Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Over 1% and 8% on the Week

	Close	Gain/Loss	On Week
Gold	$1039.80	-$6.70	-1.46%
Silver	$16.25	-$0.38	-8.09%
XAU	156.63	-3.34%	-8.98%
HUI	390.89	-3.35%	-9.06%
GDM	1168.63	-3.13%	-8.95%
JSE Gold	2378.15	-68.57	-8.15%
USD	76.39	+0.42	+1.21%
Euro	147.06	-1.29	-1.95%
Yen	111.10	+1.74	+2.30%
Oil	$77.00	-$2.87	-5.16%
10-Year	3.392%	-0.109	-2.39%
Bond	120.15625	+1.46875	+0.95%
Dow	9712.73	-2.51%	-2.60%
Nasdaq	2045.11	-2.50%	-5.08%
S&P	1036.19	-2.81%	-4.02%

Gold saw slight gains in Asia, but it then fell back off for most of the rest of trade and ended near its late session low of $1034.80 with a loss of 0.64%. Silver followed a similar pattern and ended near its low of $16.13 with a loss of 2.29%. Both metals have, however, recovered about 0.5% in after hours trade at the time of writing.

Euro gold remained at about €705, platinum lost $10 to $1320, and copper fell over 7 cents to about $2.95.

Gold and silver equities fell about 6% by mid-afternoon, but they then stormed back higher in the last couple of hours of trade and ended with only about 3% losses.

Report	For	Reading	Expected	Previous
Personal Income	Sep	0.0%	0.0%	0.1%
Personal Spending	Sep	-0.5%	-0.5%	1.4%
PCE Prices	Sep	-0.5%	-0.5%	-0.5%
Core PCE Prices	Sep	0.1%	0.2%	0.1%
Employment Cost Index	Q3	0.4%	0.4%	0.4%
Chicago PMI	Oct	54.2	49.0	46.1
Michigan Sentiment	Oct	70.6	70.0	69.4

Next week’s economic highlights include Construction Spending, the ISM Index, and pending Home Sales on Monday, Factory Orders on Tuesday, ADP Employment, ISM Services, and a FOMC Rate Decision on Wednesday, Productivity and Initial Jobless Claims on Thursday, and Wholesale Inventories, Consumer Credit, and October’s jobs data on Friday.

Risk aversion came back into play today, so oil fell as the U.S. dollar index and treasuries rose while the Dow, Nasdaq, and S&P dropped over 2.5% on poor economic data that inspired market participants to pull money out of high yielding assets.

Among the big names making news in the market Friday were Washington Post, Duke Energy, Chevron, Cisco, Aon, Ford, and AIG.

1. The move from 1.5025 in the Euro to the present level of 1.4752 is a product of modest intervention and a great deal of verbal intervention.

2. There is a monetary consequence of intervention that adds liquidity to liquidity.

There are two types of intervention in the foreign exchange markets, sterilized and unsterilized. Unsterilized just intervenes whereby the intervention directly impacts the intervening country’s money supply. In today’s situation, unsterilized intervention would cause rates to rise in the euro if continued, certainly impacting the ability of Euroland to maintain the illusion of recovery.

If unsterilized intervention were to occur, more than likely at this time it would be very short term and therefore ineffective.

"Conventional academic wisdom holds that "sterilized" interventions have little impact on the exchange rate and are a waste of time and of the government’s foreign exchange reserves. In a sterilized intervention, the central bank offsets the purchase or sale of foreign exchange by selling or purchasing domestic securities so as to keep the domestic interest rate at its target. Since the domestic interest rate usually is considered the main determinant of the value of the domestic currency, many argue, it must change in order to influence the exchange rate."

Either way, both unsterilized and sterilized intervention in the economic condition the world is facing now are absolute wastes of time that will not establish a maintainable currency level. There is no currency market SUSTAINABILITY to all the talk impacting markets today.

We are witnessing the death of the dollar as the reserve currency of choice this winter and a major bull market in gold that will go to $1224, $1650 and then on to Alf’s numbers.”- Jim Sinclair, JSMineset.com

COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.83 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 8,744.00 - This represents a +131.43 tonne change from yesterday’s data.

Harmony’s (HMY) gold production, Nevsun’s (NSU) completed financing, Solitario’s (XPL) notice from Metallic Ventures (MVG.TO), Keegan’s (KGN) test results, Eldorado’s (EGO) resource estimate, Centerra’s (CG.TO) third quarter results, and ECU Silver’s (ECU.TO) assay results were among the big stories in the gold and silver mining industry making headlines Friday.

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

Armistice Resources Corp. completes financing - More
- October 30, 2009 | Item | E-mail

Castle Gold Announces Management Change - More
- October 30, 2009 | Item | E-mail

Medoro Completes Acquisition of Colombia Goldfields Ltd. - More
- October 30, 2009 | Item | E-mail

Oremex Resources Inc. Files Fiscal 2009 Third Quarter Financial Statements - More
- October 30, 2009 | Item | E-mail

Laurion Mineral Exploration Inc. announces warrant extension application - More
- October 30, 2009 | Item | E-mail

Volta signs earn-in agreement with ACC Resources on Volta's Bansié permit in Burkina Faso - More
- October 30, 2009 | Item | E-mail

Dorato Resources Inc.: Polymetallic Mineralization Discovered at Lucero Target, Condor Gold-Copper Belt, NW Peru - More
- October 30, 2009 | Item | E-mail

Cardero Completes $1,000,000 Investment in Trevali Resource Corp. - More
- October 30, 2009 | Item | E-mail

Galway Shareholders approve Shareholder Rights Plan - More
- October 30, 2009 | Item | E-mail

Geodex Reports Encouraging Exploration Results on Its Flume Ridge Tungsten Property in New Brunswick-Drill Program Underway - More
- October 30, 2009 | Item | E-mail

Centamin Egypt: Publication of Prospectus and Cancellation to Trading on AIM - More
- October 30, 2009 | Item | E-mail

Moneta comments on Timmins regional transactions adjacent to its North Tisdale property - More
- October 30, 2009 | Item | E-mail

Glen Eagle Acquires Gaz Gold Mine - More
- October 30, 2009 | Item | E-mail

Western Troy Completes Drilling at Schefferville Gold Prospect, Forms "Canadian Remote Power Corporation" and Signs Employment and Severance Agreements - More
- October 30, 2009 | Item | E-mail

Jien Canada Reiterates That Canadian Royalties Offers Are Full and Final - More
- October 30, 2009 | Item | E-mail

Centamin Egypt Reports on Activities in the Quarter Ended September 30, 2009 - More
- October 30, 2009 | Item | E-mail

Kalahari Resources to Acquire Remaining Interest in Flagship Lamaque Gold Project - More
- October 30, 2009 | Item | E-mail

Klondike Silver Corp Samples 1705 g/t Silver, 1.71 g/t Gold, and 12.2% Lead more Than 500 Meters Beyond Known High-Grade Trenches - More
- October 30, 2009 | Item | E-mail

HudBay to Re-Start Chisel North Mine and Snow Lake Concentrator - More
- October 30, 2009 | Item | E-mail

Ironwood Gold Corp. Announces Strategic Project Acquisition -- Company Appoints Senior Leadership - More
- October 30, 2009 | Item | E-mail

American Creek to commence Ironmist drill program - More
- October 30, 2009 | Item | E-mail

Luna Gold accelerates expiry date of outstanding share purchase warrants - More
- October 30, 2009 | Item | E-mail

Altius Reports on 2009 AGM Results and Grant of Stock Options - More
- October 30, 2009 | Item | E-mail

Tiger Resources Issues September 2009 Quarterly Report - More
- October 30, 2009 | Item | E-mail

VMS Ventures to Begin Phase One Drilling on the Tower Zone at the Reed Lake Property, Snow Lake Manitoba - More
- October 30, 2009 | Item | E-mail

Golden Spirit Enters the Gold Mining Sector - More
- October 30, 2009 | Item | E-mail

Duluth Metals confirms 12 million Indicated ounces and 6 million Inferred ounces of contained palladium, platinum and gold - More
- October 30, 2009 | Item | E-mail

Harmony says Q1 gold production up 6 pct - "Harmony Gold Mining Co. (HARJ.J) said on Friday gold production for the first quarter exceeded its own forecast, rising 6 percent from the preceding quarter, helping to mitigate the impact of a stronger rand." More
- October 30, 2009 | Item | E-mail

Nevsun Completes Cdn$32,775,000 Financing - "Nevsun Resources Ltd. ("Nevsun") (TSX:NSU - News)(AMEX:NSU - News) is pleased to announce that it has completed its non-brokered private placement financing of 11,500,000 common shares at Cdn$2.85 as reported on October 20, 2009. The common shares sold in the private placement are subject to a Canadian hold period that expires on March 1, 2010. The common shares sold in the United States or to, or for the account or benefit of, U.S. persons are subject to additional resale restrictions under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")." More
- October 30, 2009 | Item | E-mail

ECU Silver Highlights New Assays From Development Work - "ECU Silver Mining Inc. (TSX:ECU - News) is pleased to announce assay results which include samples that ranged up to 210 grams per tonne (g/t) of gold (Au) and up to 2,582 g/t of silver (Ag). The assay results include 204 samples collected from development work on level 19, currently the deepest level, at the Santa Juana Mine on the main Velardena Property." More
- October 30, 2009 | Item | E-mail

Solitario Exploration & Royalty Receives Notice from Metallic Ventures Gold Inc. of Superior Offer - "Solitario Exploration & Royalty Corp. (NYSE Amex: XPL)(TSX: SLR - News)("Solitario") announced that it received a notice on October 29, 2009 from Metallic Ventures Gold Inc. (TSX: MVG - News)("Metallic Ventures") that Metallic Venture's Board of Directors has determined that it has received a superior offer from International Minerals Corporation ("IMZ")." More
- October 30, 2009 | Item | E-mail

Keegan's Esaase Project Preliminary Metallurgical Test-Work Suggests Gold Recoveries of 93% Possible - "Keegan Resources ("Keegan") (TSX:KGN - News)(AMEX:KGN - News) announces results of a metallurgical test program on samples from the Esaase deposit in Ghana conducted at Amdel Limited in Perth WA during the first three quarters of 2009. The program examined a number of conventional processing options including whole ore cyanidation and gravity gold recovery followed by carbon in leach (CIL) cyanidation. Test work was conducted on core samples from both oxide and fresh material from the Esaase deposit." More
- October 30, 2009 | Item | E-mail

Eldorado Gold Corporation: Efemcukuru Update-Mineral Reserves Increase by 23% - "Following completion of the 2009 drill program on the Efemcukuru North Ore Shoot the Company and its consultants have carried out a review of the mineral resource and mineral reserves for the project. The measured and indicated resource estimate previously reported in 2008 has been increased by approximately 10%. This increase in ounces has resulted from minor changes in the previously defined South Ore Shoot ("SOS") and Middle Ore Shoot ("MOS") and further definition of a larger measured and indicated resource in the North Ore Shoot ("NOS") area." More
- October 30, 2009 | Item | E-mail

Centerra Gold Reports Third Quarter Results, Net Earnings of $20 Million or $0.09 per Share - "Centerra Gold Inc. (TSX:CG - News) today reported third quarter net earnings of $20.2 million or $0.09 per common share based on revenues of $158.8 million compared to net earnings of $16.9 million or $0.08 per common share on revenues of $139.4 million in the same quarter of 2008." More
- October 30, 2009 | Item | E-mail

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