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

	Close	Gain/Loss
Gold	$1322.60	-$15.80
Silver	$23.45	-$0.36
XAU	196.53	-1.94%
HUI	499.61	-1.79%
GDM	1507.55	-1.77%
JSE Gold	2501.70	-28.09
USD	78.08	+0.40
Euro	137.65	-0.95
Yen	122.36	-0.45
Oil	$81.94	-$0.61
10-Year	2.712%	+0.076
T-Bond	129.875	-0.84375
Dow	11126.28	-0.39%
Nasdaq	2503.26	+0.24%
S&P	11182.45	-0.27%

Gold traded around $10 lower in London before it extended its losses in New York and ended near its late morning low of $1319.03 with a loss of 1.18%. Silver fell to as low as $23.343 in the last minutes of trade and ended with a loss of 1.51%.

Euro gold fell to about €962, platinum lost $21.75 to $1673.00, and copper fell 9 cents to about $3.78.

Gold and silver equities fell over 3% by midmorning, but they then bounced back higher in afternoon trade and ended with less than 2% losses.

Report	For	Reading	Expected	Previous
Durable Orders	Sep	3.3%	1.8%	-1.0%
Durable Orders - ex trans.	Sep	-0.8%	0.2%	1.9%
New Home Sales	Sep	307K	299K	288K

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/23 expected at 458,000.

Oil fell along with the Dow and S&P on doubts over quantitative easing that sent the U.S. dollar index higher. Crude inventories rose 5 million barrels, gasoline inventories fell 4.4 million barrels, and distillates fell 1.6 million barrels.

“The Wall Street Journal reported on Wednesday the Fed was likely next week to unveil a programme of Treasury bond purchases worth a few hundred billion dollars over several months, a "measured approach" which would contrast with purchases of nearly $2 trillion during the global financial crisis.

Expectations vary as to how much the Fed could announce in asset buying when it meets on Nov. 2-3, although investors' base-case scenario has been for an initial commitment to buy at least $500 billion over five months.

"There is a lot of speculation ranging from 100 billion per month for several months to at the most $2 trillion, so a few hundred billion is in the range," said Akihiro Nishida, senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities.”

Treasuries remained lower after today’s $35 billion 5-year note auction drew a high yield of 1.33% with a bid to cover of 2.82.

Among the big names making news in the market today were ConocoPhillips, Whirlpool, P&G, Sprint, and Comcast.

Right now an exhausted group of manic speculators in all markets are tied to the question of "Will he or will he not QE on November 3rd."

The recent small upticks in international economic statistics is not a sign of economies turning strong for GB or the US. They are the normal play of government statistics.

Britain

is not on the threshold of a turn towards the better. In fact it is the absolute opposite that GB will experience in the next 12 months.

Regardless of what comes on November 3rd, the only choice the Fed has is QE to infinity. This won't be because it is good, but because all else is not.

November 3rd is only relevant date to the mad short term gambleholics. QE to infinity is what is coming and November 3rd is meaningless to that. Whether it comes November 3rd, December 3rd, January 3rd or any other date, QE to infinity is coming.

All the new converts to austerity in the Western World are going to do a 180 degree turn as their economies crater and their populations swear to vote every politician out of office no matter what party they are.”- Jim Sinclair, JSMineset.com

Today was all about trader trepidation over the size of next week’s expected QE announcement to the extent of future purchases by the Fed. There was a growing fear among a certain segment of the trading community that the Fed was going to disappoint with the amount. That led to a rush out of commodities in general and brought selling into both gold and silver. Equities were also knocked lower in a foretaste of what is going to happen if the Fed does indeed fail to meet the hyped up expectations that they themselves initially created. We now see some of the FOMC members attempting to somewhat tamp down expectations without pulling the punch bowl away completely. In other words, they are trying to walk a very fine line as criticism mounts over the policy that they have embarked upon.

You could see the same effect in the bond market as those were down on the exact sentiment. Traders there are looking over the huge supply and are wondering who is going to buy them if not the Fed.

Gold did run down to the lower portion of the recent trading range and bounced from near the $1,320 level. If that fails to hold, it will more than likely drift down towards $1,300 where I would expect powerful buying to surface. As previously stated, gold could drop as low as $1,280 and it would do nothing to hurt the powerful uptrend on the charts.

Silver ran past the top of its range near $24 in overnight trading but then puked when it came into New York and moved lower. It still looks to me like it wants to consolidate in this general region for the time being.

Next week is going to bring one helluva ride in these markets so hold on to your hats. For example – copper put in an outside reversal day after making a new yearly high and then promptly selling off. Cotton, after running limit up for 3 out of the last 5 sessions, is now limit down. Volatility is going to go through the roof as traders place their bets. Some are going to win big and others are going to lose big. The result is going to be a significant increase in activity in the already extremely jumpy markets. If you are a trader, my advice is to be careful. You might want to lighten up a bit. What you are doing is surrendering a bit of potential profits in order to sleep well at night and not become a splot on the pavement of the market roads.

The HUI dropped back down below 500 once again as it too works a range between 490 on the bottom and 510 or so on the top. A breach of 490 on two consecutive trading days would not be welcomed by the bulls. Some of the shorter term technical indicators are down in the oversold zone for the HUI so that might serve to keep the bears from getting too aggressive ahead of the FOMC meeting next week. We will just have to see who blinks first.

The Dollar is currently the beneficiary of the above mentioned fears regarding the size of the QE. The Fed either saves the Dollar or saves the stock market. They cannot have it both ways.”- Dan Norcini, More at JSMineset.com

	Product name	Total Tonnes	Total Ounces	Total Value
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)	SPDR® Gold Shares	1298.266	41,740,536	US$55,268m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)	Gold Bullion Securities	124.38	3,998,893	US$5,292m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam	ETFS Physical Gold	129.77	4,172,310	US$5,519m
Australian Stock Exchange (ASX)	Gold Bullion Securities	14.21	475,314	US$605m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	49.33	1,586,097	US$2,166m
NASDAQ Dubai	Dubai Gold Securities	0.154	4,967	US$7m

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.47 tonnes and the LSE ETFS added 0.24 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.67: +0.38 tonne change from yesterday’s data.

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

Exeter’s (XRA) closed financing, US Gold’s (UXG) drill results, Newmont’s (NEM) dividend, Barrick’s (ABX) dividend, and Hecla’s (HL) third quarter results 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.

Fancamp Announces VTEM Survey, Financing and Acquisition of Brompton Copper Property - More
- October 27, 2010 | Item | ShareThis

Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation (NYSE:NEM - News) today declared a regular quarterly dividend of $0.15 per share of common stock, payable December 30, 2010 to holders of record at the close of business on December 8, 2010." More
- October 27, 2010 | Item | ShareThis

Goldcliff's Copper Mountain Exploration Locates New Showings - More
- October 27, 2010 | Item | ShareThis

Geodex Announces Closing of $1 Million Private Placement With Northcliff Exploration Ltd. - More
- October 27, 2010 | Item | ShareThis

Amarok Completes USD $1,000,000 Financing - More
- October 27, 2010 | Item | ShareThis

Detour Gold Completes Soil Sampling Program at Sunday Lake Property - More
- October 27, 2010 | Item | ShareThis

Goldeye Announces Grant of Stock Options - More
- October 27, 2010 | Item | ShareThis

Kilo Drilling on the Manzako Prospect Intersects 4.70 Metres Grading 9.37 g/t Gold, Somituri Project, DRC - More
- October 27, 2010 | Item | ShareThis

Corex Gold Corporation Closes $2,000,000 Brokered Private Placement - More
- October 27, 2010 | Item | ShareThis

Lara Extends Canabrava Option With Votorantim Metais - More
- October 27, 2010 | Item | ShareThis

Evolving Gold Reports Additional Gold Intersections from Rattlesnake Hills 161.5 Meters at 1.84 gpt Au, Including 76.2 Meters at 3.14 gpt Au - More
- October 27, 2010 | Item | ShareThis

Arianne and Canada Phosphate Active on the National Scene This Fall - More
- October 27, 2010 | Item | ShareThis

Halo Resources Engages First Canadian Capital for Investor Relations - More
- October 27, 2010 | Item | ShareThis

Barrick Gold Announces Dividend - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) today announced that its Board of Directors has declared a quarterly dividend of US12 cents per share, payable on December 15, 2010 to shareholders of record at the close of business on November 30, 2010." More
- October 27, 2010 | Item | ShareThis

Tagish Lake CCAA Plan of Arrangement and Compromise Approved and Tagish Lake Enters Into Credit Agreement With New Pacific - More
- October 27, 2010 | Item | ShareThis

North Arrow to Resume Exploration at Hope Bay, NU - More
- October 27, 2010 | Item | ShareThis

St. Elias Mines Ltd. -- Strawberry Flats Gold Project, B.C. - More
- October 27, 2010 | Item | ShareThis

Orex Acquires an Advanced Stage Gold Project in Sweden - More
- October 27, 2010 | Item | ShareThis

Batero Commences Phase 1 Diamond Drill Program - More
- October 27, 2010 | Item | ShareThis

Duluth Metals Announces Twin Metals Initial Organization Appointments for the Nokomis Joint Venture Project - More
- October 27, 2010 | Item | ShareThis

Eagle Plains Reports Results on Dragon Lake Gold Project, Yukon Territory - More
- October 27, 2010 | Item | ShareThis

Golden Hope Announces Exploration and Field Update - More
- October 27, 2010 | Item | ShareThis

Entourage Mining Ltd. Updates Technical Report on Pires and Prepares for Second Phase of Exploration - More
- October 27, 2010 | Item | ShareThis

Great Western Minerals Group Names Appointee to Rare Earth Extraction Co. Ltd. Board of Directors - More
- October 27, 2010 | Item | ShareThis

Sona Drills 85.4g Au/t Over 4.0 Metres at Elizabeth Gold Deposit Property: Southwest Vein Mineralization Extended - More
- October 27, 2010 | Item | ShareThis

General Metals Announces Largest Drill Intercepts to Date at Independence Including 365 Feet Grading 0.014 Opt Gold From Surface and More - More
- October 27, 2010 | Item | ShareThis

Renforth Announces Stock Option Grants - More
- October 27, 2010 | Item | ShareThis

Alexis Feasibility Study Substantially Increases Snow Lake Gold Resources - More
- October 27, 2010 | Item | ShareThis

Silver Falcon Mining, Inc. (SFMI) Converts Inventory of Concentrates to Cash Revenue - More
- October 27, 2010 | Item | ShareThis

TintinaGold Intersects 10.84% Copper Over 4 Meters on Its Sheep Creek Property, Montana, USA - More
- October 27, 2010 | Item | ShareThis

Castle Resources Announces Conference Call to Provide Update on Drilling Results From the Granduc Copper Project, Stewart B.C. - More
- October 27, 2010 | Item | ShareThis

Lundin Mining Discovers New Copper Deposit at Neves-Corvo - More
- October 27, 2010 | Item | ShareThis

Lundin Mining Releases 2010 Third Quarter Results - More
- October 27, 2010 | Item | ShareThis

Constantine Reviews Plans and Recent Results for Its North American Gold Projects - More
- October 27, 2010 | Item | ShareThis

Uracan Discovers Significant Additional Uranium Mineralization on its 100% Owned Pontbriand and Costebelle Claims - More
- October 27, 2010 | Item | ShareThis

Argentex Mining closes $7,347,200 investment with IFC, a member of the World Bank Group - More
- October 27, 2010 | Item | ShareThis

Tarsis Prospects 19.3 g/t Gold at White River, Yukon - More
- October 27, 2010 | Item | ShareThis

Cavan Signs Letter of Intent for Acquisition of Carma Gold Project - More
- October 27, 2010 | Item | ShareThis

RX Exploration Inc. Trades on OTCQX - More
- October 27, 2010 | Item | ShareThis

Alderon Intersects 28% Iron Over 691 Meters - More
- October 27, 2010 | Item | ShareThis

AndeanGold Announces Closing of $1.5 Million Private Placement - More
- October 27, 2010 | Item | ShareThis

Nevada Geothermal Power to Commence Development Drilling Program at Blue Mountain in Early November - More
- October 27, 2010 | Item | ShareThis

Quaterra Announces Completion of Private Placement Financing - More
- October 27, 2010 | Item | ShareThis

Advanced Explorations Moves to Close Strategic Partnership - More
- October 27, 2010 | Item | ShareThis

Lateegra Expands Ontario Holdings - More
- October 27, 2010 | Item | ShareThis

High Desert Gold Corporation Traces High-Grade Gold Over 1 Km from Silica Hill at the Gold Springs Project - More
- October 27, 2010 | Item | ShareThis

Uranium Energy Corp Completes $27.5 Million Financing - More
- October 27, 2010 | Item | ShareThis

Amarc Launches New Corporate Website - More
- October 27, 2010 | Item | ShareThis

Liberty Silver Corporation Appoints Mr. Paul Haggis, Mr. Timothy Unwin, Mr. John Barrington and Mr. George Kent to Its Board of Directors - More
- October 27, 2010 | Item | ShareThis

Rare Earth Metals Inc. Announces $2 Million Flow-Through Financing - More
- October 27, 2010 | Item | ShareThis

Strateco Resources Inc.: Public Hearings to Be Held on the Environmental Impact Study for the Matoush Project Underground Exploration Program - More
- October 27, 2010 | Item | ShareThis

Mercator Reports Rougher Expansion Update and Third Quarter Operating Results at Mineral Park - More
- October 27, 2010 | Item | ShareThis

Dacha Executes Rare Earth Element Trade - More
- October 27, 2010 | Item | ShareThis

Intrepid Mines Limited Releases Activities Report for the Third Quarter - More
- October 27, 2010 | Item | ShareThis

Northern Superior Resources Inc. Receives $3.75 Million (Cdn) Upon the Exercise of Warrants Previously Issued to Lake Shore Gold Corp. - More
- October 27, 2010 | Item | ShareThis

Khan Receives Favourable Ruling From Mongolian Appeal Court - More
- October 27, 2010 | Item | ShareThis

Luna Gold Reports High-Grade Gold Intersections From Auger Drilling and Channel Sampling at Cachoeira - More
- October 27, 2010 | Item | ShareThis

Royal Mines Signs MOU for a JV With Golden Anvil - More
- October 27, 2010 | Item | ShareThis

U3O8 Corp. Extends Near-Surface Uranium Mineralization Over a 28km2 Area in the Laguna Salada Project, Argentina - More
- October 27, 2010 | Item | ShareThis

Tentative Agreement to Sell Northland's Non-Ferrous Assets in Sweden - More
- October 27, 2010 | Item | ShareThis

Bannerman Appoints Ms Monica Kalondo to Subsidiary Board - More
- October 27, 2010 | Item | ShareThis

Salazar Resources Ltd: President's Letter - More
- October 27, 2010 | Item | ShareThis

Black Hawk Initiates Hard-Hitting Investor Communications Program - More
- October 27, 2010 | Item | ShareThis

Exeter Resource Corporation Announces Closing of CAD$50 Million Bought Deal Financing - "Exeter Resource Corporation (NYSE-AMEX:XRA, TSX:XRC, Frankfurt:EXB - "Exeter" or the "Company") is pleased to announce that it has closed the bought deal equity financing announced October 4, 2010 (the "Offering"). The Company has issued 8,065,000 common shares at a price of CDN$6.20 per common share for gross proceeds of CDN$50,003,000." More
- October 27, 2010 | Item | ShareThis

US Gold Corporation: El Gallo Silver Mineralization Extended East and South Regional Drilling Returns Encouraging Gold and Silver Results - "US GOLD CORPORATION (AMEX:UXG - News)(TSX:UXG - News) is pleased to announce results from 17 new core holes from El Gallo and the surrounding region, located in Mexico's Sinaloa State. Drilling at El Gallo focused on expanding the silver mineralization beyond the limits of the currently defined resource. Regional drilling tested a prospective area 6.5 miles (10.5 km) north of El Gallo, where the goal is to identify new mineralization that could conceptually be mined and shipped to a central process facility." More
- October 27, 2010 | Item | ShareThis

Hecla Reports a 30% Increase in Cash Flow from Its Operations in Q3 Compared to the Same Period in 2009 - "Hecla reported adjusted net income of $29.6 million in the third quarter of 2010, compared to adjusted net income of $22.5 million in the same period in 2009. The third quarter net income adjustment was a $13.2 million noncash loss on derivative contracts. After preferred stock dividends, the company reported $16.4 million in income applicable to common shareholders, or 6 cents per share, compared to $22.5 million or 10 cents per share in the same period in 2009." More
- October 27, 2010 | Item | ShareThis

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