Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Almost 3% and 9% on the Week

	Close	Gain/Loss	On Week
Gold	$1405.00	+$16.50	+2.92%
Silver	$29.12	+$0.54	+8.90%
XAU	225.27	+2.01%	+7.38%
HUI	581.56	+3.02%	+7.78%
GDM	1731.30	+2.62%	+7.10%
JSE Gold	2750.15	+29.71	+3.28%
USD	79.18	-1.01	-1.49%
Euro	134.18	+2.09	+1.39%
Yen	120.94	+1.67	+1.61%
Oil	$89.19	+$1.19	+6.48%
10-Year	3.017%	+0.017	+5.34%
Bond	125.625	-0.40625	-1.49%
Dow	11382.09	+0.17%	+2.62%
Nasdaq	2591.46	+0.47%	+2.24%
S&P	1224.71	+0.26%	+2.97%

Gold traded mostly slightly higher in Asia and London before it fell to see a $3.15 loss at $1385.35 a little after 8AM EST, but it then rallied back higher for most of trade in New York and ended near its late morning high of $1408.59 with a gain of 1.19%. Gold also ended just $5.40 from its all-time closing high set this past November 9^th. Silver surged to as high as $29.292 before it fell back off a bit in the last couple of hours of trade, but it still ended with a gain of 1.89% at a new 30-year closing high.

Euro gold fell to about €1050 on more euro strength, platinum gained $12 to $1719.25, and copper gained another couple of cents to about $4.00.

Gold and silver equities rose over 2% by late morning and closed at new all-time highs.

Report	For	Reading	Expected	Previous
Nonfarm Payrolls	Nov	39K	130K	172K
Unemployment Rate	Nov	9.8%	9.6%	9.6%
Hourly Earnings	Nov	0.0%	0.1%	0.3%
Average Workweek	Nov	34.3	34.3	34.3
Factory Orders	Oct	-0.9%	-1.3%	3.0%
ISM Services	Nov	55.0	54.5	54.3

Next week’s economic highlights include Consumer Credit on Tuesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and the Trade Balance, Export and Import Prices, Michigan Sentiment, and the Treasury Budget on Friday.

Oil rose on cold weather while the U.S. dollar index fell on this morning’s disappointing jobs report.

Treasuries ended lower as the Dow, Nasdaq, and S&P erased early losses and closed higher after the poor jobs reports was offset by renewed confidence in the fed’s decision to engage in another round of quantitative easing.

Among the big names making news in the market Friday were Orexigen, JPMorgan, Deutsche Bank, and Citigroup.

“The payrolls number that was released this morning served as the initial catalyst that sent the US Dollar sharply lower and generated a wave of fund-related buying into the commodity complex once again.

It would appear that the market focus of today shifted off of the woes in Europe with its sovereign debt crisis and back onto the abysmal state of the US economy. Same story – no jobs. The market is sending a signal to the clueless Administration and current Congressional makeup (which will be changing next month) that its policies are utterly wrongheaded. They are too wedded to ideology however to take the steps necessary to bring about an improvement. Combine that with what seems an almost hopeless paralysis to deal with the worsening US fiscal condition and the Dollar was taken out to the woodshed where it had the stuffing beaten out of it. Please see the price chart I sent up earlier to detail the breakdown from a technical perspective.

The fact that the US Dollar was knocked lower only after just seeing the Euro getting slammed earlier this week, is underscoring just how awful the health of both fiat currencies has become. Traders were running into the Dollar early this week out of fears concerning the Euro and its long term stability. Today they are running back into the Euro mainly because they are running back out of the Dollar. What a terrible, horrific mess. The monetary authorities have disgraced themselves but that assumes that such people have a functioning conscience. Their problem is that they have the interests of the big banks at heart first and foremost and the long term interests of the nation second if at all. It also does not help matters any that the political leadership refuses to stop spending money that they do not have.

The results are predictable – gold is seeing a huge influx of money from those looking to protect themselves from the monetary authorities of the West. Early this week it made a new all time high in both terms of the Euro and the British Pound and today it came within $15 or so of taking out its lifetime high in US Dollar terms.

I should also note here that crude oil is threatening to breakout to the upside on its daily chart as it set a new yearly high in today’s trading session. If its strength continues and it clears the $90 level, gold is going to take out its all time high in US Dollar terms very easily. I have written about this many times here on the site and remarked about it during radio interviews, but it is a sad fact that if the energy markets break out to the upside, the already hard-pressed middle class is going to get slammed with the double whammy of both rising food prices and rising energy prices. The boys who concoct their doctored CPI numbers will try their magic on convincing us that inflation is tame and that price pressures are subdued but the charts do not lie and they are telling us that disposable income is going to go more and more to securing the essentials of life. Translation – watch for consumer discretionary spending to nosedive as more of the family budget goes to food and energy and wages remain flat or stagnant.

Back to gold – the fact that it was able to push through round number psychological resistance at $1400 on its third try this week is friendly to the bullish cause as it sets up a test above the $1420 level of the all time high. If that gives way, gold then targets $1440.

Silver is in its own world right now and is very strong on the charts but I want to see a good, solid close above $29.50 to set it up for a push towards $30.

The HUI is within striking distance of its recent high near 588. Technically it looks strong on the charts although bulls will need to push it past 590 to negate any bearish divergence signals that are appearing.

Keep an eye on wheat prices as it has been on an upward tear this week and is working on targeting $7.50. It is moving higher on fears concerning the Australian crop now. Wheat is an essential food and its price action dictates to a large extent the price direction in the rest of the grain complex. It has been dragging corn prices higher. Unless we get a huge bumper crop next year of both wheat and corn, I am afraid that the days of relatively cheap grains are behind us and that the world has entered an era in which the grains, and the soybeans for that matter, have now achieved permanently higher near plateau levels. The implications are higher meat and poultry costs for us all.

What a terror these monetary authorities have unleashed upon us all. Keep in mind this all started when they began to bail out their pals at the damn big banks who created the derivative monster to enrich themselves. History will look back at this era and will spare it no amount of harsh criticism for what began the downfall of the global monetary system.

Bonds are experiencing some pre-weekend short covering as bears ring the cash register for what has been a good week for them. Even at that, they are basically flat and not getting much in the way of upside traction. The technical damage to the charts has been extensive with this week’s breakdown so unless bond bulls can take prices back up beyond 129, the path of least resistance looks lower.”- Dan Norcini, More at JSMineset.com

COMEX Gold Trust (IAU) Total Tonnes in Trust: 107.95: +0.56 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,778.68 - No change from yesterday’s data.

Gold Fields’ (GF) 20-F filing and Aurcana’s (AUN.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.

Canaco Grants Options - More
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Prominex Reorganization of Audit and Compensation Committees - More
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Nature’s Call Not Associated with Unauthorized Reports - More
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Laurion Announces Final Approval of Rolling Stock Option Plan and Shareholder Rights Plan - More
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Ucore Rare Metals Enters Joint Venture with Rare Earth Metals on Heavy REE Prospect in Newfoundland - More
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Rare Earth Metals Announces Completion of a Joint Venture Agreement With Ucore Rare Earth Metals to Fund Exploration - More
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Pacific Imperial Mines Inc.: Gold China Sale and Debt Settlement Completed - More
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SLAM DRILLING WIDESPREAD SILVERJACK MINERALIZATION - More
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FORTUNE MINERALS ANNOUNCES ADDITIONAL HIGH-GRADE INTERSECTIONS FROM THE NICO SUMMER DRILL PROGRAM - More
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Scorpio Mining Reports Drill Results Targeting Titan 24 DCIP Anomalies at the La Verde Project, Sinaloa, Mexico - More
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GreenLight Resources commences Geophysical Survey at Kemptville Gold camp, Nova Scotia - More
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UC Resources Commences McFaulds Exploration Program and Production at La Yesca Mill - More
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Golden Phoenix Completes Phase I Sampling of Coyote Fault Gold and Silver Project; New Potential Gold Exploration Target Identified - More
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Star Gold Submits Biological Evaluation on Its Longstreet Property to Forest Service - More
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Yale Defines a Second Gold Target at the Tenoriba Gold/Silver Property - More
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Uragold Bay New Flow-Through Units Offering Announced - More
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Aurcana Achieves Record Production, Revenues, Silver Sales and Earnings From Mining Operations in 3rd Quarter - "For the quarter ended September 30, 2010, the Company posted net revenues of $7,476,157 (2009: $5,228,565), earnings from mining operations of $3,007,888 (2009: $1,750,338) and consolidated net earnings of $1,508,131 (2009: $2,625,481)." More
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Millrock Commences Drilling at Galiuro Project, Arizona - More
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Compass Gold Exploration Update - More
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Spartan Gold Ltd. Announces the Appointment of New Executive Management Team - More
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Strait Gold to Increase Unit Private Placement - More
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Teuton Sues American Creek Over Treaty Creek Property - More
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Energy Fuels' Pinon Ridge Mill Receives Favorable Editorial Comment from The Denver Post - More
- December 03, 2010 | Item | ShareThis

Columbus Gold to Acquire 2 Million Oz. Gold Deposit - More
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Edgewater Lists on the OTCQX - More
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DPM and Chelopech Mining Sign $66.75 Million Bank Debt Financing With the EBRD and Unicredit Bulbank - More
- December 03, 2010 | Item | ShareThis

Moly Mines Limited: Spinifex Ridge Molybdenum/Copper Project Financing-NDRC Approval - More
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Jourdan Resources Inc. Announces $1.7 Million Private Placement Financing - More
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RPT Resources Responds to Dissident Shareholder - More
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AurCrest Announces Proposed Offering of Up to $2,000,000 - More
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African Metals Corporation: Luisha South Project: First 8 Core Holes Completed; Samples Shipped; Drilling Ongoing - More
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Papuan Precious Metals Discovers a Third Large Diatreme Porphyry at Mt. Suckling - More
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Cobre Exploration Corp. Graduates to TSX Venture Exchange Tier 2 - More
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Anglo Pacific Group PLC - Completion of Brazilian Iron Ore Royalty Acquisition - More
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Timmins Gold Makes Final Request That Capital Gold Board Reconsider Merger of Equals Proposal - More
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Gold Fields Announces Form 20-F Filing - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) announces that it has filed its annual report on Form 20-F for the year ended 30 June 2010 with the U.S. Securities and Exchange Commission." More
- December 03, 2010 | Item | ShareThis

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