Gold Seeker Closing Report: Gold and Silver Fall Slightly

	Close	Gain/Loss
Gold	$1011.70	-$6.65
Silver	$17.21	-$0.17
XAU	171.09	-1.77%
HUI	431.86	-2.93%
GDM	1287.30	-2.54%
JSE Gold	2652.82	UNCH
USD	76.28	+0.09
Euro	147.32	+0.20
Yen	109.69	-0.30
Oil	$72.47	-$0.03
10-Year	3.398%	-0.073
T-Bond	121.50	+1.1875
Dow	9783.92	-0.08%
Nasdaq	2126.75	-0.30%
S&P	1065.49	-0.31%

Gold rose as much as $5.50 from yesterday’s close to as high as $1023.85 in Asia, but it then fell back off for most of the rest of trade and ended near its late session low of $1010.10 with a loss of 0.65%. Silver climbed as much as $0.27 to $17.65 in Asia, but it too fell back off for most of the rest of trade and ended near its late session low of $17.167 with a loss of 0.98%.

Euro gold fell to about €688, platinum lost $12 to $1332, and copper fell roughly 4 cents to about $2.88.

Gold and silver equities fell over 3% by mid-afternoon, but they then rallied back higher in the last couple of hours of trade and ended with only about 2% losses.

Report	For	Reading	Expected	Previous
Building Permits	Aug	579K	583K	564K
Housing Starts	Aug	598K	598K	589K
Initial Claims	9/12	545K	557K	557K
Philadelphia Fed	Sep	14.1	8.0	4.2

Oil fell slightly on worries over demand while the U.S. dollar index held modestly higher on euro strength and yen weakness.

Treasuries rose on worries over the sustainability of the recent economic rebound that held the Dow, Nasdaq, and S&P slightly lower on the day.

Among the big names making news in the market today were Google, FedEx, AMR, Discover, and Oracle.

Management of Perspective Economic does in fact work when economic winds are basically at your back and the aberration is the economic downturn. This is the history of 1999 to 2008.

It is not hard to understand why academic, young and government economists feel strongly that the approach taken now will in fact have a permanent impact on longer term economic activity. Why they are incorrect is simple. It is called debt. Nationally it is the impossibility of a resurrection of the consumer economy that the

USA

is suffering from, its only other major product being hi tech.

The USA has become a financial nation, and that is just where its major focus is. GE no longer manufactures significant household products, but more so they are moneychangers in the temple of economic activity. Those that do not play this game as a major business focus all own income smoothing OTC derivatives or some other variety of this toxic junk. It was OTC derivatives that tanked motors, the truth to be known.

Nationally, the consumer not only has all the debt they can handle but as Henry commented at lunch today, that borrowing was predicated subjectively or objectively on the increased value of their main asset, their homes. Now that the value of their homes has declined with little improvement possible due to high unemployment, there is no possibility of sustained consumer driven USA growth.

Finally the method of MOPE to improve credit and the equity markets has been primarily funds that have been created via methods of QE.

In the upcoming G20 meeting the USA will take a drubbing from almost all, if not every, other nation as they have all indicated the desire for a SSCI currency alternative and the BRIC’s cessation of QE.

Simply put, the engine that made MOPE work is permanently broken. MOPE will not work and we have bought the farm.

This realization will be universal in three months.”- Jim Sinclair, JSMineset.com

Last evening during the Asian session gold shot higher and peaked at a new yearly high. As trading in London opened early this AM, it began fading somewhat and as it came into New York, it appeared to run into a bout of selling keying off the stability in the Dollar. Note – I did not say that the Dollar was strong; it was relatively stable. Another way of saying that is it stopped falling. Some of this is no doubt tied to its severely oversold levels on the daily charts. That kicked in the algorithms and brought in broad based selling across most of the commodity complex. The grains were taken lower as frost fears subsided (for now) and when combined with an equity market that seemed to run out of upside steam, short term oriented longs headed to the sidelines in gold deciding to pocket some profits. Sharp selling in the HUI did not help change their minds about their strategy for today’s session.

Let’s keep an eye on how the gold market behaves here and see whether longer-term oriented longs will step up and buy the dip or will side back and watch to see if they can get it any cheaper.

Today also witnessed a safe haven flow back into bonds for some reason and out of commodities. Bonds are stuck in a sideways chop with inflationary fears shoving them lower while concerns about the slowness of any economic recovery are providing support. One of the things that gold needs to really get it cooking to the upside is a technical breakdown in the long bond, which has not yet occurred. Looking over a weekly chart of the long bond, it is evident that bonds have topped out after spiking higher on the announcement last year about the Fed’s Quantitative Easing program. After plummeting back to earth once that euphoria faded, they have not however broken below long term support centered near the 112^16 level. Such an occurrence would signify that inflationary fears are not merely surfacing but have taken solid hold upon investors’ psyche.

Tomorrow brings the usual “anything can happen Friday session” so we will see how gold closes for the week. A close above last week’s close would be most encouraging to the bullish cause. Only a weekly close below $980 would signify any kind of technical reversal signal on this longer term chart.”- Dan Norcini, More at JSMineset.com

IAMGOLD’s (IAG) addition to the S&P/TSX 60 Index, Fronteer’s (FRG) drill results, and Minefinders’ (MFN) bought deal financing 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.

Gold Summit Plans $750,000 Private Placement - More
- September 17, 2009 | Item | E-mail

Threegold to Begin a First Gold Diamond Drill Program on Adanac - More
- September 17, 2009 | Item | E-mail

AXMIN Announces Exercise of Warrants - More
- September 17, 2009 | Item | E-mail

Cavan Ventures Inc. Decides Not to Pursue Investor Relations Agreement With MarketSmart Communications Inc. - More
- September 17, 2009 | Item | E-mail

Calibre Mining and B2Gold Commence Gold Exploration in Nicaragua - More
- September 17, 2009 | Item | E-mail

Leading Independent Proxy Firm, RiskMetrics ISS Canada, Recommends Security Holders Vote FOR the Arrangement Involving the Acquisition of Nevoro Inc. - More
- September 17, 2009 | Item | E-mail

Mill Bay Ventures Inc. to Continue Exploration on Valentine Mountain - More
- September 17, 2009 | Item | E-mail

Ashburton Ventures Initial Ground Program Identifies 600 Meter Gold Anomoly at White Gold Area, Yukon - More
- September 17, 2009 | Item | E-mail

Solitaire Minerals Corp. Acquires Princeton Land Package Bordering the Copper Mountain Mining Deposit - More
- September 17, 2009 | Item | E-mail

Mantra Mining Inc. to Change Its Name to TintinaGold Resources Inc. - More
- September 17, 2009 | Item | E-mail

Skyline Gold Applauds Northwest Transmission Line Project Financing Commitment by Federal and BC Governments - More
- September 17, 2009 | Item | E-mail

Boxxer Closes $275,000 Private Placement - More
- September 17, 2009 | Item | E-mail

Imperial Metals Corporation: Governments Announce Investment in Highway 37 Power Line - More
- September 17, 2009 | Item | E-mail

UME: Trading Update - More
- September 17, 2009 | Item | E-mail

Forsys Metals Corp. Added to the S&;P/TSX Global Mining Index - More
- September 17, 2009 | Item | E-mail

Luiri Gold Commences Drilling at Luiri Hill Gold Project and Appoints New Directors - More
- September 17, 2009 | Item | E-mail

Sampling Results in I-49 Area of the Lovitt Gold Mine; Grab Samples Return an Average of 7.9 gm/t Gold & 15.8 gm/t Silver - More
- September 17, 2009 | Item | E-mail

Pacific Gold Corp. Retires Yorkville Debt and Provides Corporate Update - More
- September 17, 2009 | Item | E-mail

Bingo Gold Deposit: Successful Step-Out Drilling to 525 Metres Depth; Additional Resource Potential to be Updated - More
- September 17, 2009 | Item | E-mail

Teryl Resources Announces New Public Relations Firm Retained - More
- September 17, 2009 | Item | E-mail

Sage Drills 9.59 g Au/t Over 1.65 Metres-Paint Lake Property - More
- September 17, 2009 | Item | E-mail

Champion Announces Grant of Stock Options - More
- September 17, 2009 | Item | E-mail

Acadian Mining Gold Exploration - Drilling commences at Beaver Dam - Resource update provided - More
- September 17, 2009 | Item | E-mail

Fortune Minerals receives draft terms of reference for NICO environmental assessment - More
- September 17, 2009 | Item | E-mail

Win-Eldrich announces the recommencement of molybdenum production at Ashdown - More
- September 17, 2009 | Item | E-mail

INV Reports Drill Results for the Itapora Gold Project - More
- September 17, 2009 | Item | E-mail

Temex intersects significant gold on Croxall Property West Timmins Gold District - More
- September 17, 2009 | Item | E-mail

Baffinland Reports Outstanding Results From Steel Producer's Blast Furnace Tests of Its Mary River Lump Iron Ore Trial Cargo - More
- September 17, 2009 | Item | E-mail

UC Hub Group Pays for Land Lease for the Gold and Sapphire Property in Montana - More
- September 17, 2009 | Item | E-mail

Wayside Drills 48.8m of 4 g/T Gold Including: 1.5m of 44 g/T and 1.6m of 14 g/T - More
- September 17, 2009 | Item | E-mail

Sparton Identifies Rare Earth's at New Brunswick Whiskey Project - More
- September 17, 2009 | Item | E-mail

Bison Gold Resources Inc. Announces Completion of a Private Placement - More
- September 17, 2009 | Item | E-mail

Golden Harp re-evaluates North Foley Lake area and Houston Lake area at Copper Hill project and identifies new gold targets - More
- September 17, 2009 | Item | E-mail

Asia Now Intersects Significant Gold Mineralization and Expands the Gold Zone at Beiya North by 280 Meters - More
- September 17, 2009 | Item | E-mail

JNR Announces Results of Airborne Surveys on the Black Lake & Newnham Lake Uranium Projects - More
- September 17, 2009 | Item | E-mail

MPH Ventures Acquires Three Gold Properties in Timmins, NE Ontario - More
- September 17, 2009 | Item | E-mail

Capella Discovers New Gold Zones at Lajitas - More
- September 17, 2009 | Item | E-mail

Zimbabwe gold output to hit 4.5 tonnes in '09 vs 3 tonnes in '08 - "Zimbabwe's gold production is expected to rise to 4.5 tonnes this year versus 3 tonnes last year after closed mines resume operations, the country's chamber of mines said on Thursday." More
- September 17, 2009 | Item | E-mail

Maya Reports Significant IP Anomalies on Amizmiz Property, Morocco - More
- September 17, 2009 | Item | E-mail

Salazar Resources Ltd.: President's Letter to Shareholders - More
- September 17, 2009 | Item | E-mail

Oro Silver Intersects Gold-Silver Mineralized Veins in Step-Out Holes at El Compas Project, Mexico - More
- September 17, 2009 | Item | E-mail

Hudson Reports Additional High Grade Rare Earth Assays From Greenland REE Project - More
- September 17, 2009 | Item | E-mail

Pele Mountain Finds More High-Grade Gold at East Highland - More
- September 17, 2009 | Item | E-mail

Strateco Resources Inc.: Significant Increase in Indicated Resources and Grade at Matoush - More
- September 17, 2009 | Item | E-mail

Volta is granted the Massabougou permit in Mali - More
- September 17, 2009 | Item | E-mail

Murgor earns 100% interest from HudBay at the Wim copper-gold and Hudvam gold-copper-zinc deposits in Manitoba - More
- September 17, 2009 | Item | E-mail

San Gold and StrikePoint enter Strike Point Property Letter Agreement - More
- September 17, 2009 | Item | E-mail

Freewest Reports Additional Excellent Drill Results From its 100%-Owned McFaulds Property, Northern Ontario and on Other Exploration Developments - More
- September 17, 2009 | Item | E-mail

Vior to Initiate Procedures to Obtain a Permit for Bulk Sampling and Retains Services of IBK Capital - More
- September 17, 2009 | Item | E-mail

Kirrin Resources Awarded $100,000 Grant by N&L for Boxey Point Project - More
- September 17, 2009 | Item | E-mail

Copper Mountain Rejects Taseko's Unsolicited Proposal - More
- September 17, 2009 | Item | E-mail

BonTerra Acquires Long Lake Claims, Stewart, BC - More
- September 17, 2009 | Item | E-mail

Fjordland Acquires Moffat Property, South of Woodjam Gold-Copper Projects, BC - More
- September 17, 2009 | Item | E-mail

Copper Fox Metals Applauds Federal Government's Support for British Columbia Northwest Power Transmission Line - More
- September 17, 2009 | Item | E-mail

Abacus Appoints Director of Investor Relations - More
- September 17, 2009 | Item | E-mail

Clifton Star Delineates Broad Zones of Gold at the Beattie Deposit, Duparquet Township, Quebec - More
- September 17, 2009 | Item | E-mail

AuEx Ventures, Inc.: Highgrade Extension at Long Canyon West Zone Adds 650 Feet of Strike Length - More
- September 17, 2009 | Item | E-mail

Gryphon Gold Corporation: Design and Construction Schedule Progressing for Borealis Oxide Project - More
- September 17, 2009 | Item | E-mail

Aurelio Announces Geological Resource Estimate for Iron Butte Gold-Silver Project - More
- September 17, 2009 | Item | E-mail

Rostock Ventures Corp.: Evaluating Fold and Lithium Prospects - More
- September 17, 2009 | Item | E-mail

Initial Rock Samples from African Queen's King Solomon Project in Mozambique Indicate Potential for Sizeable Copper-Gold-Silver Polymetallic Regional Skarn Sys. - More
- September 17, 2009 | Item | E-mail

Kalimantan Gold Corporation Limited: Board Changes Announced - More
- September 17, 2009 | Item | E-mail

Xemplar Reports Drill Assays From the Cape Cross Uranium Project - More
- September 17, 2009 | Item | E-mail

Geodex Engages Investor Relations Representative - More
- September 17, 2009 | Item | E-mail

Canadian Malartic Monitoring Committee: Osisko Plans to Deliver on its Commitment - More
- September 17, 2009 | Item | E-mail

Klondex Reports Proceeds of $2.0 Million from Warrant/Option Exercises, Announces Resignation of John Pollock From Klondex's Board and Extends Purchase Option - More
- September 17, 2009 | Item | E-mail

Novus Gold Corp. Grants Terra Ventures Inc. an Option to Acquire 51% of the REN Property, NWT - More
- September 17, 2009 | Item | E-mail

Copper Fox Metals Inc. - Corporate Update and Third Quarter Results Three and Nine Months Ended July 31, 2009 - More
- September 17, 2009 | Item | E-mail

Rostock Ventures Corp. Evaluating Additional Prospects - More
- September 17, 2009 | Item | E-mail

Decade Resources Ltd.: Non-Brokered Private Placement to Raise $1,400,000 With the MineralFields Group - More
- September 17, 2009 | Item | E-mail

Minefinders Corporation Ltd.-Announces Bought Deal Financing - "Minefinders Corporation Ltd. (TSX:MFL - News)(AMEX:MFN - News) (the "Company") has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Scotia Capital Inc. under which the underwriters have agreed to buy on a bought deal basis by way of a supplement to the Company's base shelf prospectus filed in Canada and the base shelf prospectus filed in the U.S., 6,200,000 common shares (the "Common Shares") at a price of C$10.65 per Common Share for gross proceeds of C$66,030,000 (the "Offering")." More
- September 17, 2009 | Item | E-mail

IAMGOLD Included in the S&P/TSX 60 Index - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce that Standard and Poor's ("S&P") has added IAMGOLD to the S&P/TSX 60 Index, effective at the market open on Monday, September 21, 2009. IAMGOLD is currently on the S&P/TSX Composite index." More
- September 17, 2009 | Item | E-mail

Fronteer Development Group Inc.; Long Canyon Deposit Expansion Ramps Up: Step-Out Drilling Returns 12.52 Grams Per Tonne Gold Over 12.5 Metres - "Fronteer Development Group Inc. (TSX:FRG - News)(AMEX:FRG - News) announces today that new drilling along Long Canyon's intensely altered West Zone has extended high-grade oxide gold mineralization an additional 200 metres along strike." More
- September 17, 2009 | Item | E-mail

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