Gold Seeker Weekly Wrap-Up: Gold Ends the Week at a New Record High

	Close	Gain/Loss	On Week
Gold	$1146.20	+$4.25	+2.72%
Silver	$18.45	-$0.01	+6.40%
XAU	184.28	-0.84%	+1.82%
HUI	472.64	-0.96%	+2.64%
GDM	1398.13	-0.88%	+2.00%
JSE Gold	2604.63	+38.54	+1.90%
USD	75.61	+0.33	-0.97%
Euro	148.63	-0.56	-0.38%
Yen	112.38	+0.03	+0.78%
Oil	$76.72	-$0.74	+0.48%
10-Year	3.356%	+0.007	-2.13%
Bond	120.875	+0.0625	+1.20%
Dow	10318.16	-0.14%	+0.46%
Nasdaq	2164.04	-0.50%	-0.18%
S&P	1091.37	-0.32%	-0.19%

Gold saw decent gains in Asia before it fell almost 1% in London to as low as $1132.70 by a little before 8AM EST, but it then rallied back higher throughout most of trade in New York and ended with a gain of 0.37% at a new record closing high. Silver fell to as low as $18.025 before it also climbed back higher in New York and ended with a loss of just 0.05%.

Gold has also risen back above $1150 at the time of writing in after hours access trade, but it so far has not breached its record intraday high of $1152.87 set this past Wednesday.

Euro gold rose to about €772, platinum gained $1 to $1435.50, and copper gained a few cents to about $3.11.

Gold and silver equities fell over 2% by midmorning before they rallied back higher in afternoon trade, but they still ended with slight losses.

There were no major economic reports today. All of this week’s prior economic reports:

Next week’s economic highlights include Existing Home Sales on Monday, GDP, the Case Shiller 20 City Index, Consumer Confidence, and the FHFA Home Price Index on Tuesday, and Personal Income and Spending, PCE Prices, Initial Jobless Claims, Durable Goods Orders, Michigan Sentiment, and New Home Sales on Wednesday.

Oil fell as the U.S. dollar index and treasuries rose on a continued mood of economic inspired risk aversion that sent the Dow, Nasdaq, and S&P modestly lower on the day.

Among the big names making news in the market Friday were JM Smucker, D.R. Horton, Dell, Berkshire Hathaway, and Goldman Sachs.

“As I mentioned yesterday, it will probably be next Friday's Commitment of Traders report before we can get a clear picture of what has happened around Monday's option expiry. Today's COT report will be out at 3:30 p.m... and I'm not expecting really big changes. So far, it doesn't look like either the longs nor the shorts are blinking much. The outrageous short positions in both gold and silver still exist... and the bullion banks still are going short against all new longs placed... and there hasn't been anything more than a hint of an orchestrated sell-off yet. Maybe it won't happen... and with only two trading days left to go... it's looking more unlikely with each passing hour. But, as Yogi Berra said... "It ain't over 'till it's over."

The CME Delivery Report showed virtually no deliveries in any metal. There were no changes reported at the GLD ETF yesterday... but, once again, it was different story at SLV. For the second day in a row... and the sixth time this month... they reported another huge inflow of silver. This time it was 3,045,669 troy ounces... which brings their November silver intake up to 12.1 million ounces. My back-of-the-envelope calculation indicates that they still need to bring in at least another 25 million ounces to cover the short positions that the SLV managers have in lieu of the real metal. Normally, JPMorgan [the custodian of the SLV's silver] would just engineer a sell-off in the silver market, the price would fall, the SLV mangers would buy back the shares they sold short... and not have to provide the metal to their silver ETF at all. This also allows JPMorgan to cover a boatload of their obscene short position on the Comex as well. It appears [at the moment] that this option is not in the cards. Don't you just love 'free' markets?”– From Ed Steer’s Gold & Silver Daily, read the full report here.

We are in a storm of verbal intervention where the US dollar is concerned. Everything from statements that cannot be based on data such as the US dollar is "the mother of all carry trades," to the warnings to the East by Western Central banks not to apply currency controls as they are ineffective, to the Maginot Line drawn in the sand in the Euro at $1.50, are all structured to slow down the decline of the US dollar at a critical point in its descent.

On the other side of the coin the fundamentals for the dollar are not supportive.

All the moves towards currency diversification by central banks remain in place. Many central banks and Vietnam by increasing its importing of gold are following in the footsteps of India and China.

There is no question that there are governmental stops in the price of gold. If you read Armstrong’s conviction last evening, you know about the effects of imports and the ongoing long-term problems in the housing market and financial sectors that render no fundamental support for the dollar.

As the dollar makes it’s way below key levels already outlined to you and gold moves toward $1650 and beyond, there will be times like now where the advice of top callers seems rational, but is not.

I do not address my comments to those seeking a tip sheet or who are traders. I see that as contra-productive in the gold field now.

Understanding what is happening in complex currency trades, the impact of imports/export, and the financial industry that is now able to mark up toxic paper at will is not easy.

Those who have been here from the beginning will recall that when gold passed $529.40 it entered into a runaway and trading was suggested only for professionals.

I would like to reiterate that it is only going to get harder between here and $1650 and after on the way to Alf and Armstrong’s numbers. Swings can be hundreds of dollars from high to low in single days.

Treat gold like the insurance policy it is with your gold and gold related item cost being the cost of the arrangement.

Ask yourself if you are succumbing to a top caller if you really want to be long dollars for any appreciable period of time.

Do not be run ragged by algorithm and hedge fund trading. Carry markets can be extremely violent.

Look at CIT and Middle America. Look at unemployment, and do not succumb to the new normal in a depraved economic world.

Have courage because you are going to need more than you already have called upon.

I am here for you to the absolute ability of one man communicating. Speculate if you must, but don’t call me when you hit the fan.

For those that understand the insurance character of gold, stand strong and stay the course.

The chart below depicts the balance at the Federal Reserve of its Custodial Accounts, which for some of our new readers, is basically the US debt holdings of Foreign Central Banks around the world. As such, it is a good way to gauge the relative indebtedness of the US.

I have been constructing this chart every week now for many years and each week I look at it and post the new data, I have to sigh in despair at what is portends for my children. Our nation is hopelessly bankrupt for all practical purposes as there is no way under heaven that a debt of this magnitude will ever be repaid in its entirety unless of course the currency in which the debt is denominated is deliberately debauched and drops precipitously in value. This is precisely what China is angry about, and I might add, rightfully so.

For the Chinese to go out of their way to formally rebuke the US ruling elites and monetary officials about the commodity bubble that is occurring courtesy of the collapsing US Dollar, is quite remarkable given their penchant for etiquette and tact. One can easily discern just how irritated not only China, but all of Asia is with the US. At some point, this tension is going to erupt in a much larger way. Heaven help us all when it does because it will be marked by a period of soaring interest rates as a buyer’s strike occurs in the US Treasury market.

The middle class will be the victims in all of this as the find themselves unable to keep up with the rapid increases in the cost of living.”- Dan Norcini, More at JSMineset.com

“With the U.S. Stock Market approaching my upside target of DJIA 10,500 – 11,000, I’ve now begun to look closely for a selling point. Given next week begins a seasonally strong period for the stock market, I may not be saying Ba Hum Bug until after Christmas. Stay tuned.

The U.S. Dollar is showing signs of a doable short- to intermediate-bottom but needs to get above 78 on the U.S. Dollar Index to confirm, IMHO. Such a move could lead to a significant bear market rally so we shall watch closely.

If and when such a dollar rally takes hold, one should not assume it’s curtains for gold (as much as the mortally wounded perma-gold bears are praying for). Gold has so many long-term bullish factors going for it which I hope to discuss as we move closer to year-end. For now, it continues to demonstrate an ability to self-correct intra-day and my target of $1,200 for this year still remains a strong possibility. As I’ve stated often, $1,000 gold has gone from being a ceiling to floor so those looking to buy on weakness should not expect to buy gold again for three digits for quite some time.”- Peter Grandich, Grandich Letter

COMEX Gold Trust (IAU) Total Tonnes in Trust: 80.72: +0.91 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,116.04: +94.73 change from yesterday’s data.

Randgold’s (GOLD) project license sale and Impact’s (IPT.V) third quarter 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.

Sirios Resources Inc.: Closing of $145,000 Private Placement - More
- November 20, 2009 | Item | E-mail

Amseco Closes $225,000 Private Placement - More
- November 20, 2009 | Item | E-mail

CBR Gold Corp. Announces $2M Private Placement - More
- November 20, 2009 | Item | E-mail

Otish Energy Acquires the Lac Des Coudes Copper-REE Property, Lac St-Jean Area, Quebec - More
- November 20, 2009 | Item | E-mail

Fancamp Grants Stock Options - More
- November 20, 2009 | Item | E-mail

Bravo Encounters 18.2g/t Au and 946g/t Ag over 7.0 Metres at Homestake Ridge - More
- November 20, 2009 | Item | E-mail

Conway Resources Starts Bulk Sampling on the Conway and Paquin Veins - More
- November 20, 2009 | Item | E-mail

Benton Identifies Bulk Tonnage Target at Golden Harp Cook Zone; Including 1.69 g/t Au Over 37.6 m, 2.05 g/t Au Over 45.1 m, 1.36 g/t Au Over 15 m, and 0.92 g/t - More
- November 20, 2009 | Item | E-mail

IMPACT SILVER ANNOUNCES THIRD QUARTER NET EARNINGS OF $785,000 AND OPERATING CASH FLOW OF $2.4 MILLION - "IMPACT Silver Corp. ("IMPACT") is pleased to announce its financial and operational results for the quarter ended September 30, 2009 from the high grade silver Royal Mines of Zacualpan District in Mexico. IMPACT had a very active quarter of operations resulting in a significant increase in net income and cash flow from operations due to higher production and increased revenue from silver sales." More
- November 20, 2009 | Item | E-mail

Orvana Outlines Mine Development Plans and Reports Fiscal 2009 Production - More
- November 20, 2009 | Item | E-mail

Arianne's Scoping Study Shows That an Exploitation on the Lac a Paul Deposits Would Be Very Profitable - More
- November 20, 2009 | Item | E-mail

Western Troy Stakes Claims in the Strange Lake Rare Earth Deposit Area of Quebec, President Loesby Invited to Speak to House of Commons Committee - More
- November 20, 2009 | Item | E-mail

Red Pine Exploration Announces Private Placement Offering - More
- November 20, 2009 | Item | E-mail

Dia Bras Announces Appointment of Officers and Grant of Options - More
- November 20, 2009 | Item | E-mail

J-Pacific Prepares for Growth - More
- November 20, 2009 | Item | E-mail

Augusta Receives New Permitting Schedule for Rosemont Copper Project - More
- November 20, 2009 | Item | E-mail

Crosshair Closes Concurrent Private Placements for Gross Proceeds of $2,275,000 - More
- November 20, 2009 | Item | E-mail

Ventana Announces Additional Drill Results-Step-Out Drilling on El Cuatro Confirms Extension of La Mascota Mineralization; Infill Drilling Intercepts 110 Metres - More
- November 20, 2009 | Item | E-mail

Iberian Minerals Reports Q3 Condestable Operating Results, Aguas Tenidas and Hedging Updates, And Updates 2009/2010 Guidance - More
- November 20, 2009 | Item | E-mail

Grayd Increases Gold Recoveries at La India - More
- November 20, 2009 | Item | E-mail

Randgold Resources Limited Announces Sale of Kiaka Project License to Volta Resources Limited in Exchange for Cash and Common Shares of Volta - "Randgold Resources Limited (NASDAQ:GOLD - News) ("Randgold") today announced that it completed, pursuant to an acquisition agreement dated October 15, 2009 between Randgold and Volta Resources Inc ("Volta"), its previously announced sale of its interest in the Kiaka license, camp assets and licence data to Volta in exchange for cash consideration of C$4,000,000 and an aggregate of 20,000,000 common shares of Volta ("Common Shares")." More
- November 20, 2009 | Item | E-mail

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