Gold Seeker Closing Report: Gold and Silver End Slightly Higher

	Close	Gain/Loss
Gold	$1829.40	+$3.30
Silver	$41.66	+$0.34
XAU	217.96	-0.25%
HUI	598.38	-0.50%
GDM	1739.79	-0.40%
JSE Gold	2680.90	+24.51
USD	74.17	+0.23
Euro	143.68	-0.79
Yen	130.56	+0.19
Oil	$88.81	-$0.09
10-Year	2.218%	+0.042
T-Bond	137.3125	-1.25
Dow	11613.53	+0.46%
Nasdaq	2579.46	+0.13%
S&P	1218.89	+0.49%

Gold fell almost 1% to as low as $1811.69 by about 10AM EST before it climbed to as high as $1839.44 and then fell back off a bit in afternoon trade, but it still ended with a gain of 0.18%. Silver climbed to as high as $42.015 in early afternoon New York trade and ended with a gain of 0.82%.

Euro gold rose to about €1270, platinum lost $1.50 to $1848.50, and copper rose 6 cents to about $4.18.

Report	For	Reading	Expected	Previous
MBA Mortgage Index	8/27	-9.6%	-	-2.4%
Challenger Job Cuts	Aug	47.0%	-	59.4%
ADP Employment	Aug	91K	100K	109K
Chicago PMI	Aug	56.5	53.0	58.8
Factory Orders	July	2.4%	1.8%	-0.4%

Tomorrow at 8:30AM EST Initial Jobless claims for 8/27 expected at 407,000, second quarter Productivity expected at -0.5%, and Unit Labor Costs expected at 2.4%. At 10AM is the ISM Index for August expected at 48.5 and Construction Spending for July expected at 0.0%.

Oil waffled near unchanged and ended slightly lower after the Energy Information Administration reported that crude inventories rose 5.3 million barrels, gasoline inventories fell 2.8 million barrels, and distillates rose 363,000 barrels.

“The Swiss franc jumped against the euro and the dollar on Wednesday in a relief rally after the Swiss National Bank (SNB) stayed away from intervention and a top government official said it would have to live with a strong currency.”

Treasuries fell as the Dow, Nasdaq, and S&P mostly rose on decent economic data, but moves were somewhat mixed as traders debated possible fed actions and Obama’s speech next week.

Among the big names making news in the market today were AT&T and T-Mobile, BP, Motorola, and S&P.

“Gold has been relatively quiet after the extreme volatility of recent days, a very welcome development. You can note the declining trend in volume as evidence of the more "tranquil" trading conditions. We are currently running into overhead selling resistance near $1850 with buyers either unwilling or unable to take it through this level without some sort of fresh news. Sellers meanwhile have been thwarted in any efforts to break prices significantly lower.

The present posture is one of consolidation with some buying surfacing down near the $1800 level and further below towards $1780.

A strong push through $1850 that can carry through the $1860 level would set up the potential for a push towards the recent peak near $1900.

There is some pressure coming into gold based on today's weakness in the HUI and the inability of that index to push through tough overhead resistance at the former all time high set back in April of this year. Last week the miners pushed up through the 600 level but could not quite muster enough strength to best that previous peak. Price then set back but has subsequently rallied back towards 600 once again, failing today to extend those gains and dropping off lower. For all that, one can still see quite clearly that the miners have been in a nice uptrend since bottoming out in mid June. The more time this index can spend above 580 the better the odds grow that it is soon to mount a breakout and begin its next leg higher.

Silver's status is similar to that of gold's right now. It is consolidating with a short term bias that is friendly. It is being prevented from moving towards $44 by selling originating near the $42.50 level. That will have to be overcome if this thing is going to have a shot at a stronger climb. Note that it is trading near the 50% Fibonacci retracement level from the April peak and May low.

Support is still down near $39.30.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

Sign up for this upcoming webcast: A Case for Investing in Gold - 4:15 PM EST on September 6, 2011:

Gold has timeless appeal for its natural luster; as an investment, it’s unique.

To learn more about what’s driving gold, we invite you to a special Web event hosted by U.S. Global Investors CEO and Chief Investment Officer Frank Holmes and special guest Jason Toussaint, managing director of the U.S. and Investment for the World Gold Council.

“U.S. Stock Market – There’ s still plenty of cash burning a hole in the pockets of the “Don’t Worry, Be Happy” crowd, so the short term bottom I spoke of remains in force – for now. Light volume through Labor Day should only help to enhance this bounce, but any thought of this being the birth of a new bull market could be dangerous to your financial and mental well-being (similar to those poor Vancouver residents whose annual “this is our year” dream should be kicking in now).

Gold – The mother of all bull markets remains fully intact. It continues to eat up and spit out all market top and bubble forecasters. A four digit price with a “2” at the far left is quite possible before years-end.

U.S. Bonds – Shot gun loaded and waiting on a real drive below 2% on the 10-Year T-Bond for more than a moment or two to get short. Stay tuned.

U.S. Dollar – Continue to watch the 73.40 area on the U.S. Dollar Index. Two consecutive closes below that level should lead to a new low below 70 somewhere in the 1^st quarter of 2012.

Oil and Natural Gas – I like oil at $75 or lower while natural gas is more compelling the further it gets under $4”- Peter Grandich, Grandich Letter

COMEX Gold Trust (IAU) Total Tonnes in Trust: 167.52: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,746.80: No change from yesterday’s data.

Kimber’s (KBX) drill results, US Gold’s (UXG) approved development, Nevsun’s (NSU) drill results, Comstock’s (LODE) permit, Aurizon’s (AZK) drill results, IAMGOLD’s (IAG) completed mine sale, and Silvercorp’s (SVM) share repurchases 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.

Pilot Gold Returns 0.48 g/t Gold and 0.64% Copper Over 176.9 Metres at Halilaga - More
- August 31, 2011 | Item | ShareThis

Alto Group Holdings Announces Status of Mexican Projects and New Focus - More
- August 31, 2011 | Item | ShareThis

Merrex Engages Vicarage Capital for UK Investor Relations - More
- August 31, 2011 | Item | ShareThis

Kimber intercepts 2.3 metres of 22.7g/t gold below Carmen gold-silver deposit, Monterde Project - "Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) is pleased to announce the results of three drill holes in Mexico, with encouraging results. The holes were drilled with the objective of expanding and upgrading mineral resources potentially amenable to underground extraction ("Carmen Deep" target). A wedge off hole MTC-122 and hole MTRD 502 intersected the Carmen structure at deeper levels than previously drilled providing further support that there is good potential for high grade gold-silver mineralization in the Carmen structure at considerably deeper levels than was previously understood. Hole MTRD 502 intersected the Carmen structure over 30 metres directly below hole MTRD-476 which intersected 78.4g/t gold and 127.9g/t silver over 5.2m, (see news release dated May 31, 2011)." More
- August 31, 2011 | Item | ShareThis

Mundoro Announces Shareholder Special Meeting and Engagement of Laurel Hill Advisory Group - More
- August 31, 2011 | Item | ShareThis

Canamex Resources Corp.: Corporate Update - More
- August 31, 2011 | Item | ShareThis

Prospero Silver Re-Files March 31, 2011 and June 30, 2011 Financial Statements to Add Additional IFRS Disclosure - More
- August 31, 2011 | Item | ShareThis

QRS Capital Corp. Appoints Daniel Sorger to Board of Directors and Announces Grant of Options - More
- August 31, 2011 | Item | ShareThis

Update Report on SIRIOS' Activities - More
- August 31, 2011 | Item | ShareThis

Vulcan Minerals Inc.: Approval of Plan of Arrangement - More
- August 31, 2011 | Item | ShareThis

Auriga Gold Begins Drilling to Upgrade and Expand Resources at Maverick Gold Project - More
- August 31, 2011 | Item | ShareThis

Globex Royalty Property Receives Positive Preliminary Economic Assessment and Other News - More
- August 31, 2011 | Item | ShareThis

St. Elias Mines Ltd. - Options Strategic Claim Adjoining Tesoro to IntiGold - More
- August 31, 2011 | Item | ShareThis

US Gold to Begin Phase 1 Development at El Gallo Project in Mexico - "US GOLD CORPORATION (NYSE: UXG - News)(TSX: UXG - News) is pleased to announce that the Company has approved Phase 1 development of its El Gallo project in Sinaloa, Mexico, with mining expected to commence mid-2012. Phase 1 will focus on the permitted satellite gold deposits at the project and is expected to produce 30,000 ounces of gold per year after initial ramp up. This decision is expected to generate cash flows approximately two years earlier than originally planned at a minimal capital cost and will help fund Phase 2, which is forecasted to produce an additional 5 million ounces of silver per year, beginning in 2014." More
- August 31, 2011 | Item | ShareThis

Treasury Metals Extends Closing Date of Pico Machay Acquisition - More
- August 31, 2011 | Item | ShareThis

Sabina Gold & Silver Reports More Positive Results at Umwelt on the Back River Gold Project, Nunavut - More
- August 31, 2011 | Item | ShareThis

Andover Reports Final Results From the 2011 Drill Program at Sun Property Alaska - More
- August 31, 2011 | Item | ShareThis

Nautilus Minerals Inc.: US$100 Million to Be Raised in Private Placement - More
- August 31, 2011 | Item | ShareThis

Tanoyan Drilling Produces Strong Drilling Results - More
- August 31, 2011 | Item | ShareThis

Odyssey Resources Reports Change to the Board - More
- August 31, 2011 | Item | ShareThis

Big Bear Mining Corp Secures Strategic Funding from Southern Legacy Minerals, Inc. - More
- August 31, 2011 | Item | ShareThis

Grizzly Provides Update on Greenwood Gold Project and Prepares to Drill New Targets With Anomalous Gold-In-Soils - More
- August 31, 2011 | Item | ShareThis

Augen Gold Files NI 43-101 Compliant Technical Report for the Jerome Mine Project - More
- August 31, 2011 | Item | ShareThis

Rare Earth Metals Provides Update on Drilling from Lavergne-Springer Project, Near Sudbury, ON - More
- August 31, 2011 | Item | ShareThis

Duncastle Continues to Expand Mineralized Zone at Porphyry Creek - More
- August 31, 2011 | Item | ShareThis

Quadra FNX Receives Anti Trust Approval for Sierra Gorda Joint Venture - More
- August 31, 2011 | Item | ShareThis

Mountain Lake Arranges Private Placement Financing with Sprott Asset Management - More
- August 31, 2011 | Item | ShareThis

Quaterra Drilling at Nieves Extends Concordia Vein Mineralization 300 Meters West - More
- August 31, 2011 | Item | ShareThis

Luiri Gold Limited: ASX-Quarterly Activities Report for the Quarter Ended 31 July 2011 - More
- August 31, 2011 | Item | ShareThis

Kenai Starts Drilling at Sao Chico Gold Project; Releases Sampling Results - More
- August 31, 2011 | Item | ShareThis

Paladin Energy Ltd: 30 June 2011 Annual Report - More
- August 31, 2011 | Item | ShareThis

Macusani Yellowcake Expands Drilling Program at Kihitian Uranium Project in Peru and Issues Stock Options - More
- August 31, 2011 | Item | ShareThis

First American Silver Corp. Commences Gravity Geophysical Survey on Its Mount Jackson Prospect - More
- August 31, 2011 | Item | ShareThis

Seafield Reports Opening of New Office in Medellin, Colombia - More
- August 31, 2011 | Item | ShareThis

Uranium Energy Corp Acquires Major South Texas Uranium Exploration Database - More
- August 31, 2011 | Item | ShareThis

AmeriLithium Confirms Completion of Initial Data Acquisition for Clayton Deep Lithium Brine Project, and Exploration Start on Full Monty Lithium Brine Project - More
- August 31, 2011 | Item | ShareThis

Silver Spruce Reports Continued Significant REE Results Pope's Hill MP Trend, Trans Labrador Highway, NL - More
- August 31, 2011 | Item | ShareThis

Maritime Hires CAE Mining to Determine Gold Resource - More
- August 31, 2011 | Item | ShareThis

Soldi Ventures Inc. Updates Work Program at the Golden Bullet Project, Newfoundland - More
- August 31, 2011 | Item | ShareThis

Lithium One Defines New Zone of High Grade Lithium-Potash Brine at Sal de Vida - More
- August 31, 2011 | Item | ShareThis

NuLegacy Reports Additional Assays From The Long Fault Anomaly, Red Hill Prospect - More
- August 31, 2011 | Item | ShareThis

PAW Signs Conditional Memorandum of Understanding with Community Group - More
- August 31, 2011 | Item | ShareThis

Sienna Signs 10 000 Meter Drilling Contract to Expand Mineralization at Callanquitas - More
- August 31, 2011 | Item | ShareThis

Osisko Announces an Increase in Caterpillar Lease Financing Facility - More
- August 31, 2011 | Item | ShareThis

Brazil Resources Inc. Welcomes Enzio Garayp to the Board of Directors - More
- August 31, 2011 | Item | ShareThis

BCGold Corp. Closes First Tranche of Private Placement - More
- August 31, 2011 | Item | ShareThis

Argentex Mining Corporation: Kasia Vein Returns 19.00 Meters of 1.72 g/t Au and 74.2 g/t Ag at Pinguino, Including 8.00 Meters of 2.81 g/t Au and 129.4 g/t Ag - More
- August 31, 2011 | Item | ShareThis

Magellan Drills 42.6m @ 1.73 g/t Gold at Central Zone, Cuiu Cuiu Project, Brazil - More
- August 31, 2011 | Item | ShareThis

Fjordland Options Dillard Gold and Copper Property, Between Copper Mountain Mine and Elk Gold Mine, Southern British Columbia - More
- August 31, 2011 | Item | ShareThis

Pan American Goldfields Production Increase at Cieneguita Silver and Gold Project - More
- August 31, 2011 | Item | ShareThis

Santa Fe Gold Files Complaint Against Ortiz Mines, Inc. - More
- August 31, 2011 | Item | ShareThis

Thundermin and Cornerstone Exercise Their Option to Acquire A 100% Interest in the Little Deer Copper Deposit, Springdale Area, Newfoundland - More
- August 31, 2011 | Item | ShareThis

Spanish Mountain Announces Commencement of Pre-Feasibility Study - More
- August 31, 2011 | Item | ShareThis

Silver Quest Approves a 75 Hole Diamond Drill Program at the Davidson Joint Venture Claims - More
- August 31, 2011 | Item | ShareThis

Gem International Options 100% of Gold Project in Mvomero & Kilindi Districts of Tanzania - More
- August 31, 2011 | Item | ShareThis

Miranda Reports Additional Drill Results from Long Fault Anomaly Red Hill Project - More
- August 31, 2011 | Item | ShareThis

Typhoon Exploration Inc.: Drilling on the Fayolle Deposit Revealed Impressive Gold Grades, Including 14.9 g/t Over 30 Metres - More
- August 31, 2011 | Item | ShareThis

Crocodile Gold Completes Major Airborne Geophysical Survey and Identifies Numerous New Exploration Targets - More
- August 31, 2011 | Item | ShareThis

Continental Gold Drills 25.45 m @ 12.02 g/t Au and 57.4 g/t Ag at Veta Sur and Extends the Veta Sur Mineralization 350 m Vertically with the First Drill-Hole - More
- August 31, 2011 | Item | ShareThis

China Minerals Mining Corporation: New Strategic Growth Plan - More
- August 31, 2011 | Item | ShareThis

Barkerville Increases Board of Directors - More
- August 31, 2011 | Item | ShareThis

Minera IRL Board Approves Ollachea Exploration Drive - More
- August 31, 2011 | Item | ShareThis

Silvercorp Repurchases in Excess of 2 Million Shares Under Normal Course Issuer Bid - "Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM.TO - News)(NYSE: SVM.TO - News) announces that to date, pursuant to its normal course issuer bid ("NCIB") announced on June 17, 2011, it has acquired a total of 2,027,167 of its common shares at an average price of CDN$8.112." More
- August 31, 2011 | Item | ShareThis

Nevsun Drills 30m of 8.55% Copper Adjacent to Bisha Mine - "Nevsun Resources Ltd. (TSX: NSU.TO - News)(AMEX: NSU.TO - News) is pleased to report the assays from the forty-three diamond drill holes at the hanging wall copper zone within its Bisha mining license in Eritrea. The hanging wall copper zone is immediately west of the Bisha Main deposit and partially within the current open pit limit but it is not included in the current resource or reserve estimate for Bisha." More
- August 31, 2011 | Item | ShareThis

Comstock Mining Announces Notice of Business Update Conference Call - "Comstock Mining Inc. ("Comstock Mining" or "the Company") (NYSE Amex: LODE) will host a conference call on September 7, 2011 at 10:00 a.m. Pacific Time/1:00 p.m. Eastern Time for a business update, primarily updating on recent permitting advances." More
- August 31, 2011 | Item | ShareThis

Aurizon Reports New High Grade Values at Fayolle - "Aurizon Mines Ltd. (TSX: ARZ.TO - News)(AMEX: AZK - News) ("Aurizon" or "the Company") is pleased to announce a new series of drill results from the ongoing infill drilling program on the Fayolle project located 20 kilometres north-east of Rouyn-Noranda, Quebec and 10 kilometres north of Aurizon's Joanna project. The targeted area is located along the Manneville Structural Zone, an extension of the Destor-Porcupine fault zone." More
- August 31, 2011 | Item | ShareThis

IAMGOLD Completes the Sale of the Mupane Gold Mine - "IAMGOLD received total consideration of $34.2 million, after adjustments, consisting of $12.5 million in cash, $17.9 million in common shares of Galane Gold and a $3.8 million promissory note, payable over 3 years at an annual interest rate of 6%. For the equity portion of the consideration, IAMGOLD received an aggregate of 21,875,000 common shares of Galane representing approximately 48.5% of the outstanding shares of Galane. In addition, the Company received 1,265,253 warrants in Galane exercisable at C$1.10 per share for an 18 month period that, if exercised, could increase IAMGOLD's beneficial interest in Galane to 49.9% of the outstanding shares." More
- August 31, 2011 | Item | ShareThis

Insight: Arctic has great riches, but greater challenges - "At the rim of the Arctic Circle in Canada, gold mining firm Agnico-Eagle is learning how tough it is to operate in a remote region with temptingly large, but frustratingly inaccessible, reserves of oil, gas and minerals." More
- August 31, 2011 | Item | ShareThis

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