Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 5% and 6% This Week

	Close	Gain/Loss	On Week
Gold	$1094.90	+$6.15	+5.30%
Silver	$17.33	UNCH	+6.65%
XAU	173.84	+1.83%	+10.99%
HUI	442.17	+2.11%	+13.12%
GDM	1312.31	+2.04%	+12.29%
JSE Gold	2530.43	+69.01	+6.40%
USD	75.75	+0.03	-0.84%
Euro	148.48	-0.19	+0.97%
Yen	111.20	+1.05	+0.09%
Oil	$77.43	-$2.19	+0.56%
10-Year	3.503%	-0.030	+3.27%
Bond	118.4375	+0.21875	-1.43%
Dow	10023.42	+0.17%	+3.20%
Nasdaq	2112.44	+0.34%	+3.29%
S&P	1069.30	+0.25%	+3.20%

Gold spiked to as high as $1097.80 immediately following the release of this morning’s jobs report before it quickly dropped back down to as low as $1086.55, but it then rose to a new record high of $1100.95 by a little after 9:45AM EST and chopped its way slightly lower into the close to end at a new record high with a gain of 0.56%. Silver rose to $17.59 in early London trade before it fell with gold in early New York trade to as low as $17.253 and then rebounded to as high as $17.60 by about 9:45AM EST, but it also fell back off into the close and ended unchanged on the day.

Euro gold rose to about €738, platinum lost $16.50 to $1339, and copper remained at about $2.95.

Gold and silver equities rose over 3% in the first hour of trade before they fell back off a bit midday, but they still ended with about 2% gains.

Report	For	Reading	Expected	Previous
Nonfarm Payrolls	Oct	-190K	-175K	-219K
Unemployment Rate	Oct	10.2%	9.9%	9.8%
Average Workweek	Oct	33.0	33.1	33.0
Hourly Earnings	Oct	0.3%	0.1%	0.1%
Wholesale Inventories	Sep	-0.9%	-1.0%	-1.3%
Consumer Credit	Sep	-$14.8B	-$10.0B	-$9.9B

The BLS Net Birth/Death adjustment added 86,000 payrolls to October’s data. The Unemployment rate rose to a new 26 year high.

Next week’s economic highlights include Initial Jobless Claims and the Treasury budget on Thursday, and Export and Import Prices, the Trade Balance, and Michigan Sentiment on Friday.

Oil fell markedly on worries over low energy demand after Nonfarm Payrolls fell more than expected and the Unemployment Rate topped 10% for the first time since 1983.

The U.S. dollar index and treasuries found only slight gains as the poor economic data did not send the Dow, Nasdaq, and S&P markedly lower since the dour news was offset by the comfort that it will encourage the fed to keep it fed funds rate in a record low range for an extended period of time. All three indices were able to end with minor gains.

Among the big names making news in the market Friday were Blackstone, British Airways, Royal Bank of Scotland, AIG, Citigroup, Old dominion, and Starbucks.

By now the government’s data release of this morning’s unemployment number is already baked into the market cake. The crummy news served to reinforce the notion, that helicopter Ben and company will continue their mission of protecting us all from global warming by filling the air with so many scraps of paper (aka – dollars) that they will serve to blot out the sun and keep us much cooler. No wonder it is so dad gum cold this year. In plain speak – Quantitative easing is alive and well and shows no signs whatsoever of being endangered any time soon.

The news sent gold careening upward breaking through the $1,100 barrier and making yet another all time high in nominal terms. Pre-weekend selling emerged as profit takers met up with gold perma bears to back gold off the session high but dip buyers continued to come in and push it back off the lows. Again, this is occurring with the Dollar actually gaining against the Euro and selling emerging in crude oil, the grains, natural gas and sugar and livestock. I mention this point because the hedge fund algorithms that have taken over the commodity markets would generally be selling gold under such circumstances. Yet gold is higher in spite of these factors. That is most remarkable. Not only that, this time the mining shares are actually higher even with the stock market struggling to hold on to its meager gains today.

As a point of interest, many of you follow John William’s wonderful work over at Shadowstats which cuts through the BS that the ministry of propaganda publishes on a regular basis and serves up to the generally gullible sheep. You have thus long known that the official statistics regarding the unemployment rate are not at all credible. I do find it interesting however that even at the government’s own official web site (http://www.bls.gov/news.release/empsit.t12.htm), the more realistic U6 numbers are actually horrendous (Seasonally adjusted at 17.5% compared to the headline number of 10.2%). If even these numbers are fudged, and we know that they are, one can only imagine how bad the true rate of unemployment is in this nation.

That is why chatter about the Fed withdrawing liquidity from the system is so imbecilic. The only reason some Fed governors even broached that subject a while back was a quixotic attempt to prevent a complete rout in the US Dollar by carry traders. Today’s data makes their public ponderings seem even more futile than ever notwithstanding all the publicity and hoopla surrounding their little ol’ dry run attempt to fine tune their actual mechanism with which to do so.

Technically gold is very strong on the weekly charts with all of the major moving averages trending solidly higher. It is a bit overbought on the daily chart and is showing some signs of selling but that is not to be unexpected after its performance this past week. The news from India this week brought about an entire new dynamic in the market and has many now looking for further Central Bank purchases to provide a strong floor of support on any bouts of price weakness.

We will more than likely see a repeat of last week’s data in this week’s Commitment of Traders data with swap dealers and commercials adding to shorts while managed money and CTA’s added to longs. The specs are in the driver’s seat right now and have not shown any signs yet that they are tiring.

Gold in terms of both the Euro and British Pound continues to perform exceptionally well. Yen priced gold is holding up fairly well but has been somewhat held back by the run into the Yen during periods of equity weakness and risk aversion.”- Dan Norcini, More at JSMineset.com

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.055 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.81 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 8,740.15 - No change from yesterday’s data.

Claude’ (CGR) third quarter results and Silvermex’s (SMR.V) new directors 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.

Capital Gold Announces a 27% Increase In Gross Proceeds for First Fiscal Quarter - More
- November 06, 2009 | Item | E-mail

Gold World Resources - Progress with Financing - More
- November 06, 2009 | Item | E-mail

Ditem Explorations: Shares for Debt Agreement - More
- November 06, 2009 | Item | E-mail

Mazorro Resources Announces Closing of Fully-Subscribed Private Placement Offering - More
- November 06, 2009 | Item | E-mail

Salazar Provides Corporate Update - More
- November 06, 2009 | Item | E-mail

Premier - Red Lake Joint Venture to benefit from major underground development project - Discovers new gold horizon - More
- November 06, 2009 | Item | E-mail

Calibre Provides Corporate Update - More
- November 06, 2009 | Item | E-mail

Cougar Samples Up to 1.8 oz/t Au From Vena Property in Manitoba - More
- November 06, 2009 | Item | E-mail

Avion Run-Rate for October Greater Than 7,500 Ounces of Gold - More
- November 06, 2009 | Item | E-mail

Constitutional Court of Costa Rica Issues Initial Ruling - More
- November 06, 2009 | Item | E-mail

Opawica Announces Yukon Massive Sulphide Project Acquisition, Completion of Financing, and New President and CEO - More
- November 06, 2009 | Item | E-mail

Hana Mining Shareholders Approve Shareholder Rights Plan - More
- November 06, 2009 | Item | E-mail

Yale Samples 2.02 g/t Gold And 31.2 g/t Silver Over 18.5 M At Orofino - More
- November 06, 2009 | Item | E-mail

Critical Path to Finalize Formation's Idaho Cobalt Project Mine Plan Established - More
- November 06, 2009 | Item | E-mail

Nitinat Minerals Corporation Announces Closing of Private Placement - More
- November 06, 2009 | Item | E-mail

Excel Gold Mining Announces the Appointment of Mr. Jacques Roy as Chairman of the Board and Chief Executive Officer - More
- November 06, 2009 | Item | E-mail

Golden Valley Mines-19,000m Definition Drill Program on the Jeffrey Zone Osisko Reports Drill Program Now Underway on Malartic CHL Prospect - More
- November 06, 2009 | Item | E-mail

Lydian Announces Private Placement - More
- November 06, 2009 | Item | E-mail

Petaquilla Board and Management Appointments - More
- November 06, 2009 | Item | E-mail

Wallbridge Mining Discovers 2.5 km Section of Hess Offset Dyke at Pele Mountain's Sudbury Project - More
- November 06, 2009 | Item | E-mail

Matamec Appoints MI3 as Investor Relations Firm - More
- November 06, 2009 | Item | E-mail

Labrador Iron Mines Environmental Impact Statement Accepted for Schefferville Area Iron Ore Project - More
- November 06, 2009 | Item | E-mail

First Uranium enters into $50 million gold stream Transaction with Gold Wheaton Barbados Corporation - More
- November 06, 2009 | Item | E-mail

Goldrich Announces Plans to Commence Commercial Gold Production at Chandalar, Alaska - More
- November 06, 2009 | Item | E-mail

Allied Gold Receives Conditional TSX Listing Approval - More
- November 06, 2009 | Item | E-mail

Kalahari Resources Announces Drilling to Follow-Up on Past High-Grade Intersection of 236.57 g/t Gold Over 0.88 Meters - More
- November 06, 2009 | Item | E-mail

Redzone Executes Definitive Option Agreement to Acquire an Interest in Las Palmas Property in Mexico - More
- November 06, 2009 | Item | E-mail

Gold Wheaton Enters Into Gold Purchase Agreement With Respect to First Uranium's Ezulwini Gold and Uranium Mine - More
- November 06, 2009 | Item | E-mail

The L-13 Zone - San Gold Discovers Another New High Grade Zone Near Surface - More
- November 06, 2009 | Item | E-mail

Crosshair Announces Delay of Annual General Meeting to December 18, 2009 - More
- November 06, 2009 | Item | E-mail

Castle Gold Announces Terms of Private Placement - More
- November 06, 2009 | Item | E-mail

Australian Solomons Gold's Mails Supplemental Statement / Notice of Change - More
- November 06, 2009 | Item | E-mail

Alexis Gold Mill Refurbishment On Schedule and On Budget - More
- November 06, 2009 | Item | E-mail

Freewest Announces Hearing on Shareholder Rights Plan - More
- November 06, 2009 | Item | E-mail

Osisko Releases Third Quarter 2009 Results - More
- November 06, 2009 | Item | E-mail

Centamin Egypt Limited: First Day of Dealings on the Official List - More
- November 06, 2009 | Item | E-mail

Sulliden Exploration Commences Trading as Sulliden Gold Corporation - More
- November 06, 2009 | Item | E-mail

Lake Shore Gold and West Timmins Mining Complete Business Combination - More
- November 06, 2009 | Item | E-mail

Claude Resources Inc. Announces Third Quarter Results - "Claude Resources Inc. ("Claude" or the "Company") today announced third quarter production results of 14,180 ounces of gold, a 19 percent increase over the 11,962 ounces produced during the third quarter of 2008. For the quarter ended September 30, 2009, the Company recorded a net loss of $0.4 million or $0.00 per share. This compares to a net loss of $1.7 million, or $0.02 per share, for the same period in 2008. Cash flow from mining operations during the third quarter increased to $5.3 million, or $0.05 per share, from $1.6 million, or $0.02 per share, for the same period last year." More
- November 06, 2009 | Item | E-mail

Silvermex Elects New Directors - "Silvermex Resources Ltd. (the "Company") (TSX-V:SMR - News) announces that on November 4, 2009 it held its Annual and Special Meeting wherein the following directors were elected to the board: Arturo Bonillas, Bruce Bragagnolo, Duane Nelson, Joseph J. Ovsenek, Kenneth C. McNaughton and Michael H. Callahan." More
- November 06, 2009 | Item | E-mail

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