Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 3%

	Close	Gain/Loss
Gold	$1667.00	-$13.70
Silver	$31.78	-$0.98
XAU	191.45	-1.94%
HUI	539.34	-1.83%
GDM	1559.73	-1.90%
JSE Gold	2734.73	-8.19
USD	76.93	-0.07
Euro	137.93	+0.07
Yen	130.13	+0.69
Oil	$84.23	-$1.34
10-Year	2.169%	-0.057
T-Bond	139.53125	+0.96875
Dow	11478.13	-0.35%
Nasdaq	2620.24	+0.60%
S&P	1203.66	-0.30%

Gold fell as much as $27.94 to $1652.76 by about 10AM EST before it rallied back higher in the last few hours of trade, but it still ended with a loss of 0.82%. Silver dropped to as low as $31.447 before it also bounced back higher, but it still ended with a loss of 2.99%.

Euro gold fell to under €1211, platinum lost $15.05 to $1530.25, and copper dropped 9 cents to about $3.30.

Gold and silver equities fell about 2% in the first hour of trade and remained near that level for the rest of the day.

Report	For	Reading	Expected	Previous
Initial Claims	10/08	404K	406K	405K
Trade Balance	Aug	-$45.6B	-$46.1B	-$45.6B

Tomorrow at 8:30AM EST brings Export and Import Prices for September and Retail Sales for September expected at 0.6%. Excluding autos, sales are expected at 0.3%. At 9:55 is Michigan Sentiment for October expected at 60.0 and at 10AM is the Business Inventories report for August expected at 0.4%. At 2PM is the Treasury Budget for September expected at -$67.0 billion.

The U.S. dollar index erased early gains and ended slightly lower as the euro reversed early losses and ended higher on easing tensions over European banks.

Treasuries remained higher after today’s $13 billion 30-year note auction sold a high yield of 3.12% with a bid to cover of 2.94.

The Dow and S&P traded mostly lower on a poor earnings report from JPMorgan, but the Nasdaq found decent gains on hopes for a strong earnings report from Google this afternoon.

Among the big names making news in the market today were Safeway, JPMorgan, and Apple.

“Modern markets are all about speculative money flows, and primarily money flows from hedge funds. That can be subdivided further into "RISK" trades versus "RISK AVERSION" trades.

Take a look at the following composite chart of the US Treasury Bond and the S&P 500 index. Note the extremely close inverse relationship between the two lines.

Basically you can see the RISK trade versus the RISK AVERSION trade portrayed here. When traders are running away from risk trades, they are running into Bonds pushing those prices higher in the process.

When they are feeling aggressive towards risk, they are dumping bonds driving those prices lower and shoving equity prices higher.

So where are we in all this? Simple - if traders/investors believe that the actions of the European monetary and political leaders in regards to the bank recapitalization plans will be successful in averting any worsening of that situation, they will continue to move towards RISK trades and sell their recently purchased bond holdings as at least one source of "deflation" will be eliminated from off their radar screen.

If risk trades come back into favor, then the SILVER/GOLD Ratio is going to move back in the FAVOR of SILVER after having moved in favor of gold since late April of this year.”- 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.

NovaGold’s (NG) third quarter results, Agnico-Eagle’s (AEM) formally commenced take-over bid, Great Basin’s (GBG) updated mineral resource estimate, Brigus Gold’s (BRD) third quarter update, and Extorre’s (XG) appointments 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.

Conquest Intersects 6.34 Metres of 3.95 Grams Per Tonne Gold at Red Lake - More
- October 13, 2011 | Item | ShareThis

ICN Resources Announces Cash and Share Issuance to Lode Star Gold Inc. - More
- October 13, 2011 | Item | ShareThis

Meadow Bay Gold to Host Investor Call on Friday October 14th at 11:00 am EST to Discuss New Discovery at the Atlanta Gold Mine in Nevada - More
- October 13, 2011 | Item | ShareThis

Zone Discovers a New Iron Target and Expands Girard Property - More
- October 13, 2011 | Item | ShareThis

Commander Commences IP Survey on Stump Lake Gold Property in BC - More
- October 13, 2011 | Item | ShareThis

Artha Resources Corporation: Argentina-Exploration Update - More
- October 13, 2011 | Item | ShareThis

Pacific North West Capital Announces $2,700,000 Non-Brokered Private Placement - More
- October 13, 2011 | Item | ShareThis

Pele Mountain Announces Discovery of Continuous Rare Earths Mineralization over 140-Metre True Thickness at Eco Ridge - More
- October 13, 2011 | Item | ShareThis

Cadan Reports Further 'Payrun' From Lateral Development in T'boli Gold-Silver Mine - More
- October 13, 2011 | Item | ShareThis

Entourage Metals (TSX VENTURE: EMT) Commences Drilling at High-Grade Black Raven Gold Property, Hemlo District, Ontario - More
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Athabasca Uranium Confirms Drill Targets - More
- October 13, 2011 | Item | ShareThis

ECR Minerals plc: Issue of Equity - More
- October 13, 2011 | Item | ShareThis

Trevali Provides Halfmile Mine Development Update - More
- October 13, 2011 | Item | ShareThis

Crescent Gold Board Changes - More
- October 13, 2011 | Item | ShareThis

Tajiri Resources Doubles the Size of Its Inca Silver Property, Awaits Phase 1 Results - More
- October 13, 2011 | Item | ShareThis

Canadian Silver Hunter Announces $600,000 Non-Brokered Private Placement - More
- October 13, 2011 | Item | ShareThis

Globex Update: Projects Advance on Many Fronts - More
- October 13, 2011 | Item | ShareThis

Northern Gold Continues to Define Mineralization and Reports Results for 5 Garrcon Gold Deposit Drill Holes - More
- October 13, 2011 | Item | ShareThis

Atacama Pacific Expands Cerro Maricunga Property - More
- October 13, 2011 | Item | ShareThis

Excellent Drill Results Continue at Pacific North West Capital's River Valley Platinum Group Metals Project, Sudbury, Ontario - More
- October 13, 2011 | Item | ShareThis

Lucky Thirteen Evaluation Update - More
- October 13, 2011 | Item | ShareThis

Exploration Drilling Underway at Strongbow's Shovelnose Gold Property, BC - More
- October 13, 2011 | Item | ShareThis

Metanor Intersects 8.26 g/T over 2.10 m and 7.40 g/T over 2.97 m at Bachelor Lake - More
- October 13, 2011 | Item | ShareThis

Southern Hemisphere Mining Limited: Further Strong Drilling Results From Llahuin Porphyry Copper Project, Chile - More
- October 13, 2011 | Item | ShareThis

Orestone Announces One Million Dollar Private Placement - More
- October 13, 2011 | Item | ShareThis

Sutter Gold Plans Drilling to Expand Resources at Its Lincoln Mine Project and Provides a Development Update - More
- October 13, 2011 | Item | ShareThis

Phase II Drilling Commences at Columbus Gold's Stevens Basin Project; Battle Mtn Gold Trend, Nevada - More
- October 13, 2011 | Item | ShareThis

Sonora Resources to Commence Valuation of Extensive Surface Ore Deposit Prospective for Silver at Corazon Property, Mexico - More
- October 13, 2011 | Item | ShareThis

Amex-Bowmore Intersect 40.5 m. at 0.51 g/t Au & 3.7 g/t Ag, Including 9.7 m. at 1.11 g/t Au & 8.8 g/t Ag. at Nueva Escondida Property in Mexico - More
- October 13, 2011 | Item | ShareThis

Montoro Completes Airborne Survey Over Tacheeda Lake Rare Earth Element Prospect - More
- October 13, 2011 | Item | ShareThis

AmeriLithium Announces Positive Gravity Survey Results for Nevada-Based Full Monty Lithium Project - More
- October 13, 2011 | Item | ShareThis

Liberty Gold Corp. Officially Launches Corporate Website - More
- October 13, 2011 | Item | ShareThis

Gold-Ore Announces Record Earnings for Third Quarter 2011 - More
- October 13, 2011 | Item | ShareThis

Coyote Resources Completes a 165 Hole Auger Drilling Program on the Tonopah Extension Tailings Project - More
- October 13, 2011 | Item | ShareThis

Kilo Drilling Intersects 7.71 g/t Gold Over 12.60 Metres; Defines Continuity of Canal Prospect, Somituri Project, DRC - More
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Rogue Resources Announces Preliminary Results From Drilling at Radio Hill Iron Project - More
- October 13, 2011 | Item | ShareThis

Yorbeau Announces Filing of NI 43-101 Technical Report on SEDAR - More
- October 13, 2011 | Item | ShareThis

North Country Further Extends High Grade Zones at Three Bluffs and Antler - More
- October 13, 2011 | Item | ShareThis

Alderon Files Preliminary Economic Assessment Technical Report - More
- October 13, 2011 | Item | ShareThis

Lithium Corporation Finishes Drilling at Salt Wells - More
- October 13, 2011 | Item | ShareThis

Newcastle Swayze Belt Property Update - More
- October 13, 2011 | Item | ShareThis

Purepoint Uranium Provides Update on Red Willow North Project in Athabasca Basin - More
- October 13, 2011 | Item | ShareThis

NMC Resource (TSX VENTURE: NRC) Increases Production, Mill Head Grade and Sales at NMC Moland Mine - More
- October 13, 2011 | Item | ShareThis

Meadow Bay Gold Discovers Porphyry-Hosted Gold Mineralization at Its Atlanta Gold Mine Project in Nevada - More
- October 13, 2011 | Item | ShareThis

Mariana Commences Drilling at Sierra Blanca Gold-Silver Project, Santa Cruz Province, Argentina - More
- October 13, 2011 | Item | ShareThis

Rockland Enters Agreement for Blue Lake Cu-Ni-PGM Mining Lease, Labrador Trough, Quebec - More
- October 13, 2011 | Item | ShareThis

Eagle Hill Exploration Corporation Windfall Lake Property Update: Summary and Plans for 2012 - More
- October 13, 2011 | Item | ShareThis

Crocodile Gold Intersects High-Grade Mineralization at The Crosscourse Deposit, Union Reefs: 8.89 Grams/Tonne Gold Over 12.3 Meters And 14.83 Grams/Tonne Gold - More
- October 13, 2011 | Item | ShareThis

Zincore Receives Positive Preliminary Economic Assessment Recommending Azod Project Proceed to Pre-Feasibility - More
- October 13, 2011 | Item | ShareThis

Avion's Hounde Project in Burkina Faso Returns High Grades from Bouere Zone-18.26 g/t Au Over 24.9 Metres and 5.75 g/t Au Over 11.0 Metres - More
- October 13, 2011 | Item | ShareThis

PBX Drills 124 Meters With 0.58 % Copper at the Copaquire Property-Chile - More
- October 13, 2011 | Item | ShareThis

Largo Resources Begins Exploration on New Project Areas Near Its Currais Novos Tungsten Project, Rio Grande De Norte, Brazil - More
- October 13, 2011 | Item | ShareThis

Augusta Announces Rosemont Copper DEIS Published by USFS - More
- October 13, 2011 | Item | ShareThis

General Metals Corporation Begins Removal of the Old Mill Buildings and Equipment from the Independence Project - More
- October 13, 2011 | Item | ShareThis

Uranium Energy Corp Reports Fiscal 2011 Production Results and Provides Operations Update - More
- October 13, 2011 | Item | ShareThis

Tigray Provides an Update on Exploration Drilling and Identifies a New Gold Target at the Harvest Project in Ethiopia - More
- October 13, 2011 | Item | ShareThis

North American Tungsten Announces New Loan Facilities - More
- October 13, 2011 | Item | ShareThis

Candente Copper Shareholder Rights Plan Becomes Effective - More
- October 13, 2011 | Item | ShareThis

Encore Renaissance Resources Corp. Announces Appointment of New President and CEO - More
- October 13, 2011 | Item | ShareThis

Orosur Mining Inc. Announces Results for the First Quarter Ended August 31, 2011 - More
- October 13, 2011 | Item | ShareThis

Ivanhoe Completes Acquisition of 80% Interest in Exco Joint Venture Tenements - More
- October 13, 2011 | Item | ShareThis

Zinco Reports on Drilling Results for Jesus Maria, Cuale District, Jalisco VMS Project, Mexico - More
- October 13, 2011 | Item | ShareThis

NovaGold Third Quarter Financial Results and Projects Update - "During the third quarter, Donlin Gold LLC (50% owned by a subsidiary of NovaGold and 50% owned by a subsidiary of Barrick Gold Corporation) continued to make significant progress in advancing an updated Feasibility Study, expected to be completed before the end of 2011. The Donlin Gold Feasibility Study update will incorporate a 315-mile natural gas pipeline which should reduce power generation costs and serve as a more socially and environmentally responsible alternative for the project than the original diesel option. Based on the existing feasibility study, once in production, Donlin Gold would produce an average of 1.3 million ounces of gold per year over a 25 year mine life, making it one of the largest North American gold operations." More
- October 13, 2011 | Item | ShareThis

Agnico-Eagle commences formal take-over bid to acquire Grayd - "Agnico-Eagle Mines Limited ("Agnico-Eagle") (NYSE & TSX: AEM) and Grayd Resource Corporation ("Grayd") (TSX-V:GYD.v - News) jointly announced today that Agnico-Eagle has formally commenced its previously announced take-over bid (the "Offer") to acquire all of the outstanding common shares of Grayd at a price of $2.80 per share. The Offer represents a premium of 65.7% to the volume weighted average price of Grayd shares on the TSX Venture Exchange for the 20-day period ended September 16, 2011 (the last trading day prior to announcement of Agnico-Eagle's intention to make the Offer)." More
- October 13, 2011 | Item | ShareThis

Great Basin provides a mineral resource update for its Burnstone Gold Mine in South Africa - "Great Basin Gold Ltd, ("Great Basin" or the "Company"), (TSX:GBG.to - News) announces an updated mineral resource estimate for its Burnstone Gold Mine in the Mpumalanga Province, South Africa." More
- October 13, 2011 | Item | ShareThis

Brigus Gold Provides Third Quarter Update - "The Black Fox Mine produced 16,838 ounces of gold in the third quarter of 2011 compared to 15,688 ounces in Q2 2011 and 8,772 ounces in the first quarter of the year. This is a 7% increase over Q2 production and a 92% increase over first quarter production. The Company has successfully recruited its underground mining workforce in the tight and competitive labour market of Timmins, Ontario." More
- October 13, 2011 | Item | ShareThis

Extorre Announces Key Appointments for Cerro Moro Project - "Extorre Gold Mines Limited (TSX: XG.TO - News) (AMEX: XG.TO - News) (Frankfurt: E1R.F - News) ("Extorre" or the "Company") is pleased to announce the appointment of Trevor Mulroney to the position of Chief Operating Officer and Alberto Carlocchia to the position of Country Manager - Argentina. These appointments are effective immediately and represent a significant development for the Cerro Moro project as it moves towards the mine development phase." More
- October 13, 2011 | Item | ShareThis

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