-- Posted 6 October, 2010 | | Source: SilverSeek.com

The Metals:

Gold climbed to a new record high of $1349.70 in Asia before it fell back to $1341.80 in London, but it then rallied back higher in New York and ended at a new record closing high with a gain of 0.56%.  Silver climbed to as high as $23.07 and fell to as low as $22.747 before it also rallied back higher and ended at a new 30-year high with a gain of 1.41%.

Euro gold fell to about €967, platinum gained $10.25 to $1703.50, and copper gained nearly 3 cents to about $3.75.

Gold and silver equities rose about 2% by midday before they pared their gains a bit in early afternoon trade, but they still ended with almost 2% gains.

The Economy:

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/02 expected at 455,000 and at 3PM is Consumer Credit for August expected at -$3.0 billion.

The Markets:

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

Oil turned higher after the Energy Department reported that crude inventories rose 3.1 million barrels, gasoline inventories fell 2.6 million barrels, and distillates fell 1.1 million barrels.

The U.S. dollar index fell and treasuries rose markedly on today’s worse than expected jobs data that further increased the likelihood of quantitative easing.

The Dow, Nasdaq, and S&P waffled near unchanged as worries over a poor jobs market were offset by hopes for a new round of quantitative easing.

Among the big names making news in the market today were Johnson and Johnson, Costco, and American Air.

The Commentary:

“It’s interesting times, no? I can’t remember too many days when gold was up $25 and the DOW up a couple hundred points. Believing we won’t see DJIA 15,000 and $2,000+ gold, somebody got it wrong, but whom?

U.S. Stock Market –I wish I had a dollar for every person, email and the like I received this year asking why I wasn’t shorting the U.S. stock market like I did back in late 2007. I literally received War and Peace-type emails telling me why the stock market was going to 5,000 or even 1,000 and I was missing the boat this time around.

Perhaps it was the fact that after 25+ years in and around Wall Street I’ve learned it’s not as simple as buy low and sell high or sell high and buy back low. I also know that the “Don’t Worry, Be Happy” crowd that permeates the financial services industry (and much of the media that covers it) still had some “meal” left for their sheep.

It’s so hard for most players not to be doing anything or hold neutral positions. There’s a lottery-type feeling that you always have to be in it to win it. That’s why my “Japanese-like” scenario where we go nowhere fast is hard for most to work with. That, and the fact that the vast majority of market players are gamblers seeking action more than investors willing to do little or nothing when appropriate.

In a world where it has become not only you’re only good as your last call but also what have you done for me lately, I will now look into my crystal ball knowing full well what it tastes like to eat broken glass.

I noted in recent times that the market was giving off some bullish technical signals despite pretty poor fundamentals. I’ve suggested we could rally back to the top of a trading range I’ve spoken about but such a rally would be viewed as an opportunity to implement some bearish call spreads if we got to that point.

Having first thought we could see some weakness as we draw closer to Election Day, it now seems the spin from the “Happy” people is a Republican landslide (or at least the Democrats losing control of the House and maybe the Senate) is actually good for the stock market. Sorry, but that’s just another fairytale that the horrific long-term economic, political, and social factors in grained in America will become a living nightmare for years to come.

I’m delighted to have not given in to the “world is ending” that has been around since the bottom in March 2009 and has caused those who have shorted the stock market some real pain. I’m also obviously not in a camp looking for large capital gains in general equities in the U.S. any time soon. I would welcome the DJIA returning back towards the 11,300 area and would even think of something more than just some bearish call spreads if it spiked higher on some belief the Election results are going to lead to some “new era” in America.

Stay Tuned.

U.S. Dollar – Some of you are likely tired of my constant notation that the only party that doesn’t know the U.S. Dollar is dead is the U.S. Dollar. I’ve used it in hopes of readers realizing it is indeed terminally ill and despite correctly foreseeing a bear market rally for it, the long-term secular bear market remains fully in place.

I do think we could see some significant support arise in the 74 area on the U.S. Dollar Index, especially if we simply melt away down there from here. It won’t be cause to expect anything more than some consolidation or dead-cat bounce back towards 80. My target in 2011-2012 was a new low below 70 and sadly, that looks more a question of when than if.

Gold – Since turning bullish just above $300 in 2003, I remained about as bullish as one could be except for correctly foreseeing a few corrections along the way. Earlier this year, many investors and professional alike became weak-kneed bulls, turned bearish and/or allowed the gold perma-bears to scare the Dickens out of them and missed the last few hundred dollar rise (they may not note that in their work, but if you read their commentaries they did get shaken out no matter what they now say).

I remained so bullish that I even challenge any of the gold perma-bears (and especially the most wrong and arrogant one I dubbed Tokyo Rose) by putting my money where my mouth was with a $50,000 and $100,000 challenge that none of them decided was the easy money their commentaries would have people believe. I also took shots at certain TV anchorman who brought on the most ridiculous claim yet in this “mother” of all gold bull markets – that a Mr. T indicator was signaling a fall for gold under $1,000 (and let’s not forget that Barclay’s fellow who the media had on seemingly almost every day somewhere, touting $800 gold at the beginning of the year. Funny, they give him all that airtime and GATA is laughed at all the way to the bank).

You should recall I noted my target for 2010 was $1,300 based a lot on the reverse head and shoulders pattern I spoke about that gave projections to $1,300 – $1,350. That, and several bullish fundamentals factors I constantly wrote about, kept me aggressively long up until now.

Again, knowing we live in a world of what have you done for me lately, here’s my latest thoughts on the shining yellow metal:

The key to successful investing/speculating is placing your bets on the assumption of things to unfold and be properly positioned when they do. Waiting for it to become obvious to most is at best, well into the move and at worse, near or at the end. While it’s still not obvious to everyone, we’re finally seeing a marked increase in gold. While it requires far more hand-holding when you’re among the few in a camp, it does grow increasingly uncomfortable as the boat begins to fill up.

I use both technical and fundamental analysis to derive my opinions. While the fundamentals remain strong long-term, I’m starting to get early warning technical signals. The fact that my target off the previously noted head and shoulders pattern is now being hit, also makes me edgy.

Many months ago I left the door open for a run to $1,500 this year (versus a target for 2011) if certain events unfolded. One of them was a meltdown in the U.S. Dollar. We’re not there yet, but with 9 weeks or so left of 2010, it’s still in the realm of possibility. The difficulty for me at the moment is the technical picture. I’m seeing all sorts of grade-school technicians now broadcasting all sorts of projections for gold and silver (more on silver shortly).

Given all the unprecedented bearish fundamental factors in the world today, it’s easy to accept this time it’s different. But I would sooner go with “it’s never different” this time based on technical’s and take some profits here and begin a scale-up selling process if we continue to go straight up in a parabolic style. We’re not there yet, but it’s good to start preparing for if and when it comes.

Silver – I don’t think it’s simply a coincidence that this great run began in earnest when the commodity hearings in Washington suggested to me and anyone with half a brain that the Comex silver market was being held back.  But their party was not going to have a happy ending now that the hearings took place and it was reasonable to see changes announced that would greatly impact these folks who ate well at the Crimenex.

Like gold, we could see more of a parabolic rise here if the U.S. Dollar melts away, but it, too, is giving off some overbought readings that suggest some profit-taking is warranted as the overbought condition increases. Again, neither gold nor silver warrant any mass selling or believing the ultimate high has been reached. It’s just prudent in my eyes after many years of great gains to book some profits as we go higher.

I know the question now is, “Can one still buy gold and silver?” If one has at least 6 to 12 months time horizon, yes.  But neither is a cheap and/or a slam dunk anymore. I still maintain $1,500 target for gold and $25 for silver in 2011 and if it comes sooner or later, we’ll evaluate at that time.

U.S. Bonds, Oil and Natural Gas – I wish to have no long or short commitment to these markets and own no debt instruments of any kind, especially U.S. related.

Notes of Interest

• I want to thank the many people I met in St. John’s (including the Quigley brothers) for an absolute wonderful time in a part of Canada that’s like going back in history.
• I hope to see many readers at Michael’ Campbell’s conference in Vancouver
• I will be going under the knife October 27th. Posting for several days afterwards will be very limited”- Peter Grandich, Grandich Letter

“Dear CIGAs,

The “78” floor on the USDX has now given way with the Dollar sinking into a handle of “77” in today’s session. The results are becoming almost robotic – commodity prices move higher, gold and silver shoot north, bonds levitate upward and funny money pours into the US equities market as the stars line up in favor of further Quantitative Easing. I hope our monetary lords are pleased with their offspring for this little suckling baby will soon grow into a roaring beast devouring all the substance in the land.

I do not believe history will be kind to Mr. Bernanke and company with the lone exception of Fed governor Thomas Hoenig, who has consistently been opposed to current FOMC policy and will be vindicated in his opposition to this madness. The Fed in its arrogance believes that is can somehow induce inflationary pressures into the economy and yet control it. This is akin to a 180 pound man grabbing a wild grizzly bear, slapping a leash around its neck and taking it for a walk past a meat counter. “Don’t worry, I am in complete control of this animal” were the last words that were heard from the poor dupe.

It is what it is however and the fact is that the debauchment of the US Dollar seems set in stone and with it an unprecedented rise in the price of gold and its cousin silver. Both metals shot up to resistance levels, gold hitting some light selling at $1,350 and silver seeing some near $23. The mining shares followed suit leaving the critical resistance level of 520 in the dust. The fact that they are moving away so quickly from that major resistance point and have not looked back is signaling that an upside acceleration is a very strong possibility. I would still prefer a set back towards 520 to see how the shares act there but we may not get it. As in yesterday’s post, a move back down there and a bounce up and away would confirm an upside breakout with a new higher plateau for the mining sector shares.

Even the Yen seemed immune to any potential concerns over Bank of Japan intervention and it too shot up into yet another yearly high, having now completely erased all losses from the 2 week old intervention bout conducted by the impotent BOJ. How does one say “goodbye” in Japanese – “Sayounara”. The Bank of Japan is history. Bernanke won – they lost. He is OUT Quantitative Easing the former kings of QE, the Bank of Japan. “Here’s your trillion, I’ll raise you another Trillion!”

Maybe they will beg and plead at this weekend’s upcoming meeting with their foreign counterparts and be allowed to drop one more whammy on the speculative yen longs as their final swan song, just for old time’s sake and to save some face. If not, like I said yesterday, speculators are going to take their revenge on them and shove the yen higher just to rub dirt in their faces. Was it the Klingon proverb: “revenge is a dish best served cold”? I suspect that the BOJ is more than EXTREMELY mindful of this. I still am in a mild state of shock seeing them neutered like this. Is this for real?

The fact that even the Yen is participating in the Dollar’s demise is compounding the speed at which the US Dollar is crashing through chart support levels and is aggravating the meltdown in the greenback fueling more fire into the precious metals’ move higher.

Bonds are now back at a 5 week high and look as if they want to make another run towards the recent peak near 137. It is absolutely fascinating watching a near relentless climb higher in the long end all the while the price of commodities in general as evidenced by the rising CCI are back near a two year high. Here we have a situation in which currency induced cost push inflation is right in front of our eyes to behold yet the long bond is going up instead of down. I never imaged in my wildest or most vivid imagination that such a thing would be possible and yet here it is. QE is the one and only factor that the bond market is currently engaged with. Nothing else matters for now. Indeed it seems as if the only thing than ANY of the markets care about right now is the QE.

Which brings me to crude oil – yesterday we mentioned that it appeared to be making an effort to take out $83 and if it did, a push towards $87 would be possible. It smashed through $83 today running all the way to $84 in the process as it now appears that crude, which had hitherto been exempt from the effects of the falling Dollar, is no longer able to ignore the plummeting currency. The consequences of a rise in energy prices are going to be devastating to this economy. It could not have come at a worst time for cash strapped consumers. (see the previous story posted on the web site earlier this AM). We already have a Food Stamp program, what’s next – an Energy Stamp program? Keep up the great work Ben – you’re doing a swell job helping us all out. Let’s see if crude can close above $83 for a clue as to what awaits us all on the energy front.

Back to gold’s technical picture – it ran up to psychological resistance near $1,350 before seeing a bit of light selling pressure as it once again set another record high price. Open interest continues to build which is friendly as we have yet to see any wholesale short covering by the strong shorts in this market. There are a lot of longs crowded into the market but the fundamentals are still arrayed in their favor. I continue to look for any shift AWAY from expectations of significant QE on the part of the Fed which would take some pressure off of the Dollar but so far it does not seem to be occurring. We will have to monitor fresh data releases for any signs that the economy is stabilizing on its own in order to defuse the current psychology. QE, QE and QE is the fixation of the entire investing world. As long as it is, gold will be supported on dips in price.

Light chart support in gold remains near the $1315 level although a bit of buying could be seen near $1330 in the event of a price dip here.

Silver is attempting to post a chart close over the $23 level. If it can post two such closes consecutively, it will be in good position to make a run towards $25. Chart support in silver lies first near $22 – $21.90.

The Euro is approaching the 1.40 level – expect to begin hearing rumblings out of Euro land over the level of the currency. The Dollar has support near 77; if that fails, it heads to 76. The Aussie continues grinding higher in a march that looks almost certain to reach parity with the US Dollar.”- Dan Norcini, More at JSMineset.com

GATA Posts:

Peter Grandich: March CFTC hearing sparked silver explosion

Brett Arends: Gold mania? Not quite

Bank of Japan may have fired first shot in new round of global easing

Jeff Nielson: Gold and the bond bubble(s)

The Statistics:

Activity from: 10/05/2010

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: 100.16:+0.46 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9877.20: -5.68 change from yesterday’s data.

The Miners:

Paramount’s (PZG) discovery, Great Basin’s (GBG) project update, Midway’s (MDW) gold recovery results, Pan American’s (PAAS) ringing of the opening bell tomorrow, Mines Management’s (MGN) permitting milestone, First Majestic’s (FR.TO) silver production, Alexco’s (AXU) drill results, and Silver Standard’s (SSRI) drill results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

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:

Selwyn Resources Announces Appointment of New Manager of Investor Communications - More
- October 06, 2010 | Item | ShareThis

Megastar and Eloro Announce Megastar Annual and Special Meeting - More
- October 06, 2010 | Item | ShareThis

SLAM TRENCHES MINERALIZATION AT SILVERJACK - More
- October 06, 2010 | Item | ShareThis

Cream Minerals Limited Receives Formal Offer from Endeavour Silver Corporation and Advises Shareholders to Take No Action - More
- October 06, 2010 | Item | ShareThis

Farallon Announces Completion of Collective Bargaining - More
- October 06, 2010 | Item | ShareThis

Sunridge Gold Restarts Exploration Drilling and Mobilizes a Second Drill to the Asmara Project, Eritrea - More
- October 06, 2010 | Item | ShareThis

New High-Grade Veins & Bulk Tonnage Targets at Clearwater - More
- October 06, 2010 | Item | ShareThis

Petaquilla Highlights Operating Performance - More
- October 06, 2010 | Item | ShareThis

Explor Resources Annual General Meeting - More
- October 06, 2010 | Item | ShareThis

Kodiak Drills 35m Grading 2.21 gpt Gold including 4m Grading 16.6 gpt Gold at Milestone - More
- October 06, 2010 | Item | ShareThis

Laurion Adopts Shareholder Rights Plan and Rolling Stock Option Plan - More
- October 06, 2010 | Item | ShareThis

HudBay Minerals Inc.: Manitoba Premier Attends Ceremonial Lalor Project Kick-Off in Snow Lake - More
- October 06, 2010 | Item | ShareThis

Iron Mining Group Receives Results of Preliminary Drilling Study Analyzing the Iron Sands Portion of its Atacama Desert Iron Ore Mine - More
- October 06, 2010 | Item | ShareThis

Pediment Drills 39.6 Meters of 2.65 g/t in the Intermediate Zone - More
- October 06, 2010 | Item | ShareThis

JIMINEX INC. ANNOUNCES DRILLING TO BEGIN AT SNOW LAKE COPPER-ZINC-GOLD PROPERTY, MANITOBA - More
- October 06, 2010 | Item | ShareThis

Yale Provides Update on Exploration Activities - More
- October 06, 2010 | Item | ShareThis

Nebu to Commence Drilling at its Beehive Property, in the Prolific Timmins Gold Camp - More
- October 06, 2010 | Item | ShareThis

Gold Bullion Increases Private Placement, Grants Stock Options - More
- October 06, 2010 | Item | ShareThis

Riverstone Intersects 15.0 g/t Gold Over 6 Metres in New Discovery at Goulagou - More
- October 06, 2010 | Item | ShareThis

Caza Gold Settles Debt with IMMSA for Cash and Shares - More
- October 06, 2010 | Item | ShareThis

Arco Reports Drill Results on Final Holes at its Taviche Silver/Gold Property - More
- October 06, 2010 | Item | ShareThis

Eagle Plains Samples New High-Grade Gold Discovery at Yellowjacket Gold Project, Atlin, B.C. - More
- October 06, 2010 | Item | ShareThis

Discovery of the DIOS U33 Conductor Showing: Up to 37 g/t Gold and 24 g/t Gold - More
- October 06, 2010 | Item | ShareThis

Wildcat Closes $5 Million Private Placement - More
- October 06, 2010 | Item | ShareThis

Glen Eagle Resources Inc.: Acquisition of 12 claims - More
- October 06, 2010 | Item | ShareThis

AmeriLithium Announces Single Prospect Resource Estimates of 26,000 Tons of Lithium. - More
- October 06, 2010 | Item | ShareThis

BCGold Corp. Stakes 4 Porphyry Copper-Gold Properties in British Columbia - More
- October 06, 2010 | Item | ShareThis

Corvus Gold Inc. Signs Definitive Joint Venture Agreement for the Development High Grade Terra Gold Project, Alaska - More
- October 06, 2010 | Item | ShareThis

Fire River Gold Announces Mineral Resource Estimate For the Nixon Fork Gold Mine, Alaska - More
- October 06, 2010 | Item | ShareThis

Asia Now Mobilizes Six Rigs to Drill the High-Grade Gold/Silver Mineralization Zone at Beiya North - More
- October 06, 2010 | Item | ShareThis

Sutter Gold Advances Closer to Production-Receives Agency Approval of Construction Documents for Mine Waste Disposal Units - More
- October 06, 2010 | Item | ShareThis

Trevali Commences Trading on Toronto Stock Exchange; Appoints Dr. Anthony Holler as Chairman - More
- October 06, 2010 | Item | ShareThis

Hana Mining Ltd.: Infill Drilling Results Identify Second Potential Pit at the Northeast Fold Area of the Banana Zone - More
- October 06, 2010 | Item | ShareThis

NV Gold to Lease Property Contiguous to Afgan-Kobeh Project in Nevada - More
- October 06, 2010 | Item | ShareThis

Paget Minerals Appoints April Hashimoto as CFO - More
- October 06, 2010 | Item | ShareThis

Atna Reports Strong Production at Briggs Mine - More
- October 06, 2010 | Item | ShareThis

Phase I Drill Program Confirms Gold Potential of Rodeo Creek Project - More
- October 06, 2010 | Item | ShareThis

TITAN URANIUM CONTINUES BASELINE ENVIRONMENTAL STUDIES AND ENGINEERING DESIGN AT SHEEP MOUNTAIN PROJECT, WYOMING - More
- October 06, 2010 | Item | ShareThis

Ketza Ip Target Proves to Bear Significant Gold Intercepts - More
- October 06, 2010 | Item | ShareThis

Richfield Acquires Blackwater West Project - More
- October 06, 2010 | Item | ShareThis

North Country Gold Corp. Announces $5 Million Private Placement Unit Financing - More
- October 06, 2010 | Item | ShareThis

Seafield Discovers New Gold Exploration Targets at Its Quinchia Project, Colombia - More
- October 06, 2010 | Item | ShareThis

Everton and Brigus Commence 16,000 Meter Diamond Drilling Program at Ampliacion Pueblo Viejo: New "Manuel North" Gold Prospect Identified - More
- October 06, 2010 | Item | ShareThis

Coastal Pacific Options Hotstone Gold Property - More
- October 06, 2010 | Item | ShareThis

Zincore Infill Drilling a Success-Continuity of High Grade Mineralization Confirmed at Accha - More
- October 06, 2010 | Item | ShareThis

Drilling Commenced at Oro Silver's El Compas Project, Zacatecas, Mexico - More
- October 06, 2010 | Item | ShareThis

Alix Acquires Alaskan Golden Zone Mine Property with NI 43-101 Compliant Gold Resource-Major 2011 Program Anicipated - More
- October 06, 2010 | Item | ShareThis

Taku Acquires the Portland Property, White Gold Area of Yukon - More
- October 06, 2010 | Item | ShareThis

ESO Has Positive Gold Results in First Drill Program on Donna Gold, BC Project, With Near Surface Mineralization Confirmed in 6 of 7 Holes - More
- October 06, 2010 | Item | ShareThis

Colossus Minerals Discovers New Mineralized Zone, Extends Other Zones and Drills 52.43 Metres at 18.57 g/t Gold, 8.34 g/t Platinum and 11.33 g/t Palladium - More
- October 06, 2010 | Item | ShareThis

HudBay Minerals to Acquire 9.9% Equity Position in MacDonald Mines - More
- October 06, 2010 | Item | ShareThis

Largo Receives Installation Permit and Appoints Site Manager at Its Currais Novos Tungsten Project, Rio Grande Do Norte, Brazil - More
- October 06, 2010 | Item | ShareThis

TEMEX INTERSECTS 8.70 METRES of 5.61 g/t GOLD - WHITNEY JV PROPERTY, TIMMINS - More
- October 06, 2010 | Item | ShareThis

Ics Announces Ni-43-101 Report on Excelsior Springs Gold Property - More
- October 06, 2010 | Item | ShareThis

Barkerville Begins 20,000 Meter, 122 Hole Drill Program at the Gold Quartz Mine - More
- October 06, 2010 | Item | ShareThis

Crocodile Gold Pours 10,000 Ounces of Gold in September 2010 Setting New Monthly Record - More
- October 06, 2010 | Item | ShareThis

VMS Ventures to Begin Drilling at Its Sails Lake Base Metal/Gold Property Near Snow Lake, Manitoba - More
- October 06, 2010 | Item | ShareThis

Corex Steps Out on Two Holes and Intersects 29.0 m of 0.71 g/t Au, and 56.4 m of 0.47 g/t Au Including 6.1 m of 2.1 g/t Au - More
- October 06, 2010 | Item | ShareThis

Medusa Mining Limited: Confirmation of Dividend Payment - More
- October 06, 2010 | Item | ShareThis

Encore Renaissance Fully Subscribes 1.3MILLION Financing - More
- October 06, 2010 | Item | ShareThis

American Manganese Inc.: Expanding Manganese Resource at Artillery Peak Grows By 45% - More
- October 06, 2010 | Item | ShareThis

Minera IRL Announces Update on Don Nicolas Project Feasibility Study, Patagonia - More
- October 06, 2010 | Item | ShareThis

Medusa Mining Limited: Results of General Meeting - More
- October 06, 2010 | Item | ShareThis

Pan American Silver Corp. (PAAS) Chief Executive Officer to Ring The NASDAQ Stock Market Opening Bell - "Pan American Silver Corp. (PAAS) will visit the NASDAQ MarketSite in New York City's Times Square. In honor of the occasion, Geoff Burns, President and Chief Executive Officer of Pan American Silver Corp. (PAAS), will ring the NASDAQ Opening Bell." More
- October 06, 2010 | Item | ShareThis

Paramount Gold and Silver Corp. Discovers a Third Bulk-Mineable Gold Zone at the San Francisco Area - "Resource definition drilling continues to progress successfully on bulk-mineable gold deposits in the San Francisco area discovered by Paramount Gold and Silver Corp. ("Paramount Gold") in December 2009. Earlier drilling focused on the South and North San Francisco zones which have expanded steadily as reported in news releases dated January 7, March 8 and June 17, 2010. More recent drilling has discovered a further Central zone (see drill results below). Although the San Francisco area remains open, a geological model is in preparation to evaluate results and generate an initial resource estimate while exploration continues. San Francisco is one of four targets currently being drill tested at Paramount Gold's San Miguel project in northwestern Mexico." More
- October 06, 2010 | Item | ShareThis

Montanore Project Reaches Another Critical Permitting Milestone - "Mines Management, Inc. (NYSE-Amex:MGN)(TSX:MGT.to - News) is pleased with the recent advances made by the government agencies in their selection of the preferred alternative for the transmission line proposed for the Montanore Silver-Copper Project." More
- October 06, 2010 | Item | ShareThis

First Majestic Silver Corp.: Another New Record for Silver Production; 1,823,370 oz Silver Produced in Q3 - "First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce that production in the third quarter ending September 30, 2010 increased to a new Company record of 1,920,498 equivalent ounces of silver representing a 16% increase over the previous quarter and a 76% increase over the third quarter of 2009." More
- October 06, 2010 | Item | ShareThis

Great Basin Provides Update on the Burnstone Mine Project - "The Company has reached a significant milestone in the history of the project with the commissioning of the metallurgical plant which commenced on October 1, 2010 with the turning of electrical motors on the various appliances. Crushing of ore commenced on October 4 to allow for the filling of the silo in preparation to start the mills by October 8, 2010. In preparation of the hot commissioning, a number of activities were successfully completed." More
- October 06, 2010 | Item | ShareThis

Alexco Intersects 10.4 Meters of 44.3 Ounces Per Ton Silver, Expands Onek Zinc-Silver Deposit at Keno Hill - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce additional results from its 2010 core drilling program at the Keno Hill Silver District in Canada's Yukon Territory. Exploration and infill drilling in the area of the historical Onek underground and open pit mine has identified an upper silver rich zone of mineralization with associated high grade zinc, and locally lead, over significant widths. The 2010 drill program, combined with earlier Alexco work, confirms that high grade zinc-silver mineralization extends at least 400 meters along strike, 220 meters down dip, and remains open to the southwest and down plunge. Importantly, the historical Onek mine area is located approximately 1.5 kilometers northwest of the Bellekeno silver-lead-zinc deposit, and approximately 1 kilometer from the newly completed Bellekeno mill currently being commissioned for commercial silver production in 2010." More
- October 06, 2010 | Item | ShareThis

Midway Gold Reports High Gold Recoveries at Spring Valley, Nevada - "Midway Gold Corp. (“Midway”) continues to find excellent gold recovery results for its Spring Valley gold project, Pershing County, Nevada. Test results report gold recoveries up to 98% with conventional oxide ore leaching treatment, and showed high gold recoveries across all the grade ranges tested. These tests were conducted at McClelland Laboratories Inc., Reno, Nevada, and were overseen by Barrick Gold Exploration Inc., a wholly owned subsidiary of Barrick Gold Corporation (NYSE:ABX, TSX:ABX), Midway’s earn-in partner at Spring Valley." More
- October 06, 2010 | Item | ShareThis

Silver Standard Resources Inc.: Brucejack Drilling Continues Expanding Gold-Silver Zones - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) (the "Company") reports that diamond drilling at its wholly-owned Brucejack Project continues to define gold-silver mineralization along strike and to depth at the Bridge and Galena Hill Zones. The Brucejack Project is adjacent to the Company's wholly-owned Snowfield Project located approximately 65 kilometers north-northwest of Stewart, British Columbia." More
- October 06, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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