Gold Seeker Closing Report: Gold Ends at a New Record High While Silver Falls Slightly

	Close	Gain/Loss
Gold	$1166.20	+$1.60
Silver	$18.43	-$0.19
XAU	185.79	-0.64%
HUI	478.49	-0.59%
GDM	1415.15	-0.66%
JSE Gold	2607.94	-64.06
USD	75.12	+0.01
Euro	149.63	+0.01
Yen	112.95	+0.55
Oil	$76.02	-$1.54
10-Year	3.317%	-0.047
T-Bond	121.53125	+0.625
Dow	10433.71	-0.16%
Nasdaq	2169.17	-0.31%
S&P	1105.65	-0.05%

Gold fell $3 to $1161.60 in late Asian trade and rose as much as $6.55 to $1171.15 in London before it chopped its way back lower in New York, but it still ended with a gain of 0.14% at a new record closing high. Silver traded mostly slightly lower in Asia and London and fell to as low as $18.31 in New York before it rebounded a bit in the last couple of hours of trade, but it still ended with a loss of 1.02%.

Euro gold rose to about €779, platinum lost $19 to $1439, and copper fell a couple of cents to about $3.11.

Gold and silver equities fell a little over 1% at the open and remained at about that level for most of the morning before they rebounded a bit in afternoon trade, but they still ended with slight losses on the day.

Report	For	Reading	Expected	Previous
GDP	Q3	2.8%	2.8%	3.5%
GDP Deflator	Q3	0.5%	0.8%	0.8%
Case Shiller 20 City Index	Sep	-9.36%	-9.10%	-11.30%
Consumer Confidence	Nov	49.5	47.5	48.7
FHFA Home Price Index	Sep	0.0%	0.1%	-0.3%

FOMC Minutes from the fed’s November 4^th meeting showed that fed members “said record-low interest rates might fuel “excessive” speculation in financial markets and possibly dislodge expectations for low inflation.”

“Members noted the possibility that some negative side effects might result from the maintenance of very low short-term interest rates for an extended period,” minutes of the Nov. 3-4 meeting said, “including the possibility that such a policy stance could lead to excessive risk-taking in financial markets or an unanchoring of inflation expectations.”

Tomorrow at 8:30AM EST brings Personal Income for October expected at 0.2%, Personal Spending expected at 0.5%, PCE Prices and Core PCE Prices both expected at 0.1%, Initial Jobless Claims for 11/21 expected at 500,000, and Durable Goods Orders for October expected at 0.5%. Excluding transportation, Orders are expected at 0.7%. At 9:55 is Michigan Sentiment for November expected at 67.0 and at 10AM is the New Home Sales report for October expected at 405,000.

Oil fell back to about $76 after tepid economic data reinforced worries over energy demand.

The U.S. dollar index ended near unchanged as economic unease was offset by FOMC Minutes that reiterated the fed’s intentions to keep interest rates at record low levels for an extended period of time.

Treasuries added to early gains after today’s 5-year note auction saw a strong bid to cover of 2.81 at a high yield of just 2.175%.

The Dow, Nasdaq, and S&P fell in early trade on concerns over bank lending and mixed economic data, but stocks ended with only minor losses on pleasure with the fed’s continuation of easy money policy.

Among the big names making news in the market today were Barnes &Noble, Borders Group, Heinz, Hormel, Medtronic, Warner Music, Tribune, and Scripps.

“The last time that the gold market was this overbought was back at the beginning of the big bull run that started in September of 2007... and look what happened then. There was a tiny sell-off that temporarily relieved the overbought position before the price powered higher... followed by a larger consolidation that started at the beginning of November and lasted till after Christmas... before powering higher to the absolute May 2008 top. From bottom to top, gold ran up about $370 before the bullion banks pulled the pin... or around 55%.

Since that peak 20 months ago, a massive inverted head-and-shoulders pattern had been building... that finally ended with the up-side breakout on August 29th... only days after September options expiry... and almost two years to the day after the last big run-up began in 2007. Is history repeating itself? When you look at the 3-year gold chart, it's not hard to see the similarity. The pattern also looks similar to the first big run-up in gold that started in July '05 and ran until about May '06.

So, if we're about to have another big run-up in prices over the next six months, a sell-off to correct this overbought position is highly likely and totally necessary. The only question would be is; how severe... and how long? But expect it... and welcome it if/when it comes... unpleasant though it may be. And if you're looking for that long-awaited entry point, that may be it.

If I may be so bold, let's apply the gains of the last big run-up to this potential run-up. We would be looking at a peak gold price [in percentage terms] of $1,457 in this rally... using $940 as the start of the breakout... and that's only if history repeats itself exactly as last time. And it could turn out to be less than this... or maybe more, a lot more. You, dear reader, are already familiar with the reason why gold could go much higher than this... and that's the resolution of the concentrated short positions in silver and gold that CFTC chairman Gary Gensler is working on. The other positive for silver, is its hugely bullish supply/demand fundamentals... which will trump all else, sooner or later. Maybe that's why Gensler want to act on this issue before that event occurs. We'll see.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.964 tonnes, the LSE subtracted 0.54 tonnes, and the JSE added 0.12 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 80.72 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,116.04 - No change from yesterday’s data.

Tanzanian Royalty’s (TRE) private placement, Goldcorp’s (GG) exploration program update, Kirkland’s (KGI.TO) drill results, and Great Panther’s (GPR.TO) development update were among the big stories in the gold and silver mining industry making headlines today.

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

Mandalay Resources Corporation announces shareholder approval of acquisition of AGD Mining Pty Ltd. and private placement - More
- November 24, 2009 | Item | E-mail

Rodinia Minerals Inc. Announces Public Relations & Marketing Contract - More
- November 24, 2009 | Item | E-mail

Dia Bras Appoints New Chairman - More
- November 24, 2009 | Item | E-mail

Tanzanian Royalty Announces $3.14 Million Financing For Evaluation Program at Kigosi Gold Project - "Tanzanian Royalty is pleased to announce a $3.14 million private placement comprising 1,155,835 shares through two European investment funds. Proceeds from the financing will be used to evaluate and develop the Company’s Kigosi Gold Project in the Lake Victoria Goldfields of Tanzania where significant quantities of near surface, gold-bearing gravels have been indicted in several phases of RC drilling." More
- November 24, 2009 | Item | E-mail

SAMEX Mining Corp.: $1,178,000 Proceeds From Warrants Exercised - More
- November 24, 2009 | Item | E-mail

Great Panther Announces New High Grade Development at Topia Mine - "GREAT PANTHER RESOURCES LIMITED (TSX:GPR - News) (the "Company") is pleased to provide an update on the successful mine development of three areas hosting high grade silver-gold-lead-zinc mineralization at the Topia Mine. The three development areas are along the San Gregorio, Rosario and Don Benito veins. As part of the mine expansion plans (GPR news release September 16, 2009), these and other veins at the Topia mine will contribute substantially to future success." More
- November 24, 2009 | Item | E-mail

Lake Shore Gold Announces Changes to Board of Directors - More
- November 24, 2009 | Item | E-mail

Hana Mining RC Drilling Intersects 1.10% Cu and 21.2 g/t Ag Over 4 Metres in South Limb of Banana Zone; Discovers Mineralization in New Area of Banana Zone - More
- November 24, 2009 | Item | E-mail

Adroit Closes $333,784 Private Placement - More
- November 24, 2009 | Item | E-mail

Golden Goose Resources Inc. reports its 2009 third quarter results - More
- November 24, 2009 | Item | E-mail

Midlands Commences Drill Preparation For More Gold on Sian and Praso-Ghana - More
- November 24, 2009 | Item | E-mail

Starfire Minerals Inc. - News Release - More
- November 24, 2009 | Item | E-mail

Helio Continues to Intersect Wide Zones of Gold Mineralisation at the Porcupine Target - SMP Gold Project, Tanzania - More
- November 24, 2009 | Item | E-mail

PolyMet Closes Financing-Project Update - More
- November 24, 2009 | Item | E-mail

Alix Provides Corporate Update Plus Announces Flow-Through Financing - More
- November 24, 2009 | Item | E-mail

Beaufield Surveys for SEDEX in Labrador Trough, Stakes More Claims - More
- November 24, 2009 | Item | E-mail

Nebu Quadruples Land Position at North Denton - More
- November 24, 2009 | Item | E-mail

Adriana Announces Management and Board Changes - More
- November 24, 2009 | Item | E-mail

Riverstone Resources Inc.: Karma Drilling Extends Goulagou and Rambo Gold Deposits - More
- November 24, 2009 | Item | E-mail

Tres-Or (Ghana) Limited Gold Processing Plant Operational - More
- November 24, 2009 | Item | E-mail

Maya Gold & Silver Inc.: High Grade Drill Intersections on Amizmiz Gold and Silver Project in Morocco - More
- November 24, 2009 | Item | E-mail

Orebodies Increases Lithium/Rare Metals Land Position - More
- November 24, 2009 | Item | E-mail

Southern Silver Announces Private Placement and Two Drill Programs - More
- November 24, 2009 | Item | E-mail

Temex discovers high grade gold on Latchford Gold Project 112.29 g/t and 49.75 g/t gold - More
- November 24, 2009 | Item | E-mail

Apollo Solar Energy, Inc. Announces $9,000,000 Private Placement - More
- November 24, 2009 | Item | E-mail

Mirasol reports highest grade silver yet from the La Negra zone at Joaquin with 25.4 metres of 1,164 g/t silver - More
- November 24, 2009 | Item | E-mail

Galahad Metals Inc-Gold Data Received for Regcourt Gold Deposit: Historic Ore Zone Remains Open at Depth - More
- November 24, 2009 | Item | E-mail

Denarii Resources Secures $30,000,000 Funding to Acquire Gold Property - More
- November 24, 2009 | Item | E-mail

Royal Standard Minerals, Inc. (RYSMF) Goldwedge Underground Program Nye County, Nevada - More
- November 24, 2009 | Item | E-mail

Independent metallurgical tests of LIM's James deposit show positive results - More
- November 24, 2009 | Item | E-mail

Metanor Resources Inc. Announces a Private Placement - More
- November 24, 2009 | Item | E-mail

UC Resources Vests With 40% Interest in Option Agreement, Continues Drilling at McFaulds Lake Project - More
- November 24, 2009 | Item | E-mail

Inspiration Mining Corporation: Exploration Commences for Moly & Rare Earths on Desrosiers Property-Drilling Begins - More
- November 24, 2009 | Item | E-mail

Inter-Citic Releases Third Set of Drill Hole Results From Dachang Gold Project - More
- November 24, 2009 | Item | E-mail

UEX Announces Western Athabasca Budgets Totaling $12.3 Million for 2010 and Commissions National Instrument 43-101 Compliant Resource Estimate for Shea Creek - More
- November 24, 2009 | Item | E-mail

Network's recent program at La Blanca reveals three gold zones - More
- November 24, 2009 | Item | E-mail

Rare Element Acquires Eden Lake REE Project - More
- November 24, 2009 | Item | E-mail

True North Gems Confirms Significant Rare Earth Element and Niobium Mineralization at True Blue Gem Aquamarine Property, Yukon - More
- November 24, 2009 | Item | E-mail

VMS Finalizes the Sale of the Eden Lake REE Project to Rare Element Resources Ltd. - More
- November 24, 2009 | Item | E-mail

Underworld Appoints Chris Herald to the Board of Directors - More
- November 24, 2009 | Item | E-mail

Nevada Gold Holdings Inc. Appoints David Rector as New CEO and President - More
- November 24, 2009 | Item | E-mail

Cartier Stakes New High Potential Gold Property - More
- November 24, 2009 | Item | E-mail

Resignation of Chief Financial Officer and Director - More
- November 24, 2009 | Item | E-mail

Teuton Options Red Chris Area Claims - More
- November 24, 2009 | Item | E-mail

Lydian Intersects 96m at 1g/t and Further New Gold in Final Results From 2009 Step-Out Drilling at Its Amulsar Gold Discovery in Armenia: Resource Update - More
- November 24, 2009 | Item | E-mail

Castle Gold Provides an Update on Argonaut Gold Cash Offer - More
- November 24, 2009 | Item | E-mail

Valley High Reports Results From Cordero Project, Mexico: 66 Metres Grading 17.3 g/T Ag and 1.45% Zn in a New Zone 1,200 m From DDH C09-5; Land Postion Doubled - More
- November 24, 2009 | Item | E-mail

EMC Announces Acquisition of the Technology Store, Inc. - More
- November 24, 2009 | Item | E-mail

American Creek completes Ironmist drill program - More
- November 24, 2009 | Item | E-mail

Commerce Resources Corp. Reports Updated Resource Estimate for Upper Fir Tantalum and Niobium Deposit, Blue River BC - More
- November 24, 2009 | Item | E-mail

Stelmine Acquires Two Major Rare Earth Properties in the Kipawa Region - More
- November 24, 2009 | Item | E-mail

Levon Releases Additional Results From Cordero Project, Mexico: 66 Metres Grading 17.3g/T Ag and 1.45% Zn in DDH C09-8, 1200 Metres NE of DDH C09-5 - More
- November 24, 2009 | Item | E-mail

Merrex Airborne Survey Identifies Second Major Sub-Structure (1A) Within Siribaya Mega-Structure - More
- November 24, 2009 | Item | E-mail

Uranium Energy Corp. and Uran Limited Start Exploration Drilling at the Grants Ridge Project in New Mexico - More
- November 24, 2009 | Item | E-mail

Probe Mines' Phase II Drilling Results Yield More High-Grade Chromite for the Black Creek Discovery, McFauld's Lake Area, Ontario; Significant Core Intervals - More
- November 24, 2009 | Item | E-mail

Crescent Resources Provides Update on Exploration and Staking Program at the Rattlesnake Hills Gold Properties, Wyoming - More
- November 24, 2009 | Item | E-mail

Abacus Commences Drilling Programs at Ajax East Extension - More
- November 24, 2009 | Item | E-mail

Rockcliff Acquires Former Gold Producer at Snow Lake, Manitoba - More
- November 24, 2009 | Item | E-mail

Continental Nickel Reports New Sulphide Intersections at Nachingwea, Including Massive Sulphides Grading 4.31% Nickel and 0.60% Copper Over 2.4 Metres - More
- November 24, 2009 | Item | E-mail

Brownstone Resources Updates on Its LS Grande Property - More
- November 24, 2009 | Item | E-mail

Anglo Swiss Resources Initiates Major Exploration Program on the Nelson Mining Camp - More
- November 24, 2009 | Item | E-mail

General Metals Hill Zone Oxide Gold Deposit Drill Results: 195 Feet at 0.035 OPT Gold - 0.527 OPT Silver, Includes 10 Feet of 0.223 OPT Gold 14.24 OPT Silver - More
- November 24, 2009 | Item | E-mail

Wallbridge Mining and Lonmin Plc Approve $1.25 million 2010 Program for Sudbury Camp Joint Venture - More
- November 24, 2009 | Item | E-mail

Advanced Explorations Expands Asian Business Network - More
- November 24, 2009 | Item | E-mail

Marathon Receives Optimized Definitive Feasibility Study - Significantly Improved Economics - More
- November 24, 2009 | Item | E-mail

Freewest Will Hold a Conference Call to Discuss the Plan of Arrangement With Cliffs Natural Resources Inc. - More
- November 24, 2009 | Item | E-mail

Rocher Deboule Minerals Corp.: Progress at Artillery Peak Manganese Project - More
- November 24, 2009 | Item | E-mail

Bannerman Results of 2009 Annual General Meeting - More
- November 24, 2009 | Item | E-mail

MAX drills 19.03 g/t gold over 6.1 meters at Crowsnest; includes 50.26 g/t gold over 1.5 meters - More
- November 24, 2009 | Item | E-mail

Bannerman Appoints Dr David Smith to the Board - More
- November 24, 2009 | Item | E-mail

Greystar Resource Options the La Plata Property Located Southwest of the Angostura Gold and Silver Deposit in Colombia - More
- November 24, 2009 | Item | E-mail

Goldcorp Provides Update on 2009 Exploration Program - "Red Lake High Grade Zone Continues at Depth. Several assay intervals in excess of 60 grams per tonne in the deep High Grade Zone support the strong potential for gold resource to reserve conversion between the 46 and 50 levels, as well as for new gold resources below the 50 level. A new and growing area of high grade gold called the Far East Zone has also been identified up-plunge from the High Grade Zone. In the under-explored Party Wall area ("R Zone") between Campbell and Red Lake, strong results from the deepest drilling will direct an aggressive exploration campaign in 2010." More
- November 24, 2009 | Item | E-mail

Kirkland Lake Gold Inc. and Queenston Mining Inc.: New High Grade Mineralization on South Claims JV - "Kirkland Lake Gold Inc. ("KL Gold") (TSX:KGI - News; AIM:KGI) and Queenston Mining Inc. ("Queenston") (TSX:QMI - News; FRANKFURT:QMI - News; STUTTGART:QMI - News) are pleased to announce the results from the recently completed drilling on the jointly held (50%-50%) South Claims Joint Venture property within the South Mine Complex ("SMC") and the HM Joint Venture property, both located south of KL Gold's Macassa Mine in Kirkland Lake, Ontario." More
- November 24, 2009 | Item | E-mail

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

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.