Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2%

	Close	Gain/Loss
Gold	$1680.70	+$21.00
Silver	$32.76	+$0.73
XAU	195.23	+0.91%
HUI	549.38	+0.92%
GDM	1589.86	+0.90%
JSE Gold	2742.92	+27.34
USD	77.00	-0.49
Euro	137.88	+1.42
Yen	129.42	-1.03
Oil	$85.57	-$0.24
10-Year	2.226%	+0.066
T-Bond	138.5625	-1.3125
Dow	11518.85	+0.90%
Nasdaq	2604.73	+0.84%
S&P	1207.25	+0.98%

Gold climbed to as high as $1691.75 by about 8:30AM EST before it fell back off a bit in New York, but it still ended with a gain of 1.27%. Silver rose to as high as $33.04 and ended with a gain of 2.28%.

Euro gold rose to about €1217, platinum gained $29.30 to $1545.30, and copper gained 10 cents to about $3.39.

Gold and silver equities rose about 1% at the open and remained near that level for the rest of the day.

“The Federal Reserve said some officials last month wanted to keep further asset purchases as an option to boost the economy as policy makers saw “considerable uncertainty” that U.S. growth will pick up.

Most participants favored giving additional information on the central bank’s goals and how they influence the Fed’s decisions, and most “saw advantages” in tying the Fed’s near- zero interest rates to more-specific developments in the economy, the Fed said in minutes of the Sept. 20-21 session, released today in Washington. Such changes may be expressed in ways other than the post-meeting statement, the Fed said.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/08 expected at 406,000 and the Trade Balance for August expected at -$46.1 billion. At 2PM is the Treasury Budget for September expected at -$67.0 billion.

Oil ended slightly lower in mixed trade while the U.S. dollar index and treasuries fell on optimism over the likely approval of a euro-zone rescue fund that sent the Dow, Nasdaq, and S&P almost 1% higher. Today’s $21 billion 10-year note auction sold at a high yield of 2.271% with a bid to cover of 2.86.

Among the big names making news in the market today were Sony, BlackBerry, Wal-Mart, Chrysler, Apple, and Progressive.

“Dollar bulls had better hope for a breakdown in the plans of the Europeans to get their bank recapitalization rescue package moving forward because it is rapidly falling out of favor as hedge funds flee the "SAFE HAVEN" trades (buying the Dollar and the US Treasury market). The Aussie is back over the 1.00 level, the Euro has pushed up to the 1.38 level, the Loonie is at the .98 level and threatening to move back to parity and even the Swiss Franc is showing a few signs of life.

There is a fairly large contingent of speculators who are (were) on the long side of the Dollar as they were plying the safe haven trade. Those positions, especially the ones that have been placed within the last three weeks, are all under water and bleeding red.

The Dollar is now moving into what should provide some buying support so some of these trapped longs are holding out hope that it can bounce from here. If not, it will fall back towards 76.50 as long liquidation is going to occur.

Mining stocks have been rallying alongside the broader equity markets as the bulls are frollicking in the pastures of increased liquidity being provided to the European banks courtesy of the recapitalization plans being discussed in that corner of the globe. That has taken away fears of bank failures tied to deteriorating balance sheets over in Europe and by inference, any hit to the banks here in the US. The result is "GAME ON" for the hedge funds once again as in they come into a variety of markets once again.

That had led to both a wave of short covering in the mining shares as well as fresh buying in some issues that has taken the index nearly 70 points off the recent spike low made earlier this month. However, shares have basically moved lower since the opening period of trade today as chartists are seeing a zone of formidable resistance against which some of either booking profits from fresh longs or are using as a strategic entry point for fresh shorts. That zone is a combination of horizontal resistance associated with the swing high made back in May of this year as well as the most significant of the Fibonacci retracement levels, the 50% level which happens to come in very near the 560 level.

If the bulls want to take prices higher, they are going to have to buy in sufficient size across the sector to drive the index through 560 for a minimum. If they hesitate here, the index runs a good chance of retreating and moving back down towards 520 once again.

If the bulls show some mettle and charge higher, then 577-580 comes into play. A close of the index through this level would set up another run at 600-605.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 163.70: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,954.27: No change from yesterday’s data.

Eldorado’s (EGO) credit facility and operational update, Kimber’s (KBX) plans to update the mineral resource estimate for the Carmen gold-silver deposit, Paramount’s (PZG) assay results, Silver Bull’s (SVB.TO) drill results, Minefinders’ (MFN) third quarter results, SilverCrest’s (SVL.V) third quarter production, and First Majestic’s (AG) third quarter production 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.

Continental Nickel Limited Announces New Board Appointments - More
- October 12, 2011 | Item | ShareThis

Drilling Underway on Southern's Oro Project in New Mexico - More
- October 12, 2011 | Item | ShareThis

Coro Announces 144 Meters at 0.67% Copper and 74 Meters at 0.60% Copper From Diamond Drilling Program at Chacay Property - More
- October 12, 2011 | Item | ShareThis

Focus drills 169g/t Ag 7.8% Zn 8.3% Pb over 10.8m at Santa Rosa, Perú - More
- October 12, 2011 | Item | ShareThis

Avanti Mining Issues Shares in Lieu of Cash for Interest Payable Under Terms of Bridge Loan - More
- October 12, 2011 | Item | ShareThis

Newcastle Earns 100% Interest in Pickle Lake Claims - More
- October 12, 2011 | Item | ShareThis

Mill Bay Ventures Plans Deep Drilling on Valentine Mountain Discovery Zone - More
- October 12, 2011 | Item | ShareThis

Uranium North Completes Drilling on the Mallery Gold/Silver Project - More
- October 12, 2011 | Item | ShareThis

Golden Share Starts Drilling at Shebandowan and Hits 32 m of Mineralization in First Hole on Pistol Lake - More
- October 12, 2011 | Item | ShareThis

Threegold to Acquire 100% Interest in the Mont-de-l'Aigle Project - More
- October 12, 2011 | Item | ShareThis

Erdene Drilling Confirms Significant Epithermal Gold Mineralization Near Surface in Southwest Mongolia - More
- October 12, 2011 | Item | ShareThis

Mega’s Step out Drilling Program at Monument Bay Project Continues to Extend the Open Pit Potential onto New Ground Drilling 30.0 Metres at 2.20 G/T Au - More
- October 12, 2011 | Item | ShareThis

MAX drills 13.7 m of 30 g/t (0.96 oz/t) silver and 0.47% copper in fourth hole at Majuba Hill, Nevada; additional assay results pending - More
- October 12, 2011 | Item | ShareThis

Liberty Star Receives Completed Technical Report on Tombstone South Exploration Area from SRK Consulting - More
- October 12, 2011 | Item | ShareThis

Globex Intersects Wide Zones of Manganese and Iron at its Woodstock New Brunswick Property - More
- October 12, 2011 | Item | ShareThis

Chieftain Announces Initial Agreement with Cutfield Freeman & Co. - More
- October 12, 2011 | Item | ShareThis

Canadian Orebodies Announces Successful Completion of Summer Drill Program at Haig Inlet - More
- October 12, 2011 | Item | ShareThis

Auracle Resources Commences 4,000 Metre Drill Program at Mexican Hat - More
- October 12, 2011 | Item | ShareThis

Inter-Citic Extends Term of Warrants - More
- October 12, 2011 | Item | ShareThis

IronOne Inc. Reports Analytical Results up to 60.5% Iron from Surface Sampling of Iron Formation Outcrops on the Lac Virot Project, Labrador - More
- October 12, 2011 | Item | ShareThis

Vantex Grants an Option to Vanstar - More
- October 12, 2011 | Item | ShareThis

Skyline Releases Exploration Results From Snip-Bronson Trend - More
- October 12, 2011 | Item | ShareThis

Orestone Names Rob Pease to Advisory Board - More
- October 12, 2011 | Item | ShareThis

Redhill Receives AUD$2,000,000 Payment From Mutiny Gold - More
- October 12, 2011 | Item | ShareThis

Finore Mining Inc. Engages Watts, Griffis and McOuat - More
- October 12, 2011 | Item | ShareThis

Thompson Creek Schedules Third Quarter 2011 Financial Results Conference Call/Webcast on November 8, 2011 at 8:30 A.M. Eastern Time - More
- October 12, 2011 | Item | ShareThis

Vanstar to Option the East Part of the Galloway Project and Appoints New CEO - More
- October 12, 2011 | Item | ShareThis

Stronghold Announces the Signing of Definitive Option Agreement With Mowasi Gold Corp. - More
- October 12, 2011 | Item | ShareThis

Merrex Engages Additional Independent Advisor - More
- October 12, 2011 | Item | ShareThis

Atna Completes Briggs Drilling With Strong Gold Intercepts - More
- October 12, 2011 | Item | ShareThis

Bullion Monarch Reports a Decrease of Outstanding Shares - More
- October 12, 2011 | Item | ShareThis

Ressources Appalaches Became the Sole Owner of the Dufferin Mine - More
- October 12, 2011 | Item | ShareThis

Strategic Mining Commissions Metallurgical Tests on Its Nat Son Gold Property in Vietnam - More
- October 12, 2011 | Item | ShareThis

Midland Exploration and Aurizon Mines Resume Drilling on the Patris Gold Property - More
- October 12, 2011 | Item | ShareThis

Portage Commences Drilling at Golden Pike, New Brunswick Where Drill Results Include 43.07 g/t Gold Over 13.0 Metres - More
- October 12, 2011 | Item | ShareThis

REE Results from Kirrin's Grevet Property Include 20% TREO - More
- October 12, 2011 | Item | ShareThis

Quaterra Announces Continuing High-Grade Gold Intercepts by Partner Grande Portage at Herbert Glacier, Alaska - More
- October 12, 2011 | Item | ShareThis

Macusani Yellowcake Intersects 9 m Averaging 0.145% U3O8 (2.9 lbs/ton) Including 4 m Grading 0.260% U3O8 (5.2 lbs/ton) at Kihitian Property, Peru - More
- October 12, 2011 | Item | ShareThis

Spanish Mountain Gold Reports Completion of In-fill Drilling Program in Main Zone - More
- October 12, 2011 | Item | ShareThis

Virgin Metals Inc. Provides Update on Alamos Gold Project - More
- October 12, 2011 | Item | ShareThis

Batero Gold Reports Further Drilling Results from Batero-Quinchia Project, Colombia - More
- October 12, 2011 | Item | ShareThis

Alix Drills Significant Intervals of 256 Meters of 1.50 g/T and 93 Meters of 1.39 g/T Gold at the Golden Zone Breccia Pipe Deposit, Alaska - More
- October 12, 2011 | Item | ShareThis

Positive Results from Phase I Drilling and Start of Phase II Drilling at Miranda%u2019s Red Canyon Project - More
- October 12, 2011 | Item | ShareThis

ECPN Announces Completion of Due Diligence Preparation - More
- October 12, 2011 | Item | ShareThis

Search Minerals Announces Foxtrot Phase III Drill Program to 400m Depth: Will Add to NI 43-101 Resource Estimate Expected Q4, 2011 - More
- October 12, 2011 | Item | ShareThis

Paladin Energy Ltd.: Adjustment of the Conversion Price of Convertible Bonds - More
- October 12, 2011 | Item | ShareThis

Exploration Update Drilling Results on E77/1209 (Mt Manning North) - More
- October 12, 2011 | Item | ShareThis

Eldorado Gold Announces New Credit Facility; $280 Million Revolver - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, ("Eldorado", the "Company" or "we") (TSX: ELD.TO - News)(NYSE: EGO - News)(ASX: EAU.AX - News) is pleased to announce that the Company has entered into a $280 million revolving credit facility with HSBC and a syndicate of four other banks." More
- October 12, 2011 | Item | ShareThis

Positive 2011 exploration results underpin Kimber plans to update mineral resource estimate for Carmen deposit - Yahoo! Finance - "Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) is pleased to announce plans to update the mineral resource estimate for the Carmen gold-silver deposit at its Monterde Project, Mexico, based on positive 2011 drilling that has included many new high-grade intercepts below the current mineral resource. On the advice of its independent consultants, Kimber's management and Board have determined that these drilling results are essential components of any economic study that will be used for development and production planning and need to be incorporated into mineral resource estimates and economic studies." More
- October 12, 2011 | Item | ShareThis

Silver Bull Increases the Silver Resource of the Shallow Silver Zone at the Sierra Mojada Project, Coahuila, Mexico. - "Silver Bull Resources, Inc. (TSX:SVB.to - News) ("Silver Bull") is pleased to provide the results that will be reported in the updated NI43-101 Technical Report ("the Technical Report") currently being completed by SRK Consulting (Canada) Inc. ("SRK") on the silver mineralization of the "Shallow Silver Zone" at the Sierra Mojada Project in Coahuila, Mexico." More
- October 12, 2011 | Item | ShareThis

Minefinders Announces Third Quarter 2011 Production and Sales Results - "For the nine months ended September 30, 2011 Minefinders sold 53,708 ounces of gold and 2,665,024 ounces of silver or 118,498 gold-equivalent ounces. The Company is on track to meet its production guidance for 2011 of 65,000 to 70,000 ounces of gold and 3.3 to 3.5 million ounces of silver." More
- October 12, 2011 | Item | ShareThis

SilverCrest Reports Increased Santa Elena Production in Q3, Silver Production up 43% to 106,636 ounces, Gold Production up 61% to 8,805 ounces - "SilverCrest Mines Inc. (the "Company") (TSX-V: SVL.V - News)(OTCQX: STVZF.PK - News) is pleased to announce continued growth of silver and gold production in the Third Quarter, 2011 from the Santa Elena Mine located in Sonora, Mexico. Silver production was up 43% to 106,636 ounces and gold production was up 61% to 8,805 ounces compared to the Second Quarter, 2011." More
- October 12, 2011 | Item | ShareThis

First Majestic Announces Q3 Production Results and Commences Commercial Production at La Parrilla - "First Majestic Silver Corp. ("First Majestic" or the "Company") (TSX: FR.TO - News)(NYSE: AG - News)(Frankfurt: FMV.F - News)(WKN: A0LHKJ) is pleased to announce that total production at its three mines in Mexico for the third quarter ending September 30, 2011 reached 1,791,770 equivalent ounces of silver." More
- October 12, 2011 | Item | ShareThis

Drilling at Paramount Gold and Silver's San Miguel Project Continues to Confirm and Extend High Grade Zones - "Paramount Gold and Silver Corp. (AMEX: PZG - News)(TSX: PZG - News)(Frankfurt: P6G.F - News)(WKN: A0HGKQ) ("Paramount") announced today new assay results from ongoing drilling at its 100%-owned San Miguel Project in northern Mexico continue to expand and upgrade the project's resources. Assays from five additional drill holes on the San Miguel Vein target have generated some of the best intercepts to date including 10.6 meters grading 7.9 g/T of gold and 18.0 g/T of silver." More
- October 12, 2011 | Item | ShareThis

Eldorado Gold Corporation: Operational Update - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX: ELD.TO - News)(NYSE: EGO - News)(ASX: EAU.AX - News), ("Eldorado" the "Company" or "we") is pleased to provide an update on the operating performance of the Company's mines and an outlook for the balance of the year." More
- October 12, 2011 | Item | ShareThis

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