of the year which generally sees gold moving lower when bonds move higher and vice versa. If this continues it would note a sea change in investors’ sentiment towards gold who had adopted what I consider the rather stupid view that gold was a “risky” investment to be shunned during times of risk aversion while paper bonds were incredulously viewed as safe stores of wealth. Imagine that – limited, finite supplies of a yellow metal which has stood the test of time considered to be a gamble while unlimited, ever-increasing with no end in sight, debt obligations of what has to be regarded as a bankrupted nation are viewed as a sound place into which one’s wealth can be socked away for safe keeping! Historians looking back at this period at some point in the future are going to marvel at this.

The HUI made a new one year high today as well although it is fading off its best levels of the session as I write this. Looking at its chart, the 400 level was very strong technical resistance so a weekly close above this level is very constructive. It stands a good chance at making a run towards 450 as long as it holds above the 400 level.

The Dollar continues to sink lower although most of the damage was done overnight during the Asian session and early European trading. It generally moved sideways during the day session here in the US. There does not look like a whole lot in the way of technical support on the charts until you get closer down to the 74 level on the USDX. As things stand going into the close, it looks to be on track to have its lowest weekly close in a year. The RSI is near the oversold level on that chart so we could see a pop next week but that would merely be a blip in the long term downtrend that has resumed after the greenback put in a massive double top near the 90 level earlier this year.”- Dan Norcini, More at JSMineset.com

“December Gold closed up 9.6 at 1006.4. This was 5 up from the low and 7.3 off the high.

December Silver finished up 0.03 at 16.7, 0.315 off the high and 0.05 up from the low.

The gold market managed another new high for the move on Friday morning but the December gold contract was unable to take out the February 2009 highs. With a weaker Dollar and mostly up beat US scheduled data flow during the action today the bull camp seemed to have a number of beneficial outside market forces to fuel bullish psychology. However, a noted slide in energy prices probably served to dent the gold bull's case in the second half of the Friday trade. It is also possible that anti inflationary dialogue from the Fed's Evans served to undermine the bull case. In the end, the gold bulls had to be content with the action in the gold market, as the Friday highs were as much as $66.20 an ounce above the September lows.

The silver market managed a very impressive initial pulse up move during the trade today but the market was unable to hold all of the gains into the close. At least initially the silver market was lifted by favorable US equity market action, a weaker Dollar and stronger gold price action. Clearly the silver market was undermined by the weakness in copper, the weakness in the energy complex and perhaps because of the sloppy two sided action in the US equity markets. However, the bull camp in silver still had to be impressed with the recent action in silver, as the December silver contract to the Friday morning highs was as much as $2.36 an ounce above the September lows.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 2.23 tonnes, the ASX added 0.43 tonnes, and the JSE added 0.12 tonnes.

New gold’s (NDG) closed bought deal financing, Eldorado’s (EGO) drill results, and South American Silver’s (SAC.TO) metallurgical tests 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.

Win-Eldrich Mines Closes $500,000 Private Placement - More
- September 11, 2009 | Item | E-mail

Stillwater Mining Company to Present at 2009 Denver Gold Forum - More
- September 11, 2009 | Item | E-mail

Asian Mineral Resources: Payment of Directors Fees in Shares - More
- September 11, 2009 | Item | E-mail

Grenville Alternativa Copper Project JV Production Deadline Extended - More
- September 11, 2009 | Item | E-mail

Georox Resources Inc. announces equity financing - More
- September 11, 2009 | Item | E-mail

GoldSpring Announces Opening of New Corporate Office - More
- September 11, 2009 | Item | E-mail

Galahad Metals Completes Private Placement - More
- September 11, 2009 | Item | E-mail

Baja Commences Trading On OTCQX - More
- September 11, 2009 | Item | E-mail

Golden Predator Intersects 15 Feet of 0.499 opt Gold at Angel's Camp - More
- September 11, 2009 | Item | E-mail

Canadian International Minerals provides update on rare metals exploration and closes private placement - More
- September 11, 2009 | Item | E-mail

New gold acquisition in Pinos district, Zacatecas, Mexico - More
- September 11, 2009 | Item | E-mail

Benton Resources Joins the "AGORACOM 100" and Launches Online IR and Marketing Program - More
- September 11, 2009 | Item | E-mail

Northern Shield Resources Defines Gold Anomaly at its Faint Hope Property in northern Ontario - More
- September 11, 2009 | Item | E-mail

Bulgarian Government Issues Key Operating Permit for Chelopech Metal Processing Facility in Bulgaria - More
- September 11, 2009 | Item | E-mail

Mountain Lake Provides Exploration Update on Little River Gold Property, Southern Newfoundland - More
- September 11, 2009 | Item | E-mail

Iberian Minerals Reports Increased Aguas Tenidas Resources and Confirms Reserves, and Plans to Increase Mine Plan to Target 2.2 Mtpa Production - More
- September 11, 2009 | Item | E-mail

ATW Gold Corp.: Northern Mineralization Drill Results-Burnakura, NOA2 - More
- September 11, 2009 | Item | E-mail

Gold Canyon Obtains Option to Evaluate and Lease Benson Mines IOCG /-REE - More
- September 11, 2009 | Item | E-mail

Nautilus Granted Environmental Permit Approval in Principle for Solwara 1 - More
- September 11, 2009 | Item | E-mail

American Creek completes Treaty Creek first earn-in - More
- September 11, 2009 | Item | E-mail

EurOmax commences diamond drilling at Ceovishte project, Serbia - More
- September 11, 2009 | Item | E-mail

Osisko Intersects 1.20 g/t Au Over 86.9 Metres at Jeffrey Zone - More
- September 11, 2009 | Item | E-mail

Copper Mountain to be featured on CEO Clips on BNN - More
- September 11, 2009 | Item | E-mail

Khan Provides Update on Developments in Mongolia - More
- September 11, 2009 | Item | E-mail

HTX Minerals Corp Options Hele project to Impala Platinum - More
- September 11, 2009 | Item | E-mail

East Asia Announces Resource Definition Drill Program at Miwah Gold Project - More
- September 11, 2009 | Item | E-mail

Rusoro Mining Receives Exploitation Permit to Bring the Increible 6 Gold Deposit to Production - More
- September 11, 2009 | Item | E-mail

Fischer-Watt Continues Marketing With Moody Capital - More
- September 11, 2009 | Item | E-mail

Horsehead Holding Corp. Announces Increased Size and Pricing of its Public Offering of Common Stock - More
- September 11, 2009 | Item | E-mail

New Gold Announces Closing of Bought Deal Financing and Over-Allotment Option Exercise for Total Gross Proceeds of C$115 million - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) is pleased to announce the successful closing of its previously announced bought deal public offering of 26,700,000 common shares and the underwriters' exercise in full of an over-allotment option to purchase an additional 4,005,000 common shares granted by New Gold in connection with such offering at a price of C$3.75 per share for total gross proceeds to New Gold of approximately C$115 million." More
- September 11, 2009 | Item | E-mail

South American Silver Provides a Metallurgical Update at Malku Khota Showing Improved Metal Recoveries - "South American Silver Corp. ("SASC" or the "Company")(TSX:SAC - News) announces that it has completed a series of metallurgical tests on samples from the Malku Khota silver-indium project in Bolivia. These tests have focused on improving metal recoveries and reagent consumption in the acid-chloride leach process. Significantly, metal recoveries from the material treated at the SGS-Lakefield laboratory, are all higher than those shown in the Preliminary Economic Assessment Study ("PEA") filed earlier this year (see SASC PR09-03, March 20, 2009) as demonstrated in the following table:" More
- September 11, 2009 | Item | E-mail

Eldorado Gold Corporation: Kisladag Drilling Extends Ore Grade Gold Mineralization at Depth - "Norm S. Pitcher, Chief Operating Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (TSX:ELD - News)(AMEX:EGO - News) is pleased to announce results from our exploration program at the Kisladag Mine in Turkey. The 13 diamond drill hole program focused on testing the extent of higher grade gold mineralization below the current pit design limits and evaluating potential for deep mineralization in the eastern portion of the deposit. Drilling of the final hole will finish later this month." More
- September 11, 2009 | Item | E-mail

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