Gold Seeker Closing Report: Gold and Silver Fall About 1% While Stocks Drop Over 2%

	Close	Gain/Loss
Gold	$999.05	-$8.65
Silver	$16.40	-$0.22
XAU	157.80	-4.60%
HUI	397.53	-5.04%
GDM	1184.73	-4.87%
JSE Gold	2509.01	+69.27
USD	77.24	+0.52
Euro	145.42	-0.89
Yen	111.49	+0.12
Oil	$70.82	+$0.21
10-Year	3.194%	-0.113
T-Bond	122.65625	+1.28125
Dow	9509.28	-2.09%
Nasdaq	2057.48	-3.06%
S&P	1029.85	-2.58%

Gold rose to see slight gains in late Asian trade, but it then steadily fell back off for most of the rest of trade in London and New York and ended near its noontime low of $997.20 with a loss of 0.86%. Silver rose over 9 cents to $16.712 by about 10AM EST in New York, but it then fell back to as low as $16.369 by about noon EST and ended with a loss of 1.32%.

Euro gold fell to about €678, platinum lost $12.50 to $1279.50, and copper fell over 8 cents to about $2.73.

Gold and silver equities fell throughout most of trade and ended with about 5% losses.

Report	For	Reading	Expected	Previous
Personal Income	Aug	0.2%	0.1%	0.2%
Personal Spending	Aug	1.3%	1.1%	0.3%
Initial Claims	9/26	551K	535K	534K
Construction Spending	Aug	0.8%	-0.1%	-1.1%
ISM Index	Sep	52.6	54.0	52.9
Pending Home Sales	Aug	6.4%	1.0%	3.2%

Tomorrow at 8:30AM EST brings September’s jobs data and at 10AM are Factory Orders for August expected at 0.5%. Nonfarm Payrolls are expected at -180,000, the Unemployment Rate is expected at 9.8%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 33.1.

Oil rose slightly on hopes for sustained energy demand while the U.S. dollar index and treasuries gained on safe haven buying/cash raising after mostly poor economic data sent the Dow, Nasdaq, and S&P over 2% lower on the day.

Among the big names making news in the market today were Comcast and GE, GM, Toyota, Ford, Microsoft, Cisco and Tandberg, Penske, and ViaSat and WildBlue.

Well here we go again. The Wave of Fear is breaking but one more and unnecessary time.

The Gold banks do everything possible to hammer gold on even a hint of an intraday dollar rally. Under $1000 she goes and off goes the community into deep depression.

You need to understand you did nothing to put it above $1000. Most of the community are observers only, but make sure you understand what you are observing. What you are seeing are huge cash buyers making deals in and independent of the cash market while huge short selling is attempting to hold an imaginary line between $1005 and $1010.

It is a battle between the Titans at this time which is remarkable and to be admired. There is a government put sitting below $1000 that will act. In fact it has been acting for a very long time.

Not that long ago China had no to very little gold and the next day they are a player amongst gold holding central banks.

Gold is going to $1225, $1650 and then on to Alf’s numbers. The shorts will do everything possible to prevent that but they will not be able to. Keep in mind please that Armstrong is totally correct.

When CONFIDENCE in a currency collapses it does so in days. This is going to be a very cold winter for the US dollar. That you can take to a solid bank if you can find one.

Keep your eyes on the gold price in terms of both Euros and the British Pound. Gold is holding very well in terms of both those currencies. It is interesting to note that even with the reflexive panic into Treasuries today and the subsequent move higher in the Dollar as a “safe haven” (excuse me while I try to contain my laughing here), the Japanese Yen is holding remarkably well. The Yen carry trade is over and is unwound so its strength tells me that traders/investors want to own Asia as they see it as the place of future economic might. Are we seeing Asia becoming the “safe haven”?

I would have to see a closing push above 79 in the USDX to get the least bit concerned about any change in the Dollar’s downtrend.

In terms of the mining shares, I would like to see the HUI hold above the 400 – 397 level on a closing basis to move it into more of a consolidation pattern. A failure there could see it move down as low as 386 before some buying comes in.

Support in gold has been emerging near the $995 level with much stronger support near $990 – $988. We will need to close above yesterday’s high to generate some stronger buying enthusiasm from the momentum crowd.”- Dan Norcini, More at JSMineset.com

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.22 tonnes and the JSE added 0.36 tonnes.

Gammon Gold’s (GRS) lease renewal, Paramount’s (PZG) drill results, Fronteer’s (FRG) drill results, Gold Fields’ (GFI) guidance update, Abcourt’s (ABI.V) granted stock options, Silver Quest’s (SQI.V) drilling update, Great Panther’s (GPR.V) exploration results, and Silver Standard’s (SSRI) drilling update 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.

Bralorne Gold Mines Ltd.: MGI Brokered Private Placement-1st and 2nd Closings - More
- October 01, 2009 | Item | E-mail

Titan Uranium Inc. to Acquire 100% Interest in Sheep Mountain Property - More
- October 01, 2009 | Item | E-mail

Grenville's Neighbour Goldhawk Sells 85% of Mill and Mine to European Major Nyrstar - More
- October 01, 2009 | Item | E-mail

Ventana Announces Initiation of La Mascota Scoping Study - More
- October 01, 2009 | Item | E-mail

Emerick Provides Grew Creek Update, Appoints New President - More
- October 01, 2009 | Item | E-mail

Diadem Clarification on News Release - More
- October 01, 2009 | Item | E-mail

Happy Creek Provides an Update on its Hen Property, B.C. - More
- October 01, 2009 | Item | E-mail

Seafield Acquires Interest in Colombian Gold Explorer - More
- October 01, 2009 | Item | E-mail

Explor Completes Phase III Drill Program on PG-101 - More
- October 01, 2009 | Item | E-mail

Drilling in Progress Adjacent to SAMEX's Chimberos Gold/Silver Property, Chile - More
- October 01, 2009 | Item | E-mail

Franconia Minerals to Present at Mining in Minnesota Symposium in New York - More
- October 01, 2009 | Item | E-mail

YRC Logistics Awarded Toromocho Copper Mine Project - More
- October 01, 2009 | Item | E-mail

Lincoln Mining commences metallurgical test work at Pine Grove Property, Nevada - More
- October 01, 2009 | Item | E-mail

Q-Gold announces Joint Venture for Mine Centre gold properties - More
- October 01, 2009 | Item | E-mail

Lebowa Changes its Name to Bokoni and New JSE Sponsor Appointed - More
- October 01, 2009 | Item | E-mail

Golden Predator Intercepts 5 ft Assaying 2.92 opt Au and 15 ft Averaging 0.913 opt Au at Golden Ridge Project, NE California; Exercises Option on Gold Dome - More
- October 01, 2009 | Item | E-mail

Highbank Resources Ltd.: Private Placement-$240,000 Completed - More
- October 01, 2009 | Item | E-mail

Pancon Drilling Program Imminent at Buchanan Area, Chilling Project, NT, Australia - More
- October 01, 2009 | Item | E-mail

Mountain Boy Minerals Ltd.: 24.7 Metres Grading 20.87 Grams Per Tonne Gold Intersected in DDH-MON-2009-6 - More
- October 01, 2009 | Item | E-mail

Skyline Gold Announces Private Placement - More
- October 01, 2009 | Item | E-mail

Amador Gold Corp. Announces Drill Plans on High Grade Gold Target in West Timmins Gold District - More
- October 01, 2009 | Item | E-mail

Midlands Announces Completion of Scoping Study on Sian Plant-Ghana - More
- October 01, 2009 | Item | E-mail

Decade Resources Ltd.: 24.7 Metres Grading 20.87 Grams Per Tonne Gold Intersected in DDH-MON-2009-6 - More
- October 01, 2009 | Item | E-mail

DIAGNOS Joins CRESO Resources Inc. to Develop Gold Targets - More
- October 01, 2009 | Item | E-mail

Colossus Minerals Adopts Shareholders Rights Plan - More
- October 01, 2009 | Item | E-mail

Golden Harp reports new gold zone discovered by Benton on Block A option - More
- October 01, 2009 | Item | E-mail

Benton Discovers New Gold Zone on Block A Option - More
- October 01, 2009 | Item | E-mail

Russian uranium miner ARMZ eyes projects with Cameco - More
- October 01, 2009 | Item | E-mail

Starcore Updates Reserves for San Martin Mine - More
- October 01, 2009 | Item | E-mail

Silvercorp Annual General Meeting Results - "Silvercorp Metals Inc. ("Silvercorp") (TSX:SVM - News)(AMEX:SVM - News) held its Annual General Meeting (the "Annual Meeting") yesterday in which all matters placed before the shareholders were approved. The voting report of the Annual Meeting will be made available for review on the SEDAR system." More
- October 01, 2009 | Item | E-mail

Fortress Intercepts 62.1 M Grading 3.13 g/t Gold (Uncut) at the Amy Prospect, and 87.4 M Grading 2.55 g/t Gold and 122.5 M Grading 1.76 g/t Gold - More
- October 01, 2009 | Item | E-mail

Brazauro Appoints James Komadina as President and Chief Operating Officer - More
- October 01, 2009 | Item | E-mail

Uranium Star Commences Resource Definition Drill Program on Green Giant Vanadium Project in Madagascar - More
- October 01, 2009 | Item | E-mail

Etna Resources Inc. Announces a Minimum $3 Million Financing - More
- October 01, 2009 | Item | E-mail

Caldera announces share consolidation and AGM for December 4, 2009 - More
- October 01, 2009 | Item | E-mail

Zaruma Resources Listed on TSXV NEX Board - More
- October 01, 2009 | Item | E-mail

Hana Mining Announces New President and COO to Drive Ghanzi Copper-Silver Project - More
- October 01, 2009 | Item | E-mail

Universal Intersects 1.61 Grams/Tonne Gold Over 3 Meters at Tact Property, Nevada - More
- October 01, 2009 | Item | E-mail

Tara Minerals Discovers High Grade Gold Vein at Don Roman - More
- October 01, 2009 | Item | E-mail

Abcourt Grants Stock Options to a Director - More
- October 01, 2009 | Item | E-mail

Castle Gold Reports Up to 41.1 Grams Per Tonne Gold From Outcrop Samples at Its La Fortuna Project, Mexico - More
- October 01, 2009 | Item | E-mail

Hawthorne Gold and Eureka Resources Announce Independent Mineral Resource Estimate for Frasergold Project Confirms Gold System - More
- October 01, 2009 | Item | E-mail

Seabridge Gold Extends Deadline; Cortez Gold Secures Extension for Acquisition of Mineral Properties in Nevada - More
- October 01, 2009 | Item | E-mail

Tournigan Resumes Drilling at Kuriskova Uranium Deposit - More
- October 01, 2009 | Item | E-mail

Uranium Energy Corp Welcomes Katharine Armstrong to the Company's Advisory Board - More
- October 01, 2009 | Item | E-mail

Jien Canada Responds to Approval of Canadian Royalties' Shareholder Rights Plan - More
- October 01, 2009 | Item | E-mail

Queenston Reports Positive Initial Drill Results on a Bulk Tonnage-Open Pit Target in Kirkland Lake - More
- October 01, 2009 | Item | E-mail

Bonanza Goldfields cancels 14 million shares and updates shareholders on their four properties - More
- October 01, 2009 | Item | E-mail

AuEx Ventures, Inc.: Gold Mineralization Extended 500 Metres Southwest at Long Canyon - More
- October 01, 2009 | Item | E-mail

Boxxer airborne survey over boss gold-copper project complete - More
- October 01, 2009 | Item | E-mail

Gold Hawk Signs a Share Purchase Agreement With Nyrstar for the Sale of an 85 Per Cent Interest in the Coricancha Mine - More
- October 01, 2009 | Item | E-mail

Lake Shore Gold Reports Extension to High Grade Mineralization at Bell Creek, Including 12.67 gpt Gold Over 14.40 Metres - More
- October 01, 2009 | Item | E-mail

Gammon Gold Announces the Renewal of the Penoles Lease Agreement - "Gammon Gold Inc. ("Gammon") (TSX:GAM and NYSE:GRS) announces that it has successfully renewed the Penoles Lease Agreement for an additional three-year term. The Penoles Lease Agreement provides Gammon with the mining rights and use of the Las Torres processing and administration facilities located at Gammon's El Cubo Mine. In 2008, all processing and administration at our El Cubo mine was consolidated to the lower cost, higher capacity Las Torres mill." More
- October 01, 2009 | Item | E-mail

Abcourt Grants Stock Options to a Director - "Mr. Renaud Hinse, president and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI - News; BERLIN:ABI - News; FRANKFURT:ABI - News), is pleased to announce that the Board of directors of Abcourt Mines Inc. has granted stock options to purchase 200,000 Class B shares of the Company to one of its director, at an exercice price of $0.21 per share, valid for a five year period. These options are granted in accordance with the Company's stock option plan." More
- October 01, 2009 | Item | E-mail

Silver Quest Resources Ltd.: Drilling Update on Davidson Property - "Silver Quest Resources Ltd. (TSX VENTURE:SQI - News; the "Company") is pleased to provide an update on the drill program currently being conducted on the Davidson Property, which is located approximately 110 kilometres southwest of Vanderhoof, BC and is under option to Richfield Ventures Corp. ("Richfield") (see the Company's news release dated March 24, 2009). Please see the Company's website www.silverquest.ca for a property location map and a detailed project description. The Davidson Property forms part of Richfield's "Blackwater Project"." More
- October 01, 2009 | Item | E-mail

Paramount Gold and Silver Reports Positive Drilling Results at San Miguel Deposit - "New diamond drilling by Paramount Gold and Silver Corp. ("Paramount Gold") (TSX:PZG - News)(NYSE:PZG - News) (Frankfurt:P6G - News)(WKN: A0HGKQ) on its San Miguel (Clavo 99) deposit in the Palmarejo District of North Central Mexico confirms: (1) gold grades increase with depth; (2) gold is concentrated in southwest plunging zones; and (3) a significant strike extension which should lead to resource expansion." More
- October 01, 2009 | Item | E-mail

Great Panther Discovers and Develops 3 New Zones at Guanajuato - "GREAT PANTHER RESOURCES LIMITED (TSX:GPR - News) (the "Company") is pleased to announce that continued underground development at its Guanajuato Mine in central Mexico has been successful in identifying and delineating three new zones of silver-gold mineralization. The discovery of these three zones within and adjacent to the areas where the Company is already mining emphasizes the potential to expand production and resources along the entire 4.2 kilometre strike length of the property." More
- October 01, 2009 | Item | E-mail

Fronteer Development Group Inc.: Step-Out Drilling at Long Canyon Extends Gold Mineralization an Additional 500 Metres Towards the Southwest - "Fronteer Development Group Inc. (TSX:FRG - News)(AMEX:FRG - News) announces today that aggressive step out drilling towards the southwest has expanded the footprint of gold mineralization at Long Canyon by an additional 500 metres, potentially increasing the total strike length from 1.7 kilometres to 2.2 kilometres." More
- October 01, 2009 | Item | E-mail

Gold Fields Production and Costs for Q1 F2010 in Line With Guidance - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today confirmed that production and costs for Q1 F2010 is in line with the guidance provided on 6 August 2009. Attributable production for the quarter was approximately 906koz, while total cash cost and Notional Cash Expenditure (NCE1) for the Group are expected to be approximately US$590/oz and US$835/oz respectively, despite the Rand exchange rate achieved during the quarter being stronger than the rate used in the guidance." More
- October 01, 2009 | Item | E-mail

Silver Standard Resources Inc.: Snowfield Infill Drilling Update - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) reports that infill diamond drilling at its wholly-owned Snowfield Project continues to deliver consistently wide intersections of gold-copper mineralization in the Snowfield Zone. The property is located 65 kilometers north of the town of Stewart and southeast of Barrick's high-grade gold-silver mine at Eskay Creek." More
- October 01, 2009 | Item | E-mail

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.