Gold Seeker Closing Report: Gold and Silver Gain Again

	Close	Gain/Loss
Gold	$1042.80	+$4.90
Silver	$17.45	+$0.22
XAU	174.80	+1.47%
HUI	443.26	+0.95%
GDM	1321.11	+0.90%
JSE Gold	2664.15	+30.45
USD	76.44	+0.12
Euro	146.78	-0.37
Yen	112.84	+0.21
Oil	$69.57	-$1.31
10-Year	3.175%	-0.073
T-Bond	122.875	+0.84375
Dow	9725.58	-0.06%
Nasdaq	2110.33	+0.32%
S&P	1057.57	+0.27%

Gold spiked up from roughly unchanged at around 4AM EST to as high as $1048.28 before it fell back to see slight losses in midmorning New York trade, but it then chopped its way back higher in the last few hours of trade and ended with a gain of 0.47%. Silver climbed to as high as $17.55 by late morning in New York before it fell back off a bit in the last couple of hours of trade, but it still ended with a gain of 1.28%.

Euro gold rose to about €710, platinum lost $1 to $1317.50, and copper fell slightly to about $2.77.

Gold and silver equities rose about 1% by late morning before they fell back off in early afternoon trade and saw about 1% losses around 2PM EST, but they then rallied back higher into the close and ended with about 1% gains.

Report	For	Reading	Expected	Previous
Consumer Credit	Aug	-$12.0B	-$10.0B	-$19.0B

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/03 expected at 540,000 and at 10AM is the Wholesale Inventories report for August expected at -1.0%.

Oil fell after the Energy Information Administration reported that crude inventories fell 1.0 million barrels, gasoline inventories rose 2.9 million barrels, and distillates rose 700,000 barrels.

The U.S. dollar index and treasuries rose slightly as the Dow, Nasdaq, and S&P traded mostly slightly lower on worries over upcoming earnings reports, however the Nasdaq and S&P did rally back higher in late trade and were able to end with slight gains on hopes those earnings will not be as bad as some fear.

Among the big names making news in the market today were GM, Monsanto, Costco, Amazon, Alco, Starwood, and Royal Caribbean.

The gold price has done all of what Erik brings to our attention, but this is NOT a cause for celebration.

The action of gold in the face of the massive commercial dealers short position means that they have finally taken on a force much stronger than the ordinary trader.

The other side of gold is sovereign buying on all reactions, not seeking one price, but rather taking supply away from the cash market on a step ladder basis.

This occurred twice in the 70s, first when the commercial dealers took on France, and finally in 1979 when they met the Saudis in the market place.

The Fed has no stomach nor should they have to carry on an economic war over gold.

The dollar has changed significantly over the last year, becoming the currency of selection for the carry trade. We know that the propaganda that the dollar was a place of safe refuge is silly in light of the weakness in the recovery. Last Friday that message was delivered to the market loud and clear.

It may even be possible that general equities are being buoyed by the soft dollar in light of Quantitative Easing as there is historical precedent for that.

Clearly the recovery now being predicted by equities is a total fantasy. What we do know is the UN, IMF, BIS, G20, Russia, China, India and Brazil amongst most other major countries have publicly called for an alternative to the US dollar.

The reason why I suggest that today’s market should scare you, and not be a cause for high five because of the implication of the event.

Hyper-inflation has always been a currency event, not an economic event. The currency event has always been, for whatever reason it occurred, a loss of confidence phenomenon. Clearly confidence in the US dollar and its management is slipping. Historically when this currency event comes about the transition is extremely fast.

We have been doing a countdown to the beginning of the end, or that process acceleration. The are 33 days to go.

Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.437 tonnes and the JSE added 0.97 tonnes.

Claude’s (CGR) third quarter production, Taseko’s (TGB) third quarter production, New Gold’s (NGD) loan prepayment, Gammon’s (GRS) bought deal financing, Aquiline’s (AQI.TO) product purchase, Sabina’s (SBB.V) new discovery, and Minefinders’ (MFN) exercised over-allotment option 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.

Mantis reports high grade gold up to 43.2 gpt (1.23 oz/ton) from follow-up trenching program at its Cree Lake gold project - More
- October 07, 2009 | Item | E-mail

Bridgeport Ventures Inc. Announces Completion of Initial Public Offering - More
- October 07, 2009 | Item | E-mail

Amex Exploration Inc. Amends Its Stock Option Plan - More
- October 07, 2009 | Item | E-mail

Sego enlarges gold area in the South Zone at Miner Mountain Copper Gold Porphyry Project - More
- October 07, 2009 | Item | E-mail

Viking Gold Affirms Exploration Potential at Narrow Lake, NT - More
- October 07, 2009 | Item | E-mail

Tirex Resources to Drill Previously Undrilled East Slope Trend - More
- October 07, 2009 | Item | E-mail

Klondike Silver Corp. Commences Drift Extension Into Lode Structure to Test for Mineralization - More
- October 07, 2009 | Item | E-mail

NAP Pours First Gold at Sleeping Giant and Eliminates Royalty - More
- October 07, 2009 | Item | E-mail

Silvore Fox Minerals Corp.: Announces Closing of Non-Brokered Private Placement of Units - More
- October 07, 2009 | Item | E-mail

GoldSpring Acquires Additional Strategic Comstock Mineral Claims - More
- October 07, 2009 | Item | E-mail

Selwyn Resources Announces the Commencement of Drilling on Vinata Property - More
- October 07, 2009 | Item | E-mail

Iron Creek Provides Drilling Update on Hochschild Joint Venture at Vaquillas - More
- October 07, 2009 | Item | E-mail

American Consolidated Closes Private Placement - More
- October 07, 2009 | Item | E-mail

Avanti Mining Issues Shares in Lieu of Cash for Interest Payable Under Terms of Bridge Loan - More
- October 07, 2009 | Item | E-mail

Aquiline Completes Purchase of Pico Machay Gold Project - "Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI - News) is pleased to announce the closing of the previously announced purchase of all of the right, title and interest held by Monterrico Metals PLC ("Monterrico"), in the Pico Machay gold project in Peru (the "Pico Machay Gold Project")." More
- October 07, 2009 | Item | E-mail

Decade Resources Ltd.: Corporate Update - More
- October 07, 2009 | Item | E-mail

Maya Gold & Silver Reports More High-Grade Gold Results From 3 Additional Zones - More
- October 07, 2009 | Item | E-mail

Savant Commences 1800 metre Drill Program on the Vinata Property, Mexico - More
- October 07, 2009 | Item | E-mail

Victory Nickel Provides Minago Feasibility Study Update - More
- October 07, 2009 | Item | E-mail

Operational Update-Avion's Tabakoto Mine - More
- October 07, 2009 | Item | E-mail

GoldQuest Samples 59.50 meters Grading 1.58 g/t Gold From Dominican Jengibre Project - More
- October 07, 2009 | Item | E-mail

Canada Lithium appoints new CFO and Investor Relations Director - More
- October 07, 2009 | Item | E-mail

Pele Mountain Confirms Significant Rare Earth Mineralization at Its Eco Ridge Mine Uranium Project - More
- October 07, 2009 | Item | E-mail

Red Kite Agrees to Transfer Debt to Gullewa as ATW Puts Burnakura Back on Care and Maintenance - More
- October 07, 2009 | Item | E-mail

Typhoon Exploration Advantageously Located on the Porcupine-Destor Fault - More
- October 07, 2009 | Item | E-mail

Golden Chalice Resources: Drilling Discovers Southeast Extension of Volcanic Stratigraphy Hosting Explor Resources' Gold Discovery - More
- October 07, 2009 | Item | E-mail

METANOR Launches 20,000m Drilling Campaign Following a 9.24 g/t Au Over 33m at BARRY - More
- October 07, 2009 | Item | E-mail

Firstgold Files FY 2010 Q1 and Q2 Financials - More
- October 07, 2009 | Item | E-mail

Avanti Mining Inc. Appoints New Director - More
- October 07, 2009 | Item | E-mail

East Asia Minerals Drills More Gold at Miwah; Including 3.14 g/t Gold Over 28 Metres Within 116.9 Metres Grading 1.42 g/t Gold - More
- October 07, 2009 | Item | E-mail

Prize Mining & Eagle Plains Pour Gold at Yellowjacket Project, Atlin, BC - More
- October 07, 2009 | Item | E-mail

Yale Reports First Gold and Silver Results from Orofino - More
- October 07, 2009 | Item | E-mail

Nautilus Secures Port Capacity at Rabaul for Solwara 1 and Announces Board Changes - More
- October 07, 2009 | Item | E-mail

American Sierra Gold Corp. Signs LOI to Acquire California Gold Project With Large Upside Potential - More
- October 07, 2009 | Item | E-mail

Weststar Announces Yukon Work Programs Have Commenced - More
- October 07, 2009 | Item | E-mail

Butler Commences Archie Lake Rare-Earth Sampling Program - More
- October 07, 2009 | Item | E-mail

Eagle Plains/ Prize Mining Pour Gold at Yellowjacket Project, Atlin, BC - More
- October 07, 2009 | Item | E-mail

New Dawn Mining to Focus on Zimbabwe Turk Mine Expansion, Exploration and Consolidation Strategy - More
- October 07, 2009 | Item | E-mail

AndeanGold Completes Phase 1 Drill Program on Rio Seco Project, Peru - More
- October 07, 2009 | Item | E-mail

Hinterland Acquires Claims Adjacent to Strange Lake REE Property, Quebec - More
- October 07, 2009 | Item | E-mail

John Theobald Joins Atna's Board of Directors - More
- October 07, 2009 | Item | E-mail

Nova Announces Exploration has Started at Gold Coin Gold Project - More
- October 07, 2009 | Item | E-mail

Channel Resources Confirms Multi-Product Mineral Potential at Fox Creek Brine Project, Alberta - More
- October 07, 2009 | Item | E-mail

International Enexco Limited Receives Drill Results on Its Mann Lake Uranium Project, Saskatchewan - More
- October 07, 2009 | Item | E-mail

Powertech's Dewey-Burdock Project Application Accepted by NRC - More
- October 07, 2009 | Item | E-mail

Oro Gold Adds Third Drill Rig at High-Grade Trinidad Gold Project, Mexico - More
- October 07, 2009 | Item | E-mail

Eastplats Reports Operating Results for the Quarter Ended September 30, 2009 - More
- October 07, 2009 | Item | E-mail

Bralorne Receives Permit to Mine the 51B and Taylor Zone - More
- October 07, 2009 | Item | E-mail

Linear Metals Provides an Update on the Seymour Lake Lithium Project - More
- October 07, 2009 | Item | E-mail

Grayd Announces Financings - More
- October 07, 2009 | Item | E-mail

Baffinland Reports High Grade Assays From The Newly Discovered Deposit No. 5 - More
- October 07, 2009 | Item | E-mail

Sulliden to Host Conference Call Today at 10:00 AM EST - More
- October 07, 2009 | Item | E-mail

Centamin Egypt: AIM Cancellation and Admission to Official List - More
- October 07, 2009 | Item | E-mail

Marathon PGM: Development Plans for Geordie Lake Deposit - More
- October 07, 2009 | Item | E-mail

Lake Shore Gold Releases Updated National Instrument 43-101 Report for Timmins Mine - More
- October 07, 2009 | Item | E-mail

Wayside Drills 84.4m (277.0 feet) of 16.5 g/T (0.481 oz/t) Gold Including 37.5m (123.1 feet) of 36.1 g/T (1.052 oz/t) Gold - More
- October 07, 2009 | Item | E-mail

Katanga Announces Termination of Remaining Relationship Agreements - More
- October 07, 2009 | Item | E-mail

Sabina Silver Announces Significant New Gold Discovery Near the Goose Lake Gold Deposit - "The Back River Project includes the Goose Lake gold deposit, which currently hosts 1.57 million tonnes grading 11.9 g/t Au for a contained indicated resource of 603,000 ounces of gold and an additional 1.83 million tonnes grading 9.2 g/t Au for a contained inferred resource of 295,000 inferred ounces of gold. Significant exploration opportunities to find more, good grade, open-pitable gold ounces were identified and a target set to identify the potential to add 500,000 ounces on the Goose property." More
- October 07, 2009 | Item | E-mail

Claude Resources Inc. Increases Third Quarter Gold Production by 80% - "During the third quarter the Seabee Project produced approximately 14,000 ounces, representing an increase of over 80% above the second quarter in 2009. "Seabee operations and underground exploration produced solid results during the third quarter. Our ability to deliver higher tonnage and grade through our central mill facility is continuing into the fourth quarter," stated Philip Ng, Vice President, Mining Operations." More
- October 07, 2009 | Item | E-mail

Minefinders Announces Exercise of Over-Allotment Option - "Minefinders Corporation Ltd. ("Minefinders" or the "Company") (TSX:MFL - News)(AMEX:MFN - News) today reported that the underwriting syndicate of its recently closed bought deal offering, led by BMO Capital Markets and Scotia Capital Inc., has exercised in part their over-allotment option for the purchase of an additional 350,000 common shares of the Company at a price of C$10.65 per share for gross proceeds of C$3,727,500." More
- October 07, 2009 | Item | E-mail

Taseko Provides Third Quarter Production Update - "Metal production in the quarter was affected by a geotechnical problem, related to surface soil instability at the edge of the Granite Pit, which occurred in mid-July. As a result, mining operations had to deviate from the mine plan for the balance of the third quarter. Subsequently, ore release could only be achieved from mining faces that were significantly below the Granite Pit average grade. Normally, lower grade ore would be mined in conjunction with higher grade ore to maintain the pit average grade. Additionally, the lower grade ore resulted in decreased metal recoveries that negatively affected production. The combination of lower grade and lower metal recoveries reduced metal production by approximately four million pounds of copper and 100 thousand pounds of molybdenum for the third quarter." More
- October 07, 2009 | Item | E-mail

New Gold Announces $15 Million Prepayment of, and Amendment to the Mesquite Mine Term Loan Facility and Board Update - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) announces that it has agreed to amend the Mesquite mine term loan facility and make a prepayment of $15 million. The prepayment reduces the outstanding principal of the loan to $45.8 million, with scheduled repayment by June 30, 2012. As at June 30, 2009, New Gold had $141 million of cash. In addition, the company received gross proceeds of $107 million from an equity financing which closed on September 11, 2009. After the $15 million loan prepayment and a $3 million sweep payment, New Gold has $250 million of outstanding debt." More
- October 07, 2009 | Item | E-mail

Gammon Gold Announces US$100MM Bought Deal Financing - "Gammon Gold Inc. (the "Company") (TSX:GAM - News)(NYSE:GRS - News) announces that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and UBS Securities Canada Inc. under which the underwriters have agreed to purchase on a bought deal basis 11,240,000 common shares (the "Common Shares") at a price of US$8.90 per Common Share for gross proceeds of US$100,036,000 (the "Offering")." More
- October 07, 2009 | Item | E-mail

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