-- Posted 12 November, 2009 | | Source: SilverSeek.com

The Metals:

Gold climbed to a new record high of $1122.80 in Asia, but it then fell back off for most of trade in London and New York ended near its session low of $1102.70 with a loss of 0.75%.  Silver climbed to as high as $17.75 in early Asian trade before it also fell back off for most of the rest of trade and ended near its session low of $17.177 with a loss of 1.37%.

Euro gold remained at about €744, platinum lost $11 to $1349.50, and copper fell a couple of cents to about $2.94.

Gold and silver equities fell about 3% by late morning and remained near that level for the rest of the day.

The Economy:

“The federal deficit hit a record for October as the new budget year began where the old one ended: with the government awash in red ink.

Economists worry that if such deficits continue it could push up interest rates, further dragging on the fragile economic recovery.

The Treasury Department said Thursday that the deficit for October totaled $176.4 billion, even higher than the $150 billion imbalance that economists expected.

The deficit for the 2009 budget year, which ended on Sept. 30, set an all-time record in dollar terms of $1.42 trillion. That was $958 billion above the 2008 deficit, the previous record holder.

October was the 13th straight month to show a monthly deficit -- another record. It was the fifth-largest monthly deficit ever.”

Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000  Bloomberg

Foreclosures dip 3 pct. in October from September  Yahoo

Tomorrow at 8:30AM EST brings Import and Export Prices for October and the Trade Balance for September expected at -$31.8 billion.  At 9:55 is Michigan Sentiment for November expected at 71.0.

The Markets:

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

Oil fell on worries over demand after the Energy Information Administration reported that crude inventories built 1.8 million barrels, gasoline inventories built 2.6 million barrels, and distillates rose 349,000 barrels.

Treasuries fell after today’s 30-year bond auction saw a bid to cover of just 2.26 with a high yield of 4.469%.

The U.S. dollar index rose on risk aversion as disappointing sales figures from Wal-Mart sent the Dow, Nasdaq, and S&P roughly 1% lower by the end of the day.

Among the big names making news in the market today were Wal-Mart, Intel and AMD, KKR, 3Com, and Activision.

The Commentary:

“Well, there's been lots of smoke billowing out of the secret world of gold in the last few weeks. The Germans... and now the Canadians... are blowing this whole thing wide open, so it's only a matter of time before the U.S. bullion banks find themselves in some sort of crisis situation... if they aren't there already. How far [and for how long] they can keep kicking the gold and silver cans down the road remains to be seen. But, I would suspect, it won't be for much longer.

In a private letter to his clients yesterday, Ted Butler feels the same way. We both suspect that the days of the market management of the precious metals [and a lot of other things] are numbered.

However, I'm still very concerned about the precious metals share price action... plus the non-confirmation of silver. I feel that both are being held back to make sure that neither confirms the breakout in the gold price. Am I seeing things here, you might ask? Well, I don't think so... especially with the silver price. If this isn't the case, then both have a lot of catching up to do... and fast.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

“The US Dollar/Euro $1.50 "Maginot Line"

We have spoken about how contra-productive government intervention is in the market and by public statement.

Sure you get short term influence. But what you do is set up dollar defense bunkers with their foundation in wet sand.

To save you from a tome, the concept is that no government by market intervention and public statement alone (devoid of major economic policy change) can turn the trend in its currency as that is an attempt to re-create the Bretton Woods Agreement single handedly.

Remember the huge expression of glee in the markets when unemployment went from 9.5% to 9.4%, heralded as a major economic turnaround?

12,000 less people showing up for unemployment insurance money is not a trend changer, nor an economic event of merit. This event resulted in a major public address by the President of the USA this morning.”- Jim Sinclair, JSMineset.com

GATA Posts:

IMF economists lament dollar-based financial system

GATA's Catherine Austin Fitts interviewed by GoldSeek's Chris Waltzek

Barrick is scurrying around apologizing for hedge book

The Statistics:

Activity from: 11/11/2009

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

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.

The Miners:

Seabridge’s (SA) third quarter results, Newmont’s (NEM) production at Yanacocha, Rubicon’s (RBY) closed bought deal financing, Gammon Gold’s (GRS) third quarter results, ITH’s (THM) assay results, Fortuna’s (FVI.V) third quarter results, Excellon’s (EXN.TO) assay results, Sabina’s (SBB.TO) updated preliminary economic assessment, Orko Silver’s (OK.V) drill results, and First Majestic’s (FR.TO) third quarter results were among the big stories in the gold and silver mining industry making headlines today.

WINNER

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:

Fortuna Reports Record Revenue of US$ 13.23 Million and Mine Operating Income of US$ 7.07 Million in Q3 of 2009 - "The Company recorded a net loss in the current quarter of US$0.56 million which was due primarily to negative mark-to-market movements on our commodity hedge book. The Company's base metal price protection program generated a loss on commodity contracts of US$3.47 million during the third quarter of 2009 compared to a gain of US$0.69 million for the same period of 2008." More
- November 12, 2009 | Item | E-mail

Seabridge Gold Files Third Quarter 2009 Financial Statements and MD&A - "During the three month period ended September 30, 2009 Seabridge posted a net loss of $1,135,000 ($0.03 per share) compared to a loss of $895,000 ($0.02 per share) for the same period last year. During the third quarter, Seabridge invested $11,222,000 in mineral interests, primarily at KSM, compared to $6,960,000 during the same period last year. At September 30, 2009, net working capital was $12,911,000 compared to $30,628,000 at December 31, 2008." More
- November 12, 2009 | Item | E-mail

Tri-Valley Mineral Unit Retains Avalon Development Corporation to Write CNI 43-101 Reports on Alaska Gold Projects - More
- November 12, 2009 | Item | E-mail

Freewest Announces Settlement on Challenge to Shareholder Rights Plan - More
- November 12, 2009 | Item | E-mail

Uranium International Corp. Enters Into Formal Option Agreement With Geoforum Scandinavia AB for Mineral Leases on Four Uranium Properties in Sweden - More
- November 12, 2009 | Item | E-mail

Goldcliff Discovers New Copper-Gold Targets at Copper Mountain - More
- November 12, 2009 | Item | E-mail

Newmont eyes steady production at Peru gold mine - "Newmont Mining Corp (NEM.N) said on Thursday it expects output at Yanacocha -- one of Latin America's largest gold mines -- to hold steady in the next few years, contradicting an earlier forecast made by its partner." More
- November 12, 2009 | Item | E-mail

Full Metal Amends OG Property Agreement and Issues Options - More
- November 12, 2009 | Item | E-mail

Capella Announces Results From Annual and Special Meeting - More
- November 12, 2009 | Item | E-mail

Merrex Gold Inc. Retains Renmark Financial Communications Inc. - More
- November 12, 2009 | Item | E-mail

Bullion Monarch Mining, Inc. Increases Stake in Gold Mountain Property - More
- November 12, 2009 | Item | E-mail

Excellon Announces Additional High-Grade Assays and the Purchase of Golden Minerals' Interest in the Platosa Property - "Excellon Resources Inc. (TSX:EXN - News) is pleased to announce that it has agreed to purchase the remaining 49% joint venture interest in a large portion of the Platosa Property from Golden Minerals Company, for US$2.0 million in cash and a 1% Net Smelter Returns royalty subject to completion of definitive documentation and satisfaction of customary closing conditions." More
- November 12, 2009 | Item | E-mail

Canarc Resource Drill Program Intersects Gold at Tay-LP Property, Yukon - More
- November 12, 2009 | Item | E-mail

Norsemont Announces Exercise of Bought-Deal Over-Allotment Option - More
- November 12, 2009 | Item | E-mail

Hathor Intersects 28 m of 12.71% U3O8 with Assays Up To 82% U3O8 Located 200 Metres from Roughrider Zone - More
- November 12, 2009 | Item | E-mail

Eau Claire Drill Assays Multiple Half-Ounce Vein Intercepts - More
- November 12, 2009 | Item | E-mail

Sage Drills 5.75 g Au/t Over 5.19 Metres-Pillars - More
- November 12, 2009 | Item | E-mail

Sierra Minerals Announces New Gold Discovery in Mexico - More
- November 12, 2009 | Item | E-mail

Anglo Swiss Resources Appoints Thomas J. Obradovich to Its Board of Directors - More
- November 12, 2009 | Item | E-mail

Crocodile Gold Announces Details of Major Exploration Program - More
- November 12, 2009 | Item | E-mail

Glass Earth Gold's Ophir Gold Prospect: Evaluation Study and Exploration Update - More
- November 12, 2009 | Item | E-mail

First Pursuit Commences Drilling on La Tuna, Sonora Mexico - More
- November 12, 2009 | Item | E-mail

Alexandria Releases New Trench Results At Akasaba Grading Up To 7.62 g/t Au Over 0.5 m and Will Begin First Major Drill Campaign - More
- November 12, 2009 | Item | E-mail

Romarco Minerals Inc. Appoints V.P. Investor Relations - More
- November 12, 2009 | Item | E-mail

Golden Band Resources Inc.: Gold Grades Increased at Thunder Prospect - More
- November 12, 2009 | Item | E-mail

Paragon Signs Deal to Acquire High-Grade Gold Project in Northwestern Ontario - More
- November 12, 2009 | Item | E-mail

Net Income for the 7th Consecutive Quarter - More
- November 12, 2009 | Item | E-mail

Ur-Energy Updates Lost Creek Developments Ur-Energy Webcast Today - More
- November 12, 2009 | Item | E-mail

Blue Note Mining Enters into Binding Agreement to Acquire X-Ore Resources; Both Boards Unanimously Support Transaction - More
- November 12, 2009 | Item | E-mail

Uranerz Announces Drilling Update on Powder River Basin Projects - More
- November 12, 2009 | Item | E-mail

Excalibur Launches Major Exploration Program in the Sturgeon Lake Mining Camp - More
- November 12, 2009 | Item | E-mail

Virginia Mines Inc.: $2.4 M Flow-Through Private Placement Financing - More
- November 12, 2009 | Item | E-mail

Premium Exploration Begins Phase-Two Drilling to Continue Gold Resource Delineation and Exploration at Friday-Petsite Project - More
- November 12, 2009 | Item | E-mail

Robex is starting its drilling campaign on Nampala - More
- November 12, 2009 | Item | E-mail

Sabina Gold & Silver Corp. Announces Update to Hackett River Preliminary Economic Assessment - "The PEG PEA updates an original study released in 2007 completed by Wardrop Engineering Inc. ("Wardrop"). The new study incorporates more detailed information and considers changes in the project scope based on new developments at Hackett River including the new resource model and metallurgical recoveries announced earlier this year, along with different mining/operating methods, inclusion of near surface resources at the Jo Zone and updated commodity prices." More
- November 12, 2009 | Item | E-mail

Eastern Platinum Reports Results for the Three Months Ended September 30, 2009 - More
- November 12, 2009 | Item | E-mail

New resource estimates for James and Redmond deposits show significant increase over historical resources - More
- November 12, 2009 | Item | E-mail

Pelangio Exploration Grants Options - More
- November 12, 2009 | Item | E-mail

Mosquito Continues to Expand CUMO Deposit - More
- November 12, 2009 | Item | E-mail

Magma Metals Set to List on Toronto Stock Exchange - More
- November 12, 2009 | Item | E-mail

Azimut's partner Goldcorp makes progress on the Wabamisk gold property, James Bay region, Quebec - More
- November 12, 2009 | Item | E-mail

Starcore Engages Financial Advisor - More
- November 12, 2009 | Item | E-mail

Caledonia Mining Announces Third Quarter 2009 Results - More
- November 12, 2009 | Item | E-mail

Franconia Launches Waste Characterization Studies at Birch Lake Copper-Nickel-PGM Project - More
- November 12, 2009 | Item | E-mail

Appleton Exploration Inc. Commences Drilling at the Manalo Gold Project in Mali - More
- November 12, 2009 | Item | E-mail

Orex and Osisko Sign Option and Joint Venture Agreement - More
- November 12, 2009 | Item | E-mail

Renforth Resources Inc. Appoints New Director of the Company - More
- November 12, 2009 | Item | E-mail

Etruscan's Youga Gold Mine reports October production - More
- November 12, 2009 | Item | E-mail

Network completes airborne surveys on its Yukon property - More
- November 12, 2009 | Item | E-mail

Ironwood Gold Corp. Welcomes Senior Geologist Rodney Blakestad as Director - More
- November 12, 2009 | Item | E-mail

Merc Discovers New Gold Zone Within the Red Mountain Syncline and Expands Mineralization at Damoti Lake Gold Project, NWT - More
- November 12, 2009 | Item | E-mail

Colossus Minerals Announces an Amendment to the Partnership Agreement with Coomigasp - More
- November 12, 2009 | Item | E-mail

Quaterra Initiates In-Fill Core Drilling at Nieves Silver Deposit - More
- November 12, 2009 | Item | E-mail

Glen Eagle Acquires the Osprey Gold Mine - More
- November 12, 2009 | Item | E-mail

Cogitore Expands Copper-Zinc Mineralization at Scott Lake - More
- November 12, 2009 | Item | E-mail

Gowest Reports New Soil Anomalies Indicate the Frankfield East Gold Deposit May Be Part of Larger Gold-Hosting System - More
- November 12, 2009 | Item | E-mail

Advanced Explorations' New Tuktu Iron Ore Discovery Averages 34% Iron - More
- November 12, 2009 | Item | E-mail

Wesdome Q3 Results - Production and Bullion Inventory Build - More
- November 12, 2009 | Item | E-mail

Augen Gold Corp. Announces 2009 Exploration Program and Secured Loan Facility of up to $1,100,000 with Augen Capital Corp. - More
- November 12, 2009 | Item | E-mail

Malaga Inc. announces appointment of a new Director - More
- November 12, 2009 | Item | E-mail

Quest B-Zone Drilling Returns 1.22% Over 55.0 M and 1.27% Over 20.1 M Total Rare Earths, Continues to Expand Resource, Strange Lake Project, Quebec - More
- November 12, 2009 | Item | E-mail

Redstar Starts Drilling on Red Lake Gold Project - More
- November 12, 2009 | Item | E-mail

Brett's Hammond Reef Delivers Robust Economic Results - More
- November 12, 2009 | Item | E-mail

Central Commences Drill Program on Newman Todd Property - More
- November 12, 2009 | Item | E-mail

Grayd Makes New Discovery at La India - More
- November 12, 2009 | Item | E-mail

Paladin Energy Ltd: Financial Report for the Quarter Ending 30 September 2009 - More
- November 12, 2009 | Item | E-mail

Capstone Reports Strong Third Quarter and Year-to-Date Financial Results - More
- November 12, 2009 | Item | E-mail

Uranium Energy Corp Grants Option to Neutron Energy to Acquire the Company's Interest in the Cebolleta Uranium Project in New Mexico for $11 Million - More
- November 12, 2009 | Item | E-mail

Boxxer announces preliminary metallurgical test work results - More
- November 12, 2009 | Item | E-mail

FNX Reports Third Quarter Results - More
- November 12, 2009 | Item | E-mail

Anvil Mining Reports Third Quarter 2009 Results - More
- November 12, 2009 | Item | E-mail

Rubicon Minerals announces closing of Cdn $86 million bought deal financing - Yahoo! Finance - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) (the "Company" or "Rubicon") is pleased to announce that it has closed its previously announced bought deal equity financing of 18,975,000 common shares (which includes the exercise in full of the over-allotment option of 2,475,000 common shares) at a price of Cdn$4.55 per share for aggregate gross proceeds to the Company of Cdn$86,336,250." More
- November 12, 2009 | Item | E-mail

Orko Silver Continues to Receive Encouraging Drilling Results - "Diamond drill hole BP09-375 yielded 15.65 metres grading Au 0.579 g/t and Ag 439.4 g/t for a silver-equivalent of 474.1 g/t. Included in this hole is an interval of 5.85 metres grading Au 1.146 g/t and Ag 942.0 g/t for a silver-equivalent of 1,010.7 g/t. Also of note is hole BP09-392 with 16.89 metres grading Au 0.441 g/t and Ag 225.3 g/t for a silver-equivalent of 251.8 g/t." More
- November 12, 2009 | Item | E-mail

First Majestic Silver Corp.: Record Third Quarter Financial Results - "The Company generated net income of $1.8 million or $0.02 per common share for the quarter ended September 30, 2009 compared to a net loss of $0.4 million or $(0.01) per common share for the quarter ended September 30, 2008, and a net income of $1.0 million or $0.01 per common share for the second quarter ended June 30, 2009. The net income for this quarter was after recording non-cash stock-based compensation expense of $0.5 million, a foreign exchange loss of $0.4 million, and an income tax recovery of $0.6 million." More
- November 12, 2009 | Item | E-mail

Gammon Gold Reports Third Quarter Financial Results and the Eighth Consecutive Quarter of Positive Operating Cash Flow - "The Company has reported its eighth consecutive quarter of positive operating cash flow. During the third quarter the Company has generated $13.9 million in operating cash flow primarily as a result of the ongoing operational enhancements achieved throughout the Company's operations. Adjusted earnings of $0.05 per share prior to foreign exchange losses and severance costs and stock-based compensation associated with changes to executive management." More
- November 12, 2009 | Item | E-mail

International Tower Hill Continues to Expand Livengood Gold Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX-V:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce assay results for 17 new drill holes in proximity to the Money Knob gold deposit at Livengood project, Alaska. The new results continue to expand the eastern half of the deposit, which includes the Sunshine, Northeast, Money Knob and Southwest Zones. In addition, significant new mineralization was discovered in the Northwest Zone (MK-RC-0279 - 15 metres @ 3.7 g/t gold and MK-RC-0281 - 23 metres @ 0.9 g/t gold) extending the deposit 500 metres to the west. This will be a new prospective area for resource expansion in 2010 (Figure 1)." More
- November 12, 2009 | Item | E-mail

- Chris Mullen, Gold Seeker Report

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

© Gold Seeker 2009

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

Latest Articles Gold Seeker Closing Report: Gold and Silver Fall Over 2% More 13 December, 2011 Gold Seeker Closing Report: Gold and Silver Fall Almost 3% 12 December, 2011 Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week 9 December, 2011 Gold Seeker Closing Report - Article Archive List