Gold Seeker Closing Report: Gold and Silver Gain Over 1%

	Close	Gain/Loss
Gold	$1338.70	+$14.20
Silver	$23.53	+$0.41
XAU	199.62	+1.42%
HUI	507.35	+1.46%
GDM	1534.66	+1.50%
JSE Gold	2537.48	+41.31
USD	77.13	-0.30
Euro	139.69	+0.43
Yen	123.73	+0.83
Oil	$82.52	+$0.83
10-Year	2.554%	+0.009
T-Bond	132.125	+0.4375
Dow	11164.05	+0.28%
Nasdaq	2490.85	+0.46%
S&P	1185.62	+0.21%

Gold climbed as much as $24.43 to as high as $1348.93 in Asia before it fell back off in New York to as low as $1333.30 by late morning, but it then rallied back higher in the last couple of hours of trade and ended with a gain of 1.07%. Silver climbed to as high as $23.83 by about 8AM EST before it also fell back off in New York, but it still ended with a gain of 1.77%.

Euro gold rose to about €957, platinum gained $23 to $1691.50, and copper gained over 6 cents to about $3.86.

Gold and silver equities rose over 2% at the open before they pared their gains a bit midday, but they then climbed back higher in afternoon trade and ended near their earlier highs.

Report	For	Reading	Expected	Previous
Existing Home Sales	Sep	4.53M	4.25M	4.13M

Tomorrow at 9AM EST brings the Case-Shiller 20-city Index for August expected at 2.1% and at 10AM is Consumer Confidence for October expected at 49.0 and the FHFA Home Price Index for August.

The Dow, Nasdaq, and S&P, treasuries, and oil all rose as the U.S. dollar index fell in reaction to this weekend’s G-20 meeting.

Among the big names making news in the market today were Office Depot and BP.

News emerging out of the weekend’s G20 meeting resulted in additional Dollar selling and wholesale buying of the Japanese Yen further evidencing the fact that the Bank of Japan is finished as a market moving force in the foreign exchange markets as it has given up on attempting to derail the Yen. The unvarnished truth is that the BOJ has met its match in the Bernanke-led Fed which can “Out QE” it with one hand tied behind its back. “Resistance is Futile” said the Borg to humanity but it might as well be said by the Borg leader Bernanke to the rest of the Central Banks of the world.

Strength in the Yen and the Aussie is working to keep pressure on the US Dollar, even as the Euro surrendered a rather large portion of its overnight gains as the New York session wore on. It fell below the critical level of 77 but managed to recover and get back over it thanks to the slide in the Euro.

The result was that gold, which had been sharply higher last evening barely missing $1,350 faded off of those levels following the Euro although it did managed to put on some decent gains moving further away from the now established support zone near $1,320.

As mentioned last week and in the recent radio interview, the market looks like it wants to range trade prior to the upcoming November FOMC meeting. Suspicions abound regarding the size, scope and extent of the expected Quantitative Easing related purchases which will be announced. Those suspicions are keeping sellers from becoming too aggressive in gold and bringing in buyers as well on bouts of weakness. However, some are still concerned that the Fed may not be as giddy on their intentions wand that is preventing longs from becoming too aggressive either. The result is a range trade or consolidation pattern setting up bounded by $1,350 on the top side and $1,320 on the bottom side. A breach of either level on good volume followed by a consecutive close in the same direction will give us the next trending move. I am of course looking for that to be to the upside as recent economic data reminds us that the US economy is stuck in a rut and mired in joblessness. QE will do absolutely nothing to get the economy moving again but it is all that these guys know to do. Seeing that they have led the entire world into anticipating the same, failure to deliver would cause the US equity markets to implode to the downside.

The problem in the US is not that interest rates are not low enough. They are! The probably is no one wants to borrow money. Maybe if they just gave it to us we might go out and spend it. Why not – they gave nearly a $trillion to the banks and look at what they did with it! Nothing.

It is encouraging to see the HUI get back over 500 but I will not be impressed by that index until it gets above 520 and STAYS THERE. It too will more than likely range trade as will silver which looks to be hemmed in near 24 and support near 23 – 22.90 for the time being.

Copper is picking up on the QE play and once again set another yearly high as it works ever closer to the magical $4.00 level. A closing push past $3.90 and it should hit $4.00. Having copper moving higher never hurts silver or the platinum group metals for that matter. Palladium easily cleared $600 blowing past its 2008 peak in impressive fashion. That will turn out to be the sleeper metal of the year as about the only people trading it in the past have been the 4 locals in the pit there in New York. Suddenly, everyone wants to know what it is and where it trades. Trading palladium is a lot like trading pork bellies – the motto is: “ good luck getting out if you need to”.

The grains were higher early in the session but they began to fade off of their best levels after the Chicago lunch hour. Leadership in that complex has moved to the beans with corn now in a secondary position to that market. Fundamentals for corn are strong but some are hesitant to push it much higher until they see how demand shapes up at these rather lofty levels.

Cotton is once again locked limit up. I am taking contributions to a pool of funds that we can use to buy up irrigated cotton production land in North Texas and get into the cotton business. Each night before I turn in, I am playing the theme song, “The touch, the feel of cotton” to motivate me. I figure that if the bottom ever falls out of that market, I can use the land for windmills Failing that, there are always rattlesnakes to hunt which make some nice boots. Norcini Cotton, Windmill and Boot Company has a nice ring to it. Seriously, I am stunned to see the fiber at these prices. How long it can maintain this altitude is anyone’s guess but when they finish running out all of the trapped commercials, look out. I wonder when people are going to go back to wearing fig leaves and forget the skivvies. They cost too damn much!

Crude oil is continuing to hang above the $80 level but running into selling near the $83 region once again. It too is range bound.

It seems as if a large portion of the markets are just sitting around biding time until early November. My guess is that they are going to announce a rather large amount of QE (above $1.5 trillion) but will phase it in through a series of purchases spread out over a length of time. They hope to be able to have their cake and eat it too but going this route. They can say that they are not trying to undermine the Dollar by being reckless but neither are they ignoring the comatose economy either as they attempt to induce inflation and stave off the deflationary pressures. “Conditions call for action and we are doing that but we are also cognizant of the dangers involved”. And thus will the Fed portray itself as responsible stewards of the Dollar and the economy. And we all know just how well they have succeeded at preserving the value of our currency now don’t we?

Incidentally, the CCI ( Continuous Commodity Index) set a 26 month high in price today. If there was ever a testimony to the failure of the current monetary policy of the country, it is in that price chart.”- Dan Norcini, More at JSMineset.com

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.01 tonnes and the LSE ETFS added 0.44 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.29 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,224.05 - No change from yesterday’s data.

Newmont’s (NEM) Supplier of the Year Awards, Nevsun’s (NSU) plant commissioning, Fronteer’s (FRG) project sales, Sabina’s (SBB.V) drilling, and Arian Silver’s (AGQ.V) completed placement 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.

Newmont Announces Supplier of the Year Award Recipients - "Newmont Mining Corporation (NYSE:NEM - News) ("Newmont" or "the Company,") announced the 2010 recipients of its Supplier of the Year Awards last week at its second annual Supplier Summit. The awards recognize Newmont's top regional and global vendors for their contributions toward lasting partnerships, while operating in line with Newmont's values in worker safety, environmental protection and social responsibility." More
- October 25, 2010 | Item |

Eagle Star Minerals Engages Progressive IR Consultants Corp. as IR Provider - More
- October 25, 2010 | Item |

The Full NI 43-101 Report for Macusani Yellowcake Corachapi Uranium Project in Peru is Now Available on SEDAR - More
- October 25, 2010 | Item |

PPM Holds Annual General & Special Meeting - More
- October 25, 2010 | Item |

Abington Resources Ltd.: Rock Sample Results in Line with Historic Data on Treasure King - More
- October 25, 2010 | Item |

NQ Exploration Inc. Agrees to Purchase Inmet Mining Corporation's Interests in the La Ronciere Property-Lac Shortt Mine Region - More
- October 25, 2010 | Item |

Geodex Minerals Ltd.: Hunter Dickinson's Northcliff Finalizes Sisson Brook Tungsten-Molybdenum Project JV for $17 Million in Expenditures - More
- October 25, 2010 | Item |

Nebu Resources Inc.: Corporate Update - More
- October 25, 2010 | Item |

Focus Signs Drill Contract for its Chucara Gold-Silver Project, Peru - More
- October 25, 2010 | Item |

Simpcw First Nation and Commerce Resources Corp. Sign Innovative Mineral Exploration Agreement - More
- October 25, 2010 | Item |

FIELDEX DRILLS 1.51% ZrO2 OVER 61.7 METERS AND OPTIONS 12,927 HECTARES OF LAND FOR RARE EARTH ELEMENTS IN KIPAWA - More
- October 25, 2010 | Item |

Galahad Clears Permitting and Mobilizes Drill to Regcourt Property - More
- October 25, 2010 | Item |

Callinan Proposes to Become a Royalty Company and Create a New Exploration Company - More
- October 25, 2010 | Item |

Red Mile Minerals Announces Dorset Gold Property Option Agreement, Newfoundland - More
- October 25, 2010 | Item |

Golden Predator Intercepts 1.72 g/t Gold Over 146.3 m From Carlos Zone, Grew Creek Property, Yukon - More
- October 25, 2010 | Item |

Canadian Zinc Reports Progress on Prairie Creek Environmental Assessment - More
- October 25, 2010 | Item |

Mountain Boy Minerals Ltd.: Drilling Resumed on Montrose Zone At the Red Cliff Project - More
- October 25, 2010 | Item |

Decade Resources Ltd.: Drilling Resumed on Montrose Zone at the Red Cliff Project - More
- October 25, 2010 | Item |

Global Finishing, Inc.: Announcement - More
- October 25, 2010 | Item |

Iberian Minerals' Condestable Mine Wins John T. Ryan Award-Recognized as Safest Underground Mine in Peru - More
- October 25, 2010 | Item |

Caldera Reports on Phase I Exploration on Marjan Gold and Silver Project in Armenia -- Preparing for Winter Phase II Program - More
- October 25, 2010 | Item |

Prophecy Announces Amendment to $2,030,000 Private Placement - More
- October 25, 2010 | Item |

MBMI Closes $600,000 Loan Financing - More
- October 25, 2010 | Item |

Golden Predator Intercepts 1.72 g/t Gold over 146.3 m from Carlos Zone, Grew Creek Property, Yukon - More
- October 25, 2010 | Item |

Ventana Closes $65 Million Private Placement - More
- October 25, 2010 | Item |

AM Gold Intercepts 268.5 m of .72 g/t Gold at Red Mountain - More
- October 25, 2010 | Item |

Environmental Scoping Document for Mega's Lake Maitland Uranium Project Approved by Environmental Protection Authority - More
- October 25, 2010 | Item |

Goldrush Intersects 7.63g/t Gold Over 15 Metres and 3.17g/t Gold Over 22 Metres at Ronguen - More
- October 25, 2010 | Item |

Diamonds North Discovers New Gold Prospect on Amaruk - More
- October 25, 2010 | Item |

Sparton Welcomes Dr. Xiaolin Li to Its Board of Directors - More
- October 25, 2010 | Item |

African Queen Mines Completes Airbourne Geophysical Survey and First Phase of Ground Exploration at Rongo Gold Field Project - More
- October 25, 2010 | Item |

Fancamp Announces Final Closing of Financing - More
- October 25, 2010 | Item |

QRS CAPITAL CORP. SEEKS ADDITIONAL EXPLORATION TARGETS IN SOUTH AMERICA - More
- October 25, 2010 | Item |

Silvore Fox Minerals Corp. Announces Completion of Drilling & High Grade Moly Uncovered Extensively at Coxheath's "Moly Zone" - More
- October 25, 2010 | Item |

Petaquilla Announces Additional Exploration and Drilling Results From Its Oro del Norte Concession - More
- October 25, 2010 | Item |

Great Western Minerals Group Appoints General Manager to Great Western Technologies Inc. - More
- October 25, 2010 | Item |

First Point Releases Results from Corralitos Gold Property, Mexico - More
- October 25, 2010 | Item |

Del Toro Amends Dos Naciones Option Agreement - More
- October 25, 2010 | Item |

Katanga Mining to Announce 2010 Third Quarter Results, and to Hold Conference Call on Thursday, November 4, 2010 - More
- October 25, 2010 | Item |

New Guinea Gold Reports Additional Drill Results From Coppermoly Nakru-2 Copper Intersection-34.2m at 1.07% Copper and 0.23 g/t Gold, Open at Depth - More
- October 25, 2010 | Item |

Oro Mining Appoints John Brownlie as CEO - More
- October 25, 2010 | Item |

Gold Standard Mining Corp. Announces The Gregory-Christopher Group Issues Research Report with a $4.25 Price Target - More
- October 25, 2010 | Item |

Uracan Begins Fall Drilling Campaign on its 100% Owned Costebelle Claims - More
- October 25, 2010 | Item |

Update on Drilling Activities at Selwyn Project - More
- October 25, 2010 | Item |

Ressources Appalaches: Drilling Doubles Dufferin Mine Gold Zone from 700m to 1.4Kms along Strike, Second Drill Program Underway - More
- October 25, 2010 | Item |

Renforth Completes Non Flow-Through Private Placement and Announces Flow-Through Financing - More
- October 25, 2010 | Item |

NWT Uranium Corp: David Tsubouchi Appointed To Advisory Board - More
- October 25, 2010 | Item |

GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887) - Resignation of Broker - More
- October 25, 2010 | Item |

Nevsun Begins Plant Commissioning - "Nevsun Resources Ltd. (TSX:NSU - News)(AMEX:NSU - News) is pleased to confirm it has met its target to commence plant commissioning at the Bisha Mine during Q4. This significant milestone brings the Company one step closer to commercial production." More
- October 25, 2010 | Item |

Coastal Pacific Mining Examines the History of the Hotstone Gold Property Located in the Swayze Greenstone Belt South-West of Timmins, Ontario - More
- October 25, 2010 | Item |

Rare Earth Metals Reports 1.35% TREO Over 105.7 Meters From the Initial Hole Drilled on the Two Tom Zone on Its Red Wine Property in Labrador - More
- October 25, 2010 | Item |

Odyssey Resources Enters Into Option Agreement - More
- October 25, 2010 | Item |

American Bonanza Obtains Federal Permits for Copperstone Gold Mine - More
- October 25, 2010 | Item |

Bear Lake Gold Announces Option on the Swansea Property - More
- October 25, 2010 | Item |

East Asia Extends Miwah Main Zone Towards Moon River With 2.25 g/t Gold Over 60 Metres Within 86 Metres Grading 1.83 g/t Gold, and Remains Open - More
- October 25, 2010 | Item |

Paladin Energy Ltd.: Kayelekera Uranium Mine, Malawi - More
- October 25, 2010 | Item |

Nortec Forms Coordination Committee With the National Mining Corporation of Ecuador (ENAMI EP) - More
- October 25, 2010 | Item |

Advanced Explorations Corporate Update - More
- October 25, 2010 | Item |

Rainy River and Northern Superior Initiate Diamond Drilling at TPK With Support From Neskantaga First Nation - More
- October 25, 2010 | Item |

Centurion Enters Into Financial Partnership Agreement With IUP Permit Holder of Miwah Epithermal Gold Project - More
- October 25, 2010 | Item |

Papuan Precious Metals Corp.: New Discoveries of 5.92 g/t Au in Soils and 9.67% Cu in Outcrop at New Hanover - More
- October 25, 2010 | Item |

Red Pine Exploration to Commence Next Phase of Drilling on SaraCourt Property in Swayze Greenstone Belt, Near Timmins - More
- October 25, 2010 | Item |

Island Mountain Gold - Copper Deposit Continues To Grow At Kiska's Whistler Project, Alaska - More
- October 25, 2010 | Item |

Luiri Gold-Cancellation of Special General Meeting - More
- October 25, 2010 | Item |

PC Gold Unfolds New Near-Surface Gold Discovery at East Cohen-MacArthur; Multiple Mineralized Intercepts in all Holes Drilled to Date - More
- October 25, 2010 | Item |

Finlay Minerals Ltd. - Announcing the Discovery of Porphyry related Copper-Molybdenum and new Volcanic hosted Copper Mineralization, Silver Hope Project - More
- October 25, 2010 | Item |

Bard Announces Engagement of P&E Mining Consultants Inc. to Complete an Independent NI 43-101-Preliminary Economic Assessment ("Scopying Study") - More
- October 25, 2010 | Item |

Bridgeport Ventures Inc. Acquires Gold Properties in Nevada - More
- October 25, 2010 | Item |

TVI Initiates Balabag Scoping Study and Expands Gold Project Drill Program - More
- October 25, 2010 | Item |

Quadra FNX Mining Ltd.-Conference Call: 2010 Third Quarter Financial Results - More
- October 25, 2010 | Item |

Valencia Appoints New Corporate Secretary and Provides Update on Global Rare Earth Acquisitions - More
- October 25, 2010 | Item |

Goldrea Resources Corp.: Shares for Debt - More
- October 25, 2010 | Item |

Astur Gold Adds Local Community Leaders to Management in Spain - More
- October 25, 2010 | Item |

BonTerra Assays 25.5 Grams per Tonne Gold Sample, Quebec - More
- October 25, 2010 | Item |

Geologix Explorations Inc.: Tepal Resource Expansion Drilling Intersects 95 Metres of 1.18 g/t Gold and 0.39% Copper Outside Current Resource - More
- October 25, 2010 | Item |

Spectral Capital Names Stephen Spalding as Chief Financial Officer - More
- October 25, 2010 | Item |

Quantum Receives Final TSXV Acceptance for Acquisition of Elk Creek and Increases Private Placement - More
- October 25, 2010 | Item |

MANTRA COMMENCES PRE-FEASIBILITY STUDY ON HEAP LEACHING FOR PHASE 2 GROWTH - More
- October 25, 2010 | Item |

Equinox announces recommended takeover of Citadel - More
- October 25, 2010 | Item |

Sabina Gold & Silver Announces Drilling to Begin at Newman-Madsen Property in Red Lake Ontario - "Sabina Gold & Silver Corp. (TSX:SBB - News) is pleased to announce that the first of a two phase drilling program has begun on its 50% owned Newman-Madsen property in the prolific Red Lake gold district of Ontario, Canada." More
- October 25, 2010 | Item |

Fronteer Gold Announces Sale of 10 Exploration Projects to Bridgeport Ventures - "Fronteer Gold (TSX:FRG - News)(AMEX:FRG - News) announces that it has signed a definitive agreement to sell a 100% interest in 10 gold properties in Nevada to Bridgeport Ventures (TSX:BPV - News). The Agreement includes projects derived principally from Fronteer Gold's Nevada Eagle portfolio purchased earlier this year (see April 26, 2010, press release)." More
- October 25, 2010 | Item |

Arian Silver Completes GBP3.9 Million Brokered and Non-Brokered Placement - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News), a silver exploration, development and production company with a focus on projects in the silver belt of Mexico, is pleased to announce the closing of the brokered and non-brokered placement (the "Placement") previously announced on 18 October 2010." More

- 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.