Gold Seeker Closing Report: Gold and Silver Rise With Stocks and Oil

	Close	Gain/Loss
Gold	$1057.00	+$6.70
Silver	$17.58	+$0.18
XAU	178.05	+0.88%
HUI	448.69	+0.60%
GDM	1337.97	+0.51%
JSE Gold	2593.90	-31.06
USD	75.37	-0.24
Euro	149.40	+0.35
Yen	110.32	+0.34
Oil	$79.61	+$1.08
10-Year	3.395%	-0.022
T-Bond	119.90625	+0.34375
Dow	10092.19	+0.96%
Nasdaq	2176.32	+0.91%
S&P	1097.91	+0.94%

Gold traded mostly slightly higher in Asia and London before it fell to see a $2.80 loss at as low as $1047.50 by about 10AM EST in New York, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.64%. Silver followed a similar pattern and ended with a gain of 1.03%. Both metals are also adding to their gains in after hours access trade at the time of writing.

Euro gold rose to about €707, platinum gained $17 to $1354, and copper gained over 11 cents to about $2.96.

Gold and silver equities saw over 1% losses about a half hour into trade, but they then rallied back higher for most of the rest of trade and ended with almost 1% gains.

There were no major economic reports today. Tomorrow at 8:30AM EST brings Building Permits for September expected at 590,000, Housing Starts expected at 610,000, PPI for September expected at 0.0%, and Core PPI expected at 0.1%.

Oil rose to a new high for the year while the U.S. dollar index fell as the Dow, Nasdaq, and S&P gained almost 1% on better than expected earnings reports that raised hopes over the economy. Treasuries reversed early losses and turned higher after the New York fed “said tests of its reverse repurchase agreements tool do not signal it is moving toward monetary tightening.”

Among the big names making news in the market today were IBM, Gannett, Sprint and IPCS, Hasbro, Eaton, and Li & Fung.

What some say the Fed should do and what the Fed will do are two different things.

A well-read weekly publication featured an article with authoritative quotations suggesting the Federal Reserve will raise interest rates to 2%.

If government statistics are to be taken at face value and the financial banking system really is in a recovery mode, such opinions would be hard to argue with. Sometime when you hear this you wonder if the main contribution of such an article is to make the statement that a low in economic activity has been established and the financial side, although not wholly sound, is free of systemic challenge.

You can also see this opinion emanating from financial people as their businesses are turning in record breaking profits and record breaking bonuses which has to say to them everything is all right with the world.

The truth of the situation is more akin to CIT, which is once again today leaning at more than a 60% angle toward bankruptcy. Any loans coming from the private sector will seek to be placed as the most senior debt that invites the likely final result of liquidation of the company, its business and assets.

CIT is to Middle America what Lehman was to the financial world. CIT needs not only to stay free of bankruptcy, but also to be financed to the degree that they can be competitive in price and service levels to their clients.

It would seem to me that if you cannot meet your debt obligations you cannot conduct your normal day to day business.

That leaves the suggestion of increasing interest rates as at best academic, for if it were to occur, you could write off Middle America into one big Detroit. Car sales will not happen. The volt even with a $7500 government rebate will bomb out, as even then it is not price competitive with the Prius, a real mileage maker. Regional banking would continue to implode at an accelerating rate as commercial debt stresses the rest of the system.

Politically speaking that would be suicidal. The call for further bailouts would be deafening.

If what should be done was in the past done, we would not be where we are today.

Certainly that is what the US dollar and Gold say about it, today.”- Jim Sinclair, JSMineset.com

The CCI is knocking on the door of the 50% retracement level – the reflation effort by the Fed has hot money pouring into that sector to the extent that it has recaptured half of its losses from July 2008, when the fallout from the credit meltdown began in earnest and the Japanese Yen carry trade began its unwinding process.

The Yen carry has now been replaced by the Dollar carry trade which is the cause behind the effect of rising commodity prices. The price rise is speculator driven as fundamentals in many of these markets do not support prices at current levels. Demand for the real product however, which in some cases has not been particularly impressive, is being supplemented by speculative demand which is forcing commercial hedgers to back away from many of these markets.

In a perverse manner, the US monetary authorities have set in motion a process that will gut the middle class, robbing it of purchasing power as the cost of energy and food begins to rise in an environment of stagnant to falling wages. Stagflation is coming back in full force with unsuspecting consumers watching in dismay as their paychecks are eaten up by this vile, insidious process that the parasitical money masters have unleashed upon them.”- Dan Norcini, More at JSMineset.com

	Product name	Total Tonnes	Total Ounces	Total Value
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)	SPDR® Gold Shares	1109.314	35,665,560	US$37,459m
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )	Gold Bullion Securities	132.49	4,257,941	US$4,517m
Australian Stock Exchange (ASX)	Gold Bullion Securities	14.37	460,420	US$490m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	52.70	1,694,350	US$1,775m
NASDAQ Dubai	Dubai Gold Securities	0.155	4,987	US$5m

Profile as of 10/16/2009
Total Net Assets	$2,541,753,569	Ounces of Gold in Trust	2,419,519.809
Shares Outstanding	24,650,000	Tonnes of Gold in Trust	75.26

Profile as of 10/16/2009
Total Net Assets	$4,792,107,480	Ounces of Silver in Trust	276,900,396.800
Shares Outstanding	281,650,000	Tonnes of Silver in Trust	8,612.57

IAMGOLD’s (IAG) exploration update, New Gold’s (NGD) third quarter gold sales, Randgold’s (GOLD) sold project interest, Endeavour’s (EXK) third quarter silver production, and Fortuna’s (FVI.V) third quarter silver production 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.

Fortress Reports Drill Mobilization Underway to Malmyzh and Limonite Projects, Drilling to Commence Immediately - More
- October 19, 2009 | Item | E-mail

Tournigan Awards Prefeasibility Study of Kuriskova Uranium Deposit - More
- October 19, 2009 | Item | E-mail

Alto Group Holdings Inc. Undertakes Bulk Sample at Alto-Ashanti Gold Project in Ghana, West Africa - More
- October 19, 2009 | Item | E-mail

Matamec Closes a $1,535,000 Private Placement! - More
- October 19, 2009 | Item | E-mail

Endeavour Silver Reports Production Results for Third Quarter, 2009 - "Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX:EDR - News)(TSX:EDR.WT - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announced today that silver production for the Third Quarter, 2009 from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State, totalled 661,903 ounces (oz) silver, up 6% compared to Q3, 2008." More
- October 19, 2009 | Item | E-mail

Hudson Provides Project Update and Confirms Warrant Exercise - More
- October 19, 2009 | Item | E-mail

Nationwide mining strike stumbles in Peru - "A nationwide strike by Peruvian miners drew limited support on Monday as laborers stayed on the job at key copper and gold mines, even as they demanded the government pass laws to improve benefits." More
- October 19, 2009 | Item | E-mail

Sharks circle, but record gold price not ideal bait - "Fear that gold prices will retreat from current record highs will likely discourage the return of the takeover frenzy that gripped the gold-mining industry before the global economic crisis struck, market players say." More
- October 19, 2009 | Item | E-mail

Staccato Reports Windfall Project Drill Results - More
- October 19, 2009 | Item | E-mail

Visible Gold Mines appoints new vice-president exploration - More
- October 19, 2009 | Item | E-mail

Sparton Closes Second Tranche of Non-Brokered Private Placement Financing - More
- October 19, 2009 | Item | E-mail

CanAlaska appoints new Chief Financial Officer - More
- October 19, 2009 | Item | E-mail

Nuinsco Announces Positive Metallurgical Test Results From Prairie Lake - More
- October 19, 2009 | Item | E-mail

First Nickel Announces an Update to the Feasibility Study Economic Model Completed on the Lockerby Depth Project - More
- October 19, 2009 | Item | E-mail

Garson Gold Appoints Pamela Strand to Board of Directors - More
- October 19, 2009 | Item | E-mail

Exploration Diamond Drilling to Start Soon on Abcourt's Elder and Tagami Gold Properties - More
- October 19, 2009 | Item | E-mail

Tulawaka Mine Produces 29,489 Ounces of Gold During the Third Quarter of 2009 - More
- October 19, 2009 | Item | E-mail

Abitex completes first tranche of private placement raising $662,950 - More
- October 19, 2009 | Item | E-mail

Roxmark receives $2.14 million from warrants exercised - More
- October 19, 2009 | Item | E-mail

Dia Bras Announces Results From its Bolivar and Cusi Pilot-Mining Programs for the Third Quarter 2009 - More
- October 19, 2009 | Item | E-mail

Pacific Bay Minerals Ltd.: Haskins-Reed Moly Potential Enhanced, Historic Drill Core Assays Pending - More
- October 19, 2009 | Item | E-mail

Canplats Resources Corporation: Positive Preliminary Assessment For Camino Rojo Gold Project - More
- October 19, 2009 | Item | E-mail

Golden Valley Mines-Significant New Gold Mineralization Intersected on the CHL Porphyry Intrusion and Shaft Zone - More
- October 19, 2009 | Item | E-mail

Genco Announces Board & Management Appointments - More
- October 19, 2009 | Item | E-mail

SNS Silver to Acquire Advanced Ontario Gold Project - More
- October 19, 2009 | Item | E-mail

Metals Creek Resources Corp. Announces Successful Completion of Summers Prospecting Program, Including 720 g/t Gold at Flint Lake - More
- October 19, 2009 | Item | E-mail

Moydow Mines International Inc.: Announcement Re Speculation - More
- October 19, 2009 | Item | E-mail

Underworld Step-Out Holes Expand Golden Saddle Deposit, Including 3.68 g/t Au Over 91.3 meters - More
- October 19, 2009 | Item | E-mail

Lomiko Metals to Meet Lithium-Ion Battery Manufacturers During Trip to China - More
- October 19, 2009 | Item | E-mail

Maxy Gold Options Its Corina Gold Property to "Consorcio Minero Horizonte", a Private Peruvian Gold Mining Company - More
- October 19, 2009 | Item | E-mail

X-Cal Resources Ltd.: Sleeper Gold Property, Nevada Preliminary Economic Assessment - More
- October 19, 2009 | Item | E-mail

Augusta Updates Permitting Schedule for Rosemont Copper Project - More
- October 19, 2009 | Item | E-mail

Mega Uranium Ltd.: Mining Lease Granted for the Lake Maitland Project, Western Australia - More
- October 19, 2009 | Item | E-mail

African Aura Mining Inc. - 10,000 metre drill programme commences at New Liberty Gold Deposit - More
- October 19, 2009 | Item | E-mail

East Asia Minerals Intersects 1.05 g/t Gold Over 107.3 Metres Ending in Mineralization at Miwah - More
- October 19, 2009 | Item | E-mail

Norton Raises A$40.5M via Oversubscribed Placement at 32.83 cps - More
- October 19, 2009 | Item | E-mail

Luna Gold announces release of funds and shares from escrow - More
- October 19, 2009 | Item | E-mail

Four rigs drilling EurOmax gold targets - More
- October 19, 2009 | Item | E-mail

Amarc Commences Drilling The Newton Bulk Tonnage Gold Deposit Target in BC - More
- October 19, 2009 | Item | E-mail

Jinshan Achieves Another Record for Gold Production at Its CSH Gold Mine in China - More
- October 19, 2009 | Item | E-mail

Sandstorm Resources Provides Funding Update for Aurizona and Summit Projects - More
- October 19, 2009 | Item | E-mail

Diamonds North Reports 9.4 g/T and 24 g/T Gold on Amaruk - More
- October 19, 2009 | Item | E-mail

Medoro Announces Appointment of Chief Executive Officer - More
- October 19, 2009 | Item | E-mail

ATAC Resources Ltd. Steps Out and Discovers Oxidized Surface Zones and Higher Grade Sulphide Hosted Mineralization at Its Rau Gold Property - More
- October 19, 2009 | Item | E-mail

Redstar Closes Sale of Bullfrog Project to International Tower Hill Mines - More
- October 19, 2009 | Item | E-mail

Wesdome - Strong third quarter prompts further increase in production guidance - More
- October 19, 2009 | Item | E-mail

Zincore Appoints CEO and President - More
- October 19, 2009 | Item | E-mail

First Quantum Minerals Reports Third Quarter 2009 Copper Production of 93,500 Tonnes - More
- October 19, 2009 | Item | E-mail

General Metals Receives Independent Resource Calculation Totaling 1.07 Million Ounces Gold at Independence Mine, Battle Mountain, Nevada - More
- October 19, 2009 | Item | E-mail

Riverside Commences Drill Program on Sugarloaf Peak Gold Project, Arizona - More
- October 19, 2009 | Item | E-mail

Eurasian Announces Agreement to Acquire Bronco Creek Exploration Inc. - More
- October 19, 2009 | Item | E-mail

Bard Ventures Ltd.: Excellent Follow Up Target Areas Identified-Grouse Mountain Property - More
- October 19, 2009 | Item | E-mail

VG Gold Corp.: Impressive Gold Grades Intersected at Paymaster West in Timmins, Ontario - More
- October 19, 2009 | Item | E-mail

VG Gold Corp. Intersects Impressive Gold Grades at Paymaster West in Timmins, Ontario - More
- October 19, 2009 | Item | E-mail

Consolidated Goldfields Resumes Evaluation of its Pyramid Mine - More
- October 19, 2009 | Item | E-mail

African Queen Signs Earn-in and JV Agreement with Akan for Key Noyem Gold Project in Ghana's Ashanti Belt; License Being Acquired from Newmont - More
- October 19, 2009 | Item | E-mail

Greystar Resources Announces Intent to Apply for a Secondary Listing in Colombia - More
- October 19, 2009 | Item | E-mail

Golden Phoenix Minerals Reports on Scorpio Gold's Surface Exploration at Mineral Ridge Gold Deposit - More
- October 19, 2009 | Item | E-mail

Far West Mining Ltd. Announces CDN $10,000,000 Private Placement with Quadra Mining Ltd. - More
- October 19, 2009 | Item | E-mail

Grandview Gold Inc. Announces Private Placement - More
- October 19, 2009 | Item | E-mail

Crescent Resources Director Change - More
- October 19, 2009 | Item | E-mail

Mineral Hill Industries Ltd. - Non-Brokered Private Placement - More
- October 19, 2009 | Item | E-mail

Fortune Valley Announces Closing of $250,000 Convertible Debenture Financing - More
- October 19, 2009 | Item | E-mail

$400,000 Brokered Private Placement Increased to $525,000 - More
- October 19, 2009 | Item | E-mail

El Nino Ventures announces a Non-Brokered Private Placement - More
- October 19, 2009 | Item | E-mail

KWG to place flow-through shares - More
- October 19, 2009 | Item | E-mail

Fortuna Reports Silver Production of 438,186 ounces for Third Quarter - "Fortuna Silver Mines Inc. (TSX.V: FVI/Lima Exchange: FVI) - is pleased to announce production figures from the Caylloma silver-zinc-lead mine in Peru for the third quarter 2009. Year to date, Caylloma has produced 1.29-million ounces of silver and is on track to meet the forecast of 1.6-million ounces for the year." More
- October 19, 2009 | Item | E-mail

IAMGOLD Provides Third Quarter Exploration Update - "IAMGOLD Corporation ("IAMGOLD" or "the Company")(TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to provide a third quarter update on exploration activities. Exploration expenditures totalling $56 million are now planned for 2009 of which $36 million is for greenfield exploration initiatives. Activities and new projects focus on the Company's key exploration areas, namely West Africa, Quebec, the Guiana Shield, Brazil and the northern Andean regions of South America. Additionally, the Company continues to search aggressively for advanced exploration joint venture or acquisition opportunities that will provide the foundation for future growth." More
- October 19, 2009 | Item | E-mail

New Gold Announces 16% Increase in Gold Sales and 17% Decrease in Cash Cost in the Third Quarter of 2009 - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX - NGD) today announces 2009 third quarter gold sales of 77,645 ounces at a total cash cost(1) of $470 per ounce, net of by-product sales. The preliminary production and total cash cost(1) information provided are approximate figures and may differ slightly from the third quarter earnings." More
- October 19, 2009 | Item | E-mail

Randgold Signs Agreement to Sell Interest in Kiaka - "Randgold Resources Limited has signed a definitive agreement with Volta Resources Inc ("Volta")(TSX: VTR) to sell its entire interest in the Kiaka gold project in Burkina Faso to Volta for an aggregate cash consideration of CANUSD4 million and an aggregate share consideration of 20 million common shares in Volta, to be paid and issued over a period of 24 months." More
- October 19, 2009 | Item | E-mail

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