-- Posted 28 October, 2009 | | Source: SilverSeek.com

The Metals:

Gold rose as much as $5.55 to $1040.95 in Asia and then fell back off in London to see a loss of $5.40 at $1030.00 at the open in New York before it rebounded to see slight gains by midmorning, but it then fell back off into the close and ended near its new session low of $1026.67 with a loss of 0.49%.  Silver climbed as much as 21 cents to $16.73 in Asia, but it also fell back off for most of the rest of trade and ended near its late session low of $16.125 with a loss of 1.88%.

Euro gold fell to about €699, platinum lost $2.50 to $1303, and copper fell nearly 7 cents to about $2.92.

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

The Economy:

U.S. foreclosures spike in new regions in 3rd qtr  Reuters

Congress considers 'too big to fail'  Yahoo

Tomorrow at 8:30AM EST brings third quarter GDP expected at 3.2%, the Chain Deflator expected at 1.3%, and Initial Jobless Claims for 10/24 expected at 525,000.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil extended early losses after the Energy Information Administration reported that crude inventories built 800,000 barrels, gasoline inventories surprisingly built 1.6 million barrels, and distillates fell 2.1 million barrels.

The U.S. dollar index and treasuries rose after another successful bond auction added to the safe haven/cash raising/risk aversion buying inspired by the worse than expected New Home Sales data that sent the Dow, Nasdaq, and S&P falling throughout the day after mostly poor earnings reports and worries over GMAC led the indices to a lower open.

Treasury, GMAC in talks for 3rd round of US aid  Yahoo

Among the big names making news in the market today were GMAC, ConocoPhillips, GlaxoSmithKline, WellPoint, Qwest, Goodyear, K1 Hedge fund, Boston Properties, Evercore, and Apollo.

The Commentary:

“Dear CIGAs,

October 30th the Fed is planning to curtail QE regarding Treasury auctions.

November 4th is the FOMC meeting most likely to contain discussions of timing for the exit from economic stimulation.

November 7th is the G20 meeting at which BRIC nations will anticipate a cessation of QE and a commitment to establish a currency alternative to the US dollar.

Plus two other interesting events.

1. A Bradley Day

2. Consideration of the DaVinci Ratio

So fasten your seat belts because our long discussed rock and hard place will be reached shortly.

Can the Fed provide the Chinese with their demands of middle July at the USA/Chinese Washington Financial Summit in a deal to buy US Treasuries so as to let the Fed back off their US Treasury instrument auction QE.

Will the market reaction to this strategy actually prevent this strategy?

Will the present administration be comfortable with the price of the continuance of Chinese buying of US Treasury instruments?

Will the upcoming Bradley Day signal a change in the equity market rally since last April?

The DaVinci mathematical ratio does not support a top in gold of any merit here nor does it support a bottom of any merit in the US dollar.

So there is the witch’s brew we have been counting down to. The point where push comes to shove. Where theory becomes actuality. Where the desires of the Fed faces off an administration’s desire to maintain its present strong political control. Where the equities market could end their 1932 rally.

All of this occurs with no indication of a top in gold or a bottom in the dollar of real merit.”- Jim Sinclair, JSMineset.com

GATA Posts:

Those darn Middle Easterners are suspicious of paper gold

Russian finance minister raises gold sales again

Two more warnings of pervasive market manipulation

The Statistics:

Activity from: 10/27/2009

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.22 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 76.17.  This represents a +0.91 tonne change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 8,612.57 - No change from yesterday’s data.

The Miners:

Minco Gold’s (MGH) listing on the Amex and change of auditor, Ivanhoe’s (IVN) private placement from Rio Tinto (RTP), Vista’s (VGZ) receipt of permits, Eldorado’s (EGO) new mineral resource estimate, Newmont’s (NEM) dividend, Barrick’s (ABX) dividend, Minco Silver’s (MSV.TO) change of auditor, Penoles’ (Penoles.MX) third quarter profit, Sabina Silver’s (SBB.V) name change, and Fortuna’s (FVI.V) granted options were among the big stories in the gold and silver mining industry making headlines today.

No “winners” today.

LOSERS

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

All of today's gold and silver stock news:

White Pine Resources Acquires Gold Property South of Kirkland Lake - More
- October 28, 2009 | Item | E-mail

Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation (NYSE: NEM - News) today declared a regular quarterly dividend of $0.10 per share of common stock, payable December 29, 2009 to holders of record at the close of business on December 8, 2009." More
- October 28, 2009 | Item | E-mail

Baja Mining Provides Project Update - More
- October 28, 2009 | Item | E-mail

Minco Gold Advises of NYSE Notice of Continued Listing on the NYSE Amex Exchange - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) Advised in a news release dated August 13, 2009 that on August 7, 2009 the Company received a notice from NYSE Amex LLC (the "Exchange") advising that the Company is not in compliance with the continued listing standards of the Exchange as set out in the Exchange's company guide (the "Guide")." More
- October 28, 2009 | Item | E-mail

Minco Gold Announces Change of Auditor - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) hereby announces that Ernst & Young LLP, Chartered Accountants (the "Former Auditors") have resigned as auditors of the Company effective October 19, 2009. Accordingly, the Board of Directors has appointed PricewaterhouseCoopers LLP, Chartered Accountants, (the "Successor Auditors") as auditors for the Company." More
- October 28, 2009 | Item | E-mail

Minco Silver Announces Change of Auditor - "Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV - News) hereby announces that Ernst & Young LLP, Chartered Accountants (the "Former Auditors") have resigned as auditors of the Company effective October 19, 2009. Accordingly, the Board of Directors has appointed PricewaterhouseCoopers LLP, Chartered Accountants, (the "Successor Auditors") as auditors for the Company." More
- October 28, 2009 | Item | E-mail

Skyline Announces Issuance of Shares Under Shares for Debt Agreements - More
- October 28, 2009 | Item | E-mail

Trelawney Announces Chester Drill Program - More
- October 28, 2009 | Item | E-mail

Penoles third-quarter net profit drops 45 percent - "Mexican miner Penoles posted a third-quarter net profit of 496 million pesos ($37 million) on Wednesday, a 45 percent drop compared with the year-ago period, in part due to lower copper products production." More
- October 28, 2009 | Item | E-mail

Rio Alto Mining Limited: Lima Stock Exchange Listing - More
- October 28, 2009 | Item | E-mail

PAW Commences Drilling on Mozambican Licences - More
- October 28, 2009 | Item | E-mail

Coronado Resources Ltd.: Exploration Drill Results Return Gold Intercept of 17.5 Feet .607 Oz/Ton/Au - More
- October 28, 2009 | Item | E-mail

Barrick Gold Announces Dividend - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) today announced that its Board of Directors has declared a dividend of US20 cents per share, payable on December 15, 2009 to shareholders of record at the close of business on November 30, 2009. This dividend follows the US20 cents per share dividend paid on June 15, 2009." More
- October 28, 2009 | Item | E-mail

SEMAFO to Release Third Quarter Financial Results on November 9, 2009 - Q3 Conference Call Scheduled for November 10, 2009 - More
- October 28, 2009 | Item | E-mail

Fortress Intercepts 100.8 Metres Grading 2.58 g/t Gold Including 41.0 m Grading 5.57 g/t Gold at the Tamara Prospect in Channel-Cut Trench Samples - More
- October 28, 2009 | Item | E-mail

TTM Resources Inc. Corporate Update - More
- October 28, 2009 | Item | E-mail

Adventure Gold Acquires Five Highly Prospective Gold Properties Along the Detour Lake Gold Break - More
- October 28, 2009 | Item | E-mail

PolyMet Environmental Impact Statement Published - More
- October 28, 2009 | Item | E-mail

Otish Energy Acquires Claims Adjacent to Lac Du Raton Ree Property, Lac St-Jean Area, Quebec - More
- October 28, 2009 | Item | E-mail

Xtra-Gold Intersects 39.0 Meters Grading 9.23 Grams Per Tonne Gold (Uncut) on Zone 2 at Kibi Gold Trend Project, Ghana - More
- October 28, 2009 | Item | E-mail

Benton Resources & Royal Roads-Discover Nickel-Copper Sulphide Zone Assaying Up to 2.70% Ni, 0.58% Cu and 0.24% Co on Their Long Range JV - More
- October 28, 2009 | Item | E-mail

Glass Earth Announces C$500,000 Private Placement and Issuance of Shares Pursuant to Farm-In Terms - More
- October 28, 2009 | Item | E-mail

Rio Cristal Resources Updates Its Condor Gold Property - More
- October 28, 2009 | Item | E-mail

Big Red Diamond and Virginia Energy Delineates Radioactive Zone in Bedrock, Otish Mountains, Quebec - More
- October 28, 2009 | Item | E-mail

Hinterland Intersects Up to 5.2g/t Gold Over 2.0 Metres in Panache Zone at Lockout Project, Quebec - More
- October 28, 2009 | Item | E-mail

Romarco announces major resource increase at Haile - More
- October 28, 2009 | Item | E-mail

Sphere Resources Inc (the "Company") Enters Option Agreement Over Mining Claims in Scadding, Sudbury, Ontario - More
- October 28, 2009 | Item | E-mail

Jinchuan Purports to Terminate Purchase of Tiomin Kenya - More
- October 28, 2009 | Item | E-mail

Argonaut Gold Seeks to Acquire Castle Gold for a Minimum of C$1.25 Per Share - More
- October 28, 2009 | Item | E-mail

Crown Minerals makes payments for patented gold exploration claims in Timmins and Red Lake Camps - More
- October 28, 2009 | Item | E-mail

Royal Roads & Benton - Discover nickel-copper sulphide zone assaying up to 2.70% NI, 0.58% CU and 0.24% CO on their Long Range JV - More
- October 28, 2009 | Item | E-mail

Ventana Announces Additional La Mascota Drill Results-20.9 Metres at 7.3 Grams Per Tonne Gold-and Adds 10th Drill Rig - More
- October 28, 2009 | Item | E-mail

Q-Gold/Upper Canyon Joint Venture extends high-grade Mine Centre, Ontario gold-silver zone - More
- October 28, 2009 | Item | E-mail

Metalex report outcome of Annual General Meeting - More
- October 28, 2009 | Item | E-mail

Rockgate Diamond Drilling Starts on North Zone Falea Uranium-Silver-Copper Project, Mali, West Africa - More
- October 28, 2009 | Item | E-mail

Constantine Announces New Investor Relations Services - More
- October 28, 2009 | Item | E-mail

Underworld Step-Out Holes Expand Golden Saddle Deposit, Including 1.46 g/t Au Over 158.5 Meters and 1.98 g/t Au Over 67.7 Meters - More
- October 28, 2009 | Item | E-mail

Gold-Ore Reports Resource/Reserve Statement for Bjorkdal Gold Mine - More
- October 28, 2009 | Item | E-mail

Tiger Resources Limited - Kipoi Project - Development Update - More
- October 28, 2009 | Item | E-mail

Bralorne Receives a Cheque Credit for $1.3M Due to Tax Credit - More
- October 28, 2009 | Item | E-mail

Nortec (TSX VENTURE: NVT)-Project Acquisition Update - More
- October 28, 2009 | Item | E-mail

Cream Minerals Ltd. Options Blueberry Gold Property, Manitoba - More
- October 28, 2009 | Item | E-mail

Golden Hope Mines Confirms New Target for Gold and Base Metals - More
- October 28, 2009 | Item | E-mail

Capital Gold Corporation Announces Addition to Board - More
- October 28, 2009 | Item | E-mail

WTM Drilling Extends North Zone Gold System, Returns Multiple High Grade Intercepts - More
- October 28, 2009 | Item | E-mail

Jien Canada Reports Tender Results and Announces Final Extension - More
- October 28, 2009 | Item | E-mail

Pitchstone Confirms Uranium in Namibian Drill Holes - More
- October 28, 2009 | Item | E-mail

Sabina Silver Announces Name Change to Sabina Gold & Silver Corp. - Yahoo! Finance - "We are excited about this next stage in the Company's development," said Tony Walsh, President & CEO. "The name change more accurately reflects the Company's strategy to focus on accretive gold and silver assets and is the culmination of a number of objectives over the last 18 months. The name change marks the evolution of Sabina into an emerging precious metals company." More
- October 28, 2009 | Item | E-mail

Fortuna grants stock options - "Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) announces that it has granted incentive stock options to its directors and officers to purchase up to 2,150,000 shares exercisable for ten years at a price of $1.60 per share. These options are subject to the Company obtaining shareholder approval to its stock option plan." More
- October 28, 2009 | Item | E-mail

Ivanhoe Mines Receives US$388 Million From Rio Tinto to Advance Oyu Tolgoi Copper-Gold Mining Complex in Mongolia - "Ivanhoe Mines' (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News) Executive Chairman Robert Friedland announced today that the company has received US$388 million from Rio Tinto to complete Rio Tinto's Tranche 2 private placement financing announced on October 13, 2009." More
- October 28, 2009 | Item | E-mail

Vista Announces Receipt of Temporary Occupation Permits for Paredones Amarillos Gold Project - "The Temporary Occupation Permits (one for each of the seven mining concessions that cover the area of the Paredones Amarillos gold project) formally grant MPA the right to use the surface land in the project area owned by the Mexican federal government. With the Temporary Occupation Permits received, the Company has all of the documents necessary to file its application for the Change of Forest Land Use Permit ("CFLUP") which is required before the Company can commence development of the Paredones Amarillos gold project. The Company intends to file the CFLUP application in the upcoming days." More
- October 28, 2009 | Item | E-mail

Eldorado Gold Corporation: Significant Mineral Resource Increase at Kisladag - "Paul N. Wright, President & Chief Executive Officer of Eldorado Gold Corporation ('Eldorado" the "Company" or "we") (TSX:ELD - News)(NYSE:EGO - News) is pleased to announce results of a new mineral resource estimate for our Kisladag Mine. The new resource estimate, shown in Table 1, demonstrates a 32 percent increase in measured and indicated contained ounces relative to the 2008 year-end estimate. The 2009 Kisladag mineral resource is reported at a 0.3 g/t Au cut-off grade and calculated to end of third quarter 2009 mining limits." More
- October 28, 2009 | Item | E-mail

Red Back Announces West Branch Getting Bigger - More
- October 28, 2009 | Item | E-mail

Noront Resources identifies distinct gold zone at McFaulds lake property - More
- October 28, 2009 | Item | E-mail

Decade Resources Ltd.: $400,500 Private Placement Fully Subscribed and Closed - More
- October 28, 2009 | Item | E-mail

Randsburg Announces Non-Brokered Private Placement Financing - More
- October 28, 2009 | Item | E-mail

Golden Band Resources Holds 2009 Annual General Meeting - More
- October 28, 2009 | Item | E-mail

Global Gold Announces Government Measured and Indicated Reserve Approval of 1,145,000 Ounces of Gold for Toukhmanuk in Armenia - More
- October 28, 2009 | Item | E-mail

Virgin Metals Announces Closing of Private Placement - More
- October 28, 2009 | Item | E-mail

Sulliden Exploration Inc.: Shahuindo Gold Deposit Continues to Grow - More
- October 28, 2009 | Item | E-mail

Freewest Resources Board of Directors Unanimously Recommends That Freewest Shareholders Reject Noront's Hostile Takeover Bid - More
- October 28, 2009 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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