Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2%

	Close	Gain/Loss
Gold	$1017.05	+$13.85
Silver	$16.57	+$0.39
XAU	162.33	+3.29%
HUI	410.37	+3.96%
GDM	1225.24	+3.81%
JSE Gold	2467.97	+14.58
USD	76.69	-0.26
Euro	146.55	+0.78
Yen	111.70	+0.32
Oil	$70.41	+$0.46
10-Year	3.224%	+0.003
T-Bond	122.3125	+0.03125
Dow	9599.75	+1.18%
Nasdaq	2068.15	+0.98%
S&P	1040.46	+1.49%

Gold traded mixed and near unchanged in Asia and London before it fell slightly to as low as $1001.65 in early New York trade, but it then spiked markedly higher starting around noon EST and ended near its late session high of $1017.35 with a gain of 1.38%. Silver fell to $16.119 in late morning New York trade, but it also jumped back higher in the last couple of hours of trade and ended near its high of $16.585 with a gain of 2.41%.

Euro gold rose to about €693, platinum gained $10 to $1291.50, and copper gained nearly 5 cents to about $2.72.

Gold and silver equities rose about 1.5% at the open, more than doubled their gains midday, and ended with over 3% gains.

Report	For	Reading	Expected	Previous
ISM Services	Sep	50.9	50.0	48.4

Oil rose as the U.S. dollar index fell after the G7 failed to announce any real intention to halt the currency’s constant decline.

Treasuries found slight gains after a successful TIPS auction raised confidence over the government’s ability to sell an additional $71 billion of debt over the next three days.

The Dow, Nasdaq, and S&P rose about 1% after better than expected at ISM Services data increased confidence over the economy.

Among the big names making news in the market today were Bank of America and HSBC.

The US dollar is NOT a safe haven. It is actually one of the most dangerous places to be.

There are mechanics to all things including consideration of the US dollar as a safe haven. Right now that consideration is a knee jerk reaction of glib provincial talking heads who have not considered the process inherent in that definition.

1. US Equities are sold and risk positions closed by US entities. US investors, traders and rank speculators put their funds in short term US Treasuries as they close their positions. What is the net effect on the US dollar? Absolutely nothing at all as no dollars are being sold into the international dollar market. No dollars are being purchased in the international dollar market either. Short rates will move lower on that demand. Nothing in that equation exists to bolster the US dollar.

2. International investors including US traders (in non dollar items) and rank speculators close US and international positions, putting their funds into dollar US Treasury instruments. In that case dollar instruments would be purchased. On balance dollars would be acquired with an upward influence on the US dollar.

1. The Carry Trade has targeted the US dollar as the Carry Currency of choice because of the historic low Libor rate and the recognition that, at all costs, increasing rates on the dollar will be leaned against. US rates MUST STAY LOW because of the signs indicating a failure of the US economic recovery. The Carry Trade is no joke. the Carry Trade for the currency of choice is a serious value case of Swine Flu and is very long term.

2. The IMF, the World Bank, the United Nations, China and Russia, as well as many others have all panned the dollar. What makes you think that US Treasury instruments are the only short term treasury instrument investors can buy? Thoughts like that and statements of dollar safe havens from any source, no matter who they are, reflect a PROVINCIALISM all Americans have a hard time with or an unwillingness to think the process out.

Friday was quite interesting as the dollar safe haven was not there on the employment figures.

Believing in the US dollar as a safe haven now could well be a sucker ’s wager.

The Dollar continues to run into a wall of selling just shy of the 78 level in the USDX. There is some minor support centered in the 76.60 – 76.70 level. If that gives way on strong volume look for a move lower which will test the 76 level once again. Failure there and 74 is a given with gold breaking out above the $1,030 level.

As Jim has written, the notion that the US Dollar is a “safe haven” is laughable and those who have not yet realized that the greenback is the whipping boy of the foreign exchange markets will soon do so much to their own dismay.

Gold priced in terms of the Euro and the British Pound is still very strong with BP Gold the stronger of the two. Euro gold is flirting with the 700 level but cannot yet muster enough strength to break through that level. I suspect that when it does, it will do so rather abruptly and move strongly higher in Euro terms signaling an aversion to the Euro, notwithstanding the higher yields in Euro land compared to the Dollar.

The strength in the Euro is not coming because investors believe Europe’s economy is in any better shape than that of the US but rather because carry traders are chasing the yield differential advantage by leveraging up on that side. Eventually however, the reality of paper proliferation in Europe will send more prudent investors on that continent into gold, as owning any kind of paper asset when its Central Bank is spitting them out faster than amoebas can multiply will remove confidence from the currency.”- Dan Norcini, More at JSMineset.com

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.221 tonnes and the JSE added 1.44 tonnes.

Note: Change in Total Tonnes from yesterday’s data: 0.03 tonnes were removed from the trust.

Note: Change in Total Tonnes from yesterday’s data: 3.53 tonnes were removed from the trust.

Apollo’s (AGT) third quarter production report, Entree’s (EGI) and Ivanhoe’s (IVN) investment agreement with Rio Tinto (RTP) and the Mongolian government, Paramount’s (PZG) common stock offering, Fronteer’s (FRG) drill results, Anatolia’s (ANO.TO) construction, Gold Fields’ (GFI) Mineral Resource and Mineral Reserve information, Apogee’s (APE.V) acquisition of the Cachinal Silver Property from Valencia (VVI.V), Oro Silver’s drilling plans, Silver Dragon’s (SDRG.OB) mine sale, Coeur’s (CDE) production increase plans, and Aura Silver’s (AUU.V) commenced drilling 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.

VVC Exploration Completes $1 Million Private Placement - More
- October 05, 2009 | Item | E-mail

Canada Lithium and Gold Summit complete drilling at Nevada lithium property - More
- October 05, 2009 | Item | E-mail

Far West Mining Finds More Mineralization at the Robin Hood Prospect in Queensland, Australia - More
- October 05, 2009 | Item | E-mail

Millrock Resources Inc.: Tranche Two of Non-Brokered Private Placement Closed - More
- October 05, 2009 | Item | E-mail

Apella Resources Inc.: Iron-T Iron-Vanadium-Titanium Project Diamond Drilling to Commence - More
- October 05, 2009 | Item | E-mail

Matamec Arranges a $1,500,000 Private Placement! - More
- October 05, 2009 | Item | E-mail

Signing Date Set for Investment Agreement - The Next Stage for Development of Oyu Tolgoi and Entrée's Lookout Hill - "Entrée Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - "Entrée" or the "Company") welcomes the announcement that the Investment Agreement between our joint venture partner, Ivanhoe Mines (TSX: IVN; NYSE: IVN; NASDAQ: IVN - "Ivanhoe Mines"), our largest shareholder Rio Tinto (NYSE: RTP - News; LSE: RIO.L - News; ASX: RIO.AX - News) and the Mongolian government will be signed on October 6, 2009 in a state ceremony." More
- October 05, 2009 | Item | E-mail

New World Sampling Confirms Positive Chemistry at Pastos Grandes - More
- October 05, 2009 | Item | E-mail

Gold Canyon Resources Inc.: Grant of Incentive Stock Options - More
- October 05, 2009 | Item | E-mail

Mega Precious Metals Acquires 100% Option on the Headway Property, Red Lake, Ontario - More
- October 05, 2009 | Item | E-mail

Brazauro Announces a Private Placement to Raise up to $5.525 Million - More
- October 05, 2009 | Item | E-mail

Goldcorp Declares Tenth Monthly Dividend Payment for 2009 - "GOLDCORP INC. (TSX:G - News)(NYSE:GG - News) is pleased to declare its tenth monthly dividend payment for 2009 of $0.015 per share. Shareholders of record at the close of business on Thursday, October 15, 2009 will be entitled to receive payment of this dividend on Friday, October 23, 2009. Goldcorp has paid a monthly dividend to its shareholders since 2003. Canadian resident individuals who receive dividends from Goldcorp after 2005 are entitled to an enhanced gross-up and dividend tax credit on such dividends." More
- October 05, 2009 | Item | E-mail

Ventana Announces Additional La Mascota Drill Results-84 Metres of 13.66 Grams Per Tonne Gold - More
- October 05, 2009 | Item | E-mail

Mantis acquires the Case pegmatite, lithium rich pegmatite considered to be the fifth largest spodumene subtype pegmatite - More
- October 05, 2009 | Item | E-mail

Unico, Inc. Announces Progress Toward Resource Calculation on Tailings and Additional Material at the Deer Trail Mine - More
- October 05, 2009 | Item | E-mail

SLAM Exploration Prospecting Rare Earth Minerals at Nash Creek - More
- October 05, 2009 | Item | E-mail

Brett Resources 70,000 Metre Drill Program Underway - More
- October 05, 2009 | Item | E-mail

Avanti Mining Announces Definitive Agreement for Conversion by RCF of 75% of the Convertible Loan Into Units - More
- October 05, 2009 | Item | E-mail

Hinterland Updates Ballarat Gold Project, Yukon - More
- October 05, 2009 | Item | E-mail

FIMA Initiates Precious Metal Accumulation Strategy - More
- October 05, 2009 | Item | E-mail

Amalgamation of Kinbauri Gold Corp. and Orvana Minerals Acquisition Corp. - More
- October 05, 2009 | Item | E-mail

Proposed Business Combination of Uruguay Mineral Exploration with Fortune Valley - More
- October 05, 2009 | Item | E-mail

Santa Fe Gold Proceeding with Construction of Summit Silver-Gold Project - More
- October 05, 2009 | Item | E-mail

Medallion Announces $300,000 Private Placement Financing - More
- October 05, 2009 | Item | E-mail

Solitaire Minerals Corp. to Commence Exploration on Princeton Land Package Bordering the Copper Mountain Mining Deposit - More
- October 05, 2009 | Item | E-mail

Noront makes unsolicited bid for Freewest Resources - "Noront Resources Ltd (NOT.V) made an unsolicited offer for minerals explorer Freewest Resources Canada Inc (FWR.V) for up to C$90 million in stock to expand in the emerging multi-metals district known as the "Ring of Fire."

Noront will offer one Noront share for four Freewest shares, the company focused on its McFauld's Lake Project in the area known as the "Ring of Fire", located in the James Bay Lowlands of Ontario, said in a statement." More
- October 05, 2009 | Item | E-mail

Fortune Valley Announces Issuance of $250,000 Convertible Debenture, Acquisition of Option Over Major Gold Deposit and Proposed Business Combination - More
- October 05, 2009 | Item | E-mail

Asia Now Speeds Up Drilling the 130-Metre-Thick Gold Zone at Beiya North and Announces Grant of Stock Options - More
- October 05, 2009 | Item | E-mail

BCGold Corp. Receives Bulk Sampling Report for Engineer Mine Property, B.C. - More
- October 05, 2009 | Item | E-mail

Lake Victoria's Trenching to Begin Defining New Parallel Gold Vein Structures at Singida Gold Project - More
- October 05, 2009 | Item | E-mail

Colombia Goldfields Files Proxy Statement in Connection with Proposed Acquisition by Medoro - More
- October 05, 2009 | Item | E-mail

Rare Element acquires Eden Lake REE Project, to file Form 20F - More
- October 05, 2009 | Item | E-mail

Romarco drills 26 meters of 4.3 g/t, adds 5th rig at Haile - More
- October 05, 2009 | Item | E-mail

Excalibur Resources Announces Private Placement - More
- October 05, 2009 | Item | E-mail

Freewest Resources Canada Inc. Responds to Announcement of Unsolicited All-Share Offer by Noront Resources Ltd. - More
- October 05, 2009 | Item | E-mail

Enexco Commences Drilling Loomis Gold Property, Nevada - More
- October 05, 2009 | Item | E-mail

CBR Gold Corp.: Niblack Joint Venture Commences Underground Drilling - More
- October 05, 2009 | Item | E-mail

Pacific Bay Options Argentina Uranium Property to UrAmerica - More
- October 05, 2009 | Item | E-mail

PolyMet Draft EIS Available the Week of October 19, 2009 - More
- October 05, 2009 | Item | E-mail

East Asia Minerals Updates Progress at Miwah Gold Project-Indonesia - More
- October 05, 2009 | Item | E-mail

Canadian Arrow prepares to drill nickel projects - More
- October 05, 2009 | Item | E-mail

CanAlaska Uranium Ltd. - Non-brokered private placement - More
- October 05, 2009 | Item | E-mail

Kivalliq Reports Highly Radioactive Intervals in Final Holes Drilled at Lac Cinquante - More
- October 05, 2009 | Item | E-mail

Crescent Resources Signs Definitive Agreement to Acquire Rattlesnake Hills Gold Properties, Wyoming - More
- October 05, 2009 | Item | E-mail

Central Enters Into LOI for Newman Todd Property and Announces Private Placement - More
- October 05, 2009 | Item | E-mail

Lexam Nominee Mr. John Drake Appointed to VG Gold Board - More
- October 05, 2009 | Item | E-mail

Redstar Options Red Lake Gold Project; Drilling Planned to Start This Fall - More
- October 05, 2009 | Item | E-mail

New Director Appointed to VG Gold Board - More
- October 05, 2009 | Item | E-mail

Bayswater Receives Positive Pre-Feasibility Study on Reno Creek Uranium Project, Wyoming - More
- October 05, 2009 | Item | E-mail

General Metals Achieves up to 84.3% Gold Recovery in Metallurgical Test Results for Hill Zone at Independence Mine; Test Results Suggest Improved Economics - More
- October 05, 2009 | Item | E-mail

AuEx Ventures, Inc.: Long Canyon Gold Mineralization Extended 100 Meters North - More
- October 05, 2009 | Item | E-mail

Noront Resources announces take-over bid for Freewest Resources - More
- October 05, 2009 | Item | E-mail

Canasia Drills 7.93 Metres of 30.37 g/t and 20.12 Metres of 7.11 g/t on Clone Gold in Stewart Gold District of BC - More
- October 05, 2009 | Item | E-mail

Wayside Drills 51.5m (170 Feet) of 7.17 g/t Gold Including 20.2m (66.4 Feet) of 14.6 g/t Gold - More
- October 05, 2009 | Item | E-mail

Colombia Goldfields Files Proxy Statement in Connection with Proposed Acquisition by Medoro - More
- October 05, 2009 | Item | E-mail

Centurion Arranges Private Placement - More
- October 05, 2009 | Item | E-mail

Galahad Metals Announces Private Placement - More
- October 05, 2009 | Item | E-mail

Copper Mesa Mining Sells Redstone Resources Subsidiary - More
- October 05, 2009 | Item | E-mail

Equinox Preliminary Lumwana Production Results show Continued Improvement for the 3rd Quarter 2009 - More
- October 05, 2009 | Item | E-mail

Brilliant Mining Corp Announces Private Placement of Units - More
- October 05, 2009 | Item | E-mail

Apogee Diversifies Into Chile With Acquisition of the Cachinal Silver Property - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) has reached agreement with Valencia Ventures Ltd. whereby Apogee will have the option to purchase up to 100% of Valencia's interest in the Cachinal Silver property located in northern Chile. Under the terms of the agreement, Apogee will initially purchase 75% of Valencia's interest in the Cachinal property by paying Valencia $200,000 in cash and issuing to Valencia 3 million units of Apogee." More
- October 05, 2009 | Item | E-mail

Oro Silver to Target High-Grade Silver Potential at El Compas Project, Mexico - "Oro Silver Resources Ltd. ("Oro Silver" or the "Company") (TSX VENTURE:OSR - News) plans to drill both near-surface gold-silver vein targets and deeper silver targets at the Company's El Compas project in Zacatecas State, central Mexico. Oro Silver is currently conducting a staged program that includes structural mapping, clay sample analysis, and IP-magnetometry geophysics. Up to 5,000 metres of diamond core and reverse circulation drilling will follow. Approximately half of the drilling will explore for potential silver targets deeper in the El Compas district." More
- October 05, 2009 | Item | E-mail

Silver Dragon Signs Definitive Agreement to Sell Erbahuo Mine in China - "Silver Dragon Resources Inc. (OTCBB:SDRG - News) is pleased to announce that it has entered into a definitive agreement to sell its Erbahuo polymetallic project in China along with its Chinese subsidiary, Chifeng Silver Dragon Resources & Technologies, Ltd., to a private Chinese investor for RMB6 million or ~US$882,000 to the Company. Proceeds from the sale of Erbahuo will be used for further exploration and development of Silver Dragon's other properties in China, including Dadi and Laopandao, of which Silver Dragon has a 40% interest and of its 100% owned Cerros las Minitas silver property in Durango, Mexico." More
- October 05, 2009 | Item | E-mail

Coeur Announces Plans to Increase Silver and Gold Production at Its Historic Rochester Mine in Nevada - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) announced today that it is pursuing an expansion of mining operations at its Rochester silver and gold mine in Nevada. This planned expansion is expected to add an average of 2.9 million ounces of incremental annual silver production and 30,000 ounces of further gold production through 2017." More
- October 05, 2009 | Item | E-mail

Valencia Sells Interest in Cachinal Silver Project-Chile - "Valencia Ventures Inc. (TSX VENTURE:VVI - News; "Valencia") today announced that it has entered into an agreement to sell up to a 100% interest in its Cachinal Silver Project, Chile to Apogee Minerals Ltd (TSX VENTURE:APE - News; "Apogee")." More
- October 05, 2009 | Item | E-mail

Aura Silver Announces Commencement of Phase II Drilling: New Interpretation Leads to Greatly Enhanced Prospectivity Along 6 km of Silver-Gold Trend - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; "Aura Silver" or the "Company") is pleased to announce that the Company and its joint venture partner Intrepid Mines Limited have approved a 2,500 meter Phase II drilling program for the Taviche property in Oaxaca, Mexico. Phase II drilling will test targets along the extent of the Higo Blanco trend including Cerro La Mina, the Mezcal Vein System, and Santo Nino or nearly 3 kilometers of strike length. The Phase II program will also follow up on the encouraging initial results obtained in Phase I drilling. Hole HBET03-09 yielded 219.5 grams per tonne (g/t) silver equivalent over 34.2 meters including 1,116.2 g/t silver equivalent over 1.5 meters. At a depth of over 107 meters, 12.1 meters averaged 533.4 g/t silver equivalent with 1.3 meters grading 2,466 g/t (see Press Release #09-05 dated August 14, 2009)." More
- October 05, 2009 | Item | E-mail

Apollo Gold Third Quarter 2009 Gold Production - "We are pleased to report that during the three months of July through September 2009, the Black Fox mill processed approximately 161,000 tonnes of ore at an average grade of 4.1 grams of gold per tonne ore to produce an estimated 19,750 ounces of gold (recovery approximately 94%). The average mill throughput rate was therefore approximately 1,750 tonnes per day." More
- October 05, 2009 | Item | E-mail

Ivanhoe Mines, Rio Tinto and Government of Mongolia to Sign Oyu Tolgoi Investment Agreement in State Ceremony October 6 - "Ivanhoe Mines (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News) and its strategic partner, Rio Tinto, will join with the Government of Mongolia in a state ceremony for the signing of an Investment Agreement for the Oyu Tolgoi copper-gold project on Tuesday, October 6." More
- October 05, 2009 | Item | E-mail

Paramount Gold and Silver Announces Common Stock Offering - "PARAMOUNT GOLD AND SILVER CORP. (TSX:PZG - News)(AMEX:PZG - News)(Frankfurt:P6G - News)(WKN: A0HGKQ) (the "Company" or "Paramount"), a precious metals exploration company, is pleased to announce that it intends to offer 16 million shares of its common stock pursuant to its shelf registration statement filed with the U.S. Securities and Exchange Commission (the "SEC") and a shelf prospectus filed with the securities regulatory authority in Ontario, Canada." More
- October 05, 2009 | Item | E-mail

Fronteer Development Group Inc.: Long Canyon Extends 100 Metres to the North, Returning 6.57 Grams Per Tonne Gold Over 24.8 Metres - "Fronteer Development Group Inc. (TSX:FRG - News)(AMEX:FRG - News) announces today that new drilling at Long Canyon has extended the Shadow Zone 100 metres to the north and expanded mineralization in the West Zone, broadening the footprint and continuity of this evolving deposit." More
- October 05, 2009 | Item | E-mail

Anatolia mobilizes construction at the Copler Gold Project - "Construction activities commenced following an opening ceremony attended by numerous local residents, and community and regional leaders. Civil, mining and other major contractors were on site and started work shortly thereafter. Additional contractors, equipment and personnel are mobilizing." More
- October 05, 2009 | Item | E-mail

Gold Fields Announces Mineral Resources of 271 Million Ounces and Mineral Reserves of 81 Million Ounces for F2010 - "Attributable gold Mineral Resources, including 2PGE, copper converted to gold equivalent and Tailings Storage Facility (TSF) gold, increased to 271.1 million ounces at 30 June 2009, compared to 250.6 million ounces for the year ended 30 June 2008." More
- October 05, 2009 | Item | E-mail

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