Gold Seeker Closing Report: Gold and Silver Fall Over 2%

	Close	Gain/Loss
Gold	$1778.90	-$44.50
Silver	$39.46	-$0.96
XAU	215.18	+0.18%
HUI	597.71	-0.80%
GDM	1740.84	-0.57%
JSE Gold	2800.00	-29.43
USD	76.26	-0.57
Euro	138.88	+1.41
Yen	130.49	+0.05
Oil	$89.40	+$0.49
10-Year	2.085%	+0.074
T-Bond	140.40625	-1.15625
Dow	11433.18	+1.66%
Nasdaq	2607.07	+1.34%
S&P	1209.11	+1.72%

Gold fell to as low as $1772.79 by late morning in New York before it bounced higher in afternoon trade, but it still ended with a loss of 2.44%. Silver dropped to as low as $39.31 and ended with a loss of 2.38%.

Euro gold fell to about €1281, platinum lost $46.20 to $1770.80, and copper gained 6 cents to about $3.95.

Gold and silver equities fell over 2% by midmorning, but they then rebounded midday and ended near unchanged.

Report	For	Reading	Expected	Previous
Initial Claims	9/10	428K	410K	417K
CPI	Aug	0.4%	0.2%	0.5%
Core CPI	Aug	0.2%	0.2%	0.2%
Empire Manufacturing	Sep	-8.8	-4.0	-7.7
Current Account Balance	Q2	-$118.0B	-$121.5B	-$119.3B
Industrial Production	Aug	0.2%	0.0%	0.9%
Capacity Utilization	Aug	77.4%	77.4%	77.3%
Philadelphia Fed	Sep	-17.5	-10.0	-30.7

Tomorrow at 9AM EST brings Net Long-Term TIC Flows for July and at 9:55 is Michigan Sentiment for September expected at 56.3.

The U.S. dollar index fell as the euro rose “after the European Central Bank said it will offer longer-term, dollar loans to European banks to relieve some stress in the region’s financial markets.”

Treasuries fell as the Dow, Nasdaq, and S&P rose along with oil on relief over Europe.

Among the big names making news in the market today were Morgan Stanley, UPS, UBS, Broadcom, and Netflix.

“Pity some of the poor banks of Europe - it seems that they are having difficulty finding others to loan them Dollars at a "reasonable" rate of interest. If I did not know better, I would say that they are being unfairly discriminated against merely because they have laughably pathetic balance sheets. Oh and did I mention that they have boatloads of Greek bonds hiding in there somewhere as well?

No worries however - the posse is right around the corner, riding to their rescue to save them from the usurious money lenders who would do them wrong. Yep, once again the Central Banks come running to the rescue of the pestilential bankers who continue in their parasitical role of leeches and ticks, sucking the life blood out of the financial system whenever their own greed and stupidity ensnares them in a web from which they are unable to extricate themselves.

"HELP! HELP! We might fail and take you all down with us UNLESS..."

The story never does seem to change does it?

Somehow this is supposedly good news for the global stock markets but then again I basically gave up trying to make sense of the insensible ever since the bailouts began when Lehman collapsed back in the summer of 2008.

I think a rewriting of our school books on the causes of lasting prosperity are long overdue since what I learned back when is obviously out of vogue. Nowadays all that is required is liquidity, lots of liquidity. (I am reminded of that scene in the original "The Matrix" move when Neo and Trinity go to rescue Morpheus from the clutches of Agent Smith and need, "Guns, Lots of Guns" to do so). Substitute suitcases of borrowed-into-existence money and you get the general idea as to what is now considered the essential ingredient for true prosperity.

That brings us back to gold once again as it continues under assault from the Central Bankers who seemed deathly terrified of it making its way to the $2,000 mark. Ever since the takedown in the wee hours of the night as chronicled here gold has been on the defensive. That assault intensified near the $1880 level and it is that level which has thus far proven to have been unpenetrable.

Failing there, it subsequently retreated to a chart support level near $1840, which failed to stem its bleeding whereupon it then dropped to test the next support level near $1820. That too failed as did psychological support at round number $1800. It is now flirting with the next support region centered near the $1780 level. Failure there and it should try to test the level near $1755. Beyond this there is not a lot in the way of chart support until it gets down near the $1725 - $1730 region. We will have to see where the big buyers related to the upcoming festival seasons in Asia make their appearance to stem this latest setback in price.

Before gold can hope to get anything going to the upside it will have to recapture $1840.

The HUI is moving down towards stronger support near the rising 40 and 50 day moving averages. Once it failed to move back up and away from its former "gap and go" window near 608 after retesting that breakout level, technical selling has now taken it lower as some discouraged longs liquidate and some fresh short sellers reappear. It will take a push through 615 - 620 to see some of these new short sellers squeezed out.

Meanwhile, it has bounced off the level near 580, a level which some of you might recall had proven to have been incredibly stubborn overhead chart resistance for most of this year. It was not until this level was decidedly broken to the upside that we were able to see any strong move high in the mining shares. Now it is serving as downside chart support, which if it holds, will be very friendly indeed. This level also now closely corresponds to the rising 40 day moving average, a level at which some funds like to buy if they are playing the market from the long side.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 168.59: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,956.32: No change from yesterday’s data.

Banro’s (BAA) addition to the S&P/TSX Composite Index, Comstock’s (LODE) permit, Golden Star’s (GSS) drilling, Allied Nevada’s (ANV) construction, Silvercorp’s (SVM) share repurchases, Fortuna’s (FVI.TO) listing on the NYSE, and Alexco’s (AXU) year end 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.

MAX samples up to 1.53% Cu and 209 g/t Ag in soils at Majuba copper/silver project in Nevada; permitting underway for additional drilling - More
- September 15, 2011 | Item | ShareThis

Continental Nickel Confirms High Recoveries to High Grade Concentrates - More
- September 15, 2011 | Item | ShareThis

Drilling Begins on Miranda%u2019s Ester Dome Project, Alaska - More
- September 15, 2011 | Item | ShareThis

Soldi Ventures Inc. Applied for Drilling Permits on the Golden Bullet Project, Newfoundland - More
- September 15, 2011 | Item | ShareThis

Century Closes Financings - More
- September 15, 2011 | Item | ShareThis

Pro Minerals Inc.: Gold Claims Acquisition - More
- September 15, 2011 | Item | ShareThis

Viking Minerals Reports on Physical Review of First Drill Core at Dolly Varden Property, Elko County, Nevada - More
- September 15, 2011 | Item | ShareThis

Eco Ventures Group Begins Production in Their Precious Metal Extraction Plant - More
- September 15, 2011 | Item | ShareThis

Beaufield Reports the Seven Last Holes From Tortigny, 43-101 is Underway, More Exploration Starting - More
- September 15, 2011 | Item | ShareThis

Pacific North West Capital Stakes Additional Ground Adjacent to its River Valley Palladium, Platinum and Gold Project, Sudbury, Ontario - More
- September 15, 2011 | Item | ShareThis

Golden Share Reports Surface Grades Up to 31.70 g/t Au North-East of Band Ore and 25.80 g/t on Pistol Lake - More
- September 15, 2011 | Item | ShareThis

Uragold Retains the Services of GENIVAR for an Environmental Audit on the Beauce Placer Gold Property - More
- September 15, 2011 | Item | ShareThis

Excalibur Resources Ltd.: Permit Progress at Catanava Project in Mexico - More
- September 15, 2011 | Item | ShareThis

Mexivada Executes Purchase Option of Rypan Porcupine Gold Mines Claims at Timmins, Ontario, and Expands Gold Target Area - More
- September 15, 2011 | Item | ShareThis

Olivut Resources Ltd. Provides Update on Exploration Programs - More
- September 15, 2011 | Item | ShareThis

Calibre Appoints George Salamis to Board of Directors - More
- September 15, 2011 | Item | ShareThis

Victory Ventures Commences Work on Blustry Mountain Property - More
- September 15, 2011 | Item | ShareThis

Trueclaim Exploration Inc. Identifies Significant Silver Zone on Its Arizona Property; 6.8 Ounces Per Tonne (213 Grams Per Tonne) Over 195 Feet (59.4 Meters) - More
- September 15, 2011 | Item | ShareThis

Petaquilla Minerals Ltd. Announces Preliminary First Quarter Results - More
- September 15, 2011 | Item | ShareThis

Soltoro Intercepts 74.3 Metres of 98 gpt Silver Including 10.8 Metres of 308 gpt Silver at Soledad on the El Rayo Project - More
- September 15, 2011 | Item | ShareThis

Revolution Acquires an Option on Lake Shore Gold's Mexican Portfolio (formerly West Timmins Mining) - More
- September 15, 2011 | Item | ShareThis

New Drilling Returns 5.0 Metres of 214g/t Ag, 4.1% Pb and 5.84% Zn at Southern Silver's Cerro Las Minitas Project - More
- September 15, 2011 | Item | ShareThis

Lake Shore Gold Enters Into Letter Agreement for Option on Company's Mexican Exploration Asset Portfolio - More
- September 15, 2011 | Item | ShareThis

Roxgold Adopts Shareholder Rights Plan - More
- September 15, 2011 | Item | ShareThis

Rockhaven Resources Ltd. Confirms Gold-Silver Discovery at Klaza Project-Yukon - More
- September 15, 2011 | Item | ShareThis

African Gold Group, Inc.-Southern Step-Out Hole KBRC11-043 Intercepts 52 Meters at 1.02 g/t Au. - More
- September 15, 2011 | Item | ShareThis

Cardero Receives Final 2011 Drill Results, Ferro-Titanium Projects, Minnesota, USA - Highlights Include 110.9m grading 20.2% TiO2, 31.3% Fe2O3 and 0.2% Copper - More
- September 15, 2011 | Item | ShareThis

Galantas Reports Strong Gold Intersects on Joshua Vein at Omagh Property - More
- September 15, 2011 | Item | ShareThis

Sutter Gold Announces Appointment of New CEO - More
- September 15, 2011 | Item | ShareThis

Monarques Resources Inc. Intersects Rare Earth Elements (REE) Mineralization (up to 1.50% Total Rare Earth Oxide - TREO) in the Arques Complex - More
- September 15, 2011 | Item | ShareThis

Athabasca Uranium Acquires Volhoffer Lake Property Option - More
- September 15, 2011 | Item | ShareThis

Montana Gold to Acquire 100% of the Silver Bell-St. Lawrence Gold Property, Montana - More
- September 15, 2011 | Item | ShareThis

Brazil Gold Launches Next Generation Mineral Exploration Technology Initiative; Phillip Jennings Appointed CEO - More
- September 15, 2011 | Item | ShareThis

Sonora Resources Updates Recent Corporate Achievements - More
- September 15, 2011 | Item | ShareThis

Goldrich Exploration Update - More
- September 15, 2011 | Item | ShareThis

Prosperity Goldfields Drills Three Gold Zones at Kiyuk - More
- September 15, 2011 | Item | ShareThis

MBAC exercises option to buy rare earth oxide/niobium/phosphate project in south east Brazil - More
- September 15, 2011 | Item | ShareThis

Mercer Gold Files Counterclaim Against Former President - More
- September 15, 2011 | Item | ShareThis

B2Gold Corp. Announces Further Positive Exploration Drill Results From La Libertad Mine Property in Nicaragua Increasing the Size of the Jabali Zones - More
- September 15, 2011 | Item | ShareThis

Southern Arc Shareholder Meeting and Investor Session Scheduled for September 22, 2011 - More
- September 15, 2011 | Item | ShareThis

Brazil Resources Inc. Acquires the Maua Project in the Gurupi Gold Belt - More
- September 15, 2011 | Item | ShareThis

Wildcat announces additional drill results including 19.8 metres of 420.6 g/t silver - More
- September 15, 2011 | Item | ShareThis

Gold Canyon Intercepts 308 Meters at 1.29 Grams Per Tonne Gold Including 216 Meters at 1.71 Grams Per Tonne Gold At Springpole Gold Project - More
- September 15, 2011 | Item | ShareThis

Argentex Drills 4.0 Meters of 8.64 g/t Au and 2,469.3 g/t Ag Within 17.0 Meters of 3.14 g/t Au and 761.1 g/t Ag at Pinguino - More
- September 15, 2011 | Item | ShareThis

Rare Earth Metals Extends the Lavergne-Springer REE Zone With 160 Meter Step Out Hole Intersecting 1.51% TREO Over 124.7 Meters - More
- September 15, 2011 | Item | ShareThis

Serengeti Identifies IP Anomaly Associated with High Grade Copper-Gold Veins at Croy Bloom, Acquires Adjacent Prospective Ground - More
- September 15, 2011 | Item | ShareThis

Argentex Announces Closing of Over-Allotment Option in Connection with its C$10,005,000 Bought-Deal Financing - More
- September 15, 2011 | Item | ShareThis

United Reef Offering $800,000 of Convertible Promissory Notes and to Seek Shareholder Approval to Consolidate Shares - More
- September 15, 2011 | Item | ShareThis

Sono Resources Acquires Three New Mineral Exploration Licenses in the Matchless Belt in Northwestern Botswana, Africa - More
- September 15, 2011 | Item | ShareThis

All American Gold Corp Signs Definitive Agreement to Secure Interest in Iowa Canyon Property - More
- September 15, 2011 | Item | ShareThis

New High-Grade Gold Lode Discovered at Surface on Finnish Project - More
- September 15, 2011 | Item | ShareThis

Antioquia Gold Inc. Intersects 22.3 g/t Au Over 3.1m Including 135.6 g/t Au Over 0.5m and Extends the High Grade Gold Mineralization at Papi Vein Structure - More
- September 15, 2011 | Item | ShareThis

Rockland Discovers Widespread Gold at Rusty Acres, Schefferville Gold Property, Quebec - More
- September 15, 2011 | Item | ShareThis

Champion Minerals' Drillhole LM11-09 Intersects 359m Grading 30% Total Iron at the Moire Lake Project in Cluster 1 of the Fermont Holdings - More
- September 15, 2011 | Item | ShareThis

Crocodile Gold Extracts First Development Ore from Cosmo Underground Mine on Schedule and Budget - More
- September 15, 2011 | Item | ShareThis

Chalice Announces 2011 Annual Financial Statements - More
- September 15, 2011 | Item | ShareThis

Bannerman Extends Convertible Note & Lodges Annual Financials - More
- September 15, 2011 | Item | ShareThis

BONTERRA TARGETS ALL THREE QUEBEC GOLD PROPERTIES - More
- September 15, 2011 | Item | ShareThis

Duran Ventures Reports Latest Positive Results from 2011 Aguila Drill Program - More
- September 15, 2011 | Item | ShareThis

Continental Gold Announces a Maiden Resource for the Buritica Project, Colombia - More
- September 15, 2011 | Item | ShareThis

Lydian to Run Detailed Engineering Design Stage in Parallel With Bankable Feasibility Study at Amulsar - More
- September 15, 2011 | Item | ShareThis

Alamos Gold Announces 40% Increase in Semi-Annual Dividend - More
- September 15, 2011 | Item | ShareThis

Dundee Precious Metals Improves Safety and Operational Efficiency With AeroScout Real-Time Location System - More
- September 15, 2011 | Item | ShareThis

Argentina Exploration Update - More
- September 15, 2011 | Item | ShareThis

Banro Corporation to be Added to the S&P/TSX Composite Index - "Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") is pleased to announce that Banro will be added to the S&P/TSX Composite Index effective Monday September 19, 2011. This is a benchmark index for the Toronto Stock Exchange representing the Canadian Equity Market, with market capitalization and liquidity as the main criteria for inclusion. This index represents the 500 largest companies listed on the Toronto Stock Exchange." More
- September 15, 2011 | Item | ShareThis

Silvercorp Repurchases Over $31 Million of Shares Under NCIB - "Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM.TO - News)(NYSE: SVM.TO - News) announced it has acquired a total of 3,918,012 of its common shares at a total cost of $31,290,657 (average price of CDN$7.97 pursuant to its normal course issuer bid ("NCIB") announced on June 17, 2011." More
- September 15, 2011 | Item | ShareThis

Fortuna to Begin Trading on the New York Stock Exchange on September 19, 2011 - "Fortuna Silver Mines Inc. (Toronto:FVI.TO) (Lima Stock Exchange: FVI / www.fortunasilver.com) is pleased to announce that it has been approved to list its common shares on the New York Stock Exchange ("NYSE") on September 19, 2011 under the trading ticker symbol "FSM". The Company will retain its listings on the Toronto Stock Exchange ("TSX") and the Lima Stock Exchange ("BVL"), both under the symbol "FVI"." More
- September 15, 2011 | Item | ShareThis

Comstock Mining Receives Modified Water Pollution Control Permit - "Comstock Mining Inc. (the "Company") (NYSE Amex: LODE) announced today that it has received approval for a minor modification for its existing Water Pollution Control Permit from the State of Nevada Division of Environmental Protection (NDEP), Department of Conservations & Natural Resources. This permit allows for expansion of our Merrill Crowe Process Building and related processes, including the heap-leach pads. These expansions and redesigns will allow for greater throughput yielding increased gold and silver production." More
- September 15, 2011 | Item | ShareThis

Golden Star Announces Continuing Exploration Success - "The Company's exploration drilling programs in Ghana continued during the second quarter with three drill rigs operating at the Bogoso/Prestea concessions and four operating at the Wassa/HBB concessions. On the Bogoso/Prestea concessions, 11,900 meters (m) of infill and expansion drilling at the Buesichem South and Bogoso North deposits were completed. On the Wassa/HBB concessions, 22,818m of drilling focused on the new exploration targets at Wiredukrom North, the southern extension of Wassa Main, infill drilling at Wassa Main, and Father Brown underground targets." More
- September 15, 2011 | Item | ShareThis

Allied Nevada Board of Directors Approves Funding to Advance the Construction of A Gyratory Crusher for the Hycroft Heap Leach Expansion - "Allied Nevada Gold Corp. ("Allied Nevada", "ANV" or the "Company") (TSX: ANV - News)(AMEX: ANV - News) is pleased to announce that Allied Nevada's Board of Directors has approved the capital spending of $20.7 million to complete detailed engineering and procurement of long-lead items in connection with accelerating construction of a large gyratory crusher and conveyance system to be utilized in the heap leach process." More
- September 15, 2011 | Item | ShareThis

Alexco Reports Increased Revenue, Cash From Operations, Earnings and Production for Fiscal 2011 Full Year and Fourth Quarter - "Alexco Resource Corp. (TSX: AXR.TO - News)(AMEX: AXU - News) today announced dramatically improved revenue, gross profit, earnings and production for its fiscal year ended June 30, 2011, as result of the first six months of commercial production at its Bellekeno mine in the Keno Hill Silver District, Yukon. All dollar figures are expressed in Canadian dollars unless otherwise stated." More
- September 15, 2011 | Item | ShareThis

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