-- Posted 17 October, 2011 | |

The Metals:

Gold climbed $13.40 to as high as $1694.70 by about 5AM EST, but it then fell back off for most of the rest of trade and ended near its late session low of $1665.56 with a loss of 0.42%.  Silver rose to as high as $32.643 before it also dropped back in London and New York and ended near its late session low of $31.545 with a loss of 1.15%.

Euro gold rose to almost €1217, platinum gained $2.25 to $1550, and copper fell a few cents to about $3.37.

Gold and silver equities fell over 2% by late morning and remained near that level for the rest of the day.

The Economy:

Obama seeks action on jobs bill pieces this week  Yahoo

Tomorrow at 8:30AM EST brings PPI for September expected at 0.2%.  Core PPI is expected at 0.1%.  At 9AM is the Net Long-Term TIC Flows report for August and at 10AM is the NAHB Housing Market Index for October expected at 15.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil fell as the U.S. dollar index and treasuries rose on comments from a German finance minister that “dampened optimism that this weekend's European Union summit would provide a definite solution to the region's debt crisis.”

The Dow, Nasdaq, and S&P fell about 2% on worries over Europe.

Among the big names making news in the market today were Halliburton, Citigroup, Wells Fargo, Kinder Morgan, Statoil, Lowe’s, Apple, Anadarko, and Kodak.

The Commentary:

“We have about six weeks of real trading left for 2011. Things will slow down as each day passes in December.  (My office will close from December 10 to January 3). While the U.S. stock market is ever-so-slightly up for the year, I do anticipate significant tax-loss selling in most markets (although I suspect a fair amount has already taken place in the junior resource market during the last big downdraft).

U.S. Stock Market – I and a zillion others spoke about 1120 being a key support level for the S & P 500 back in late September. I had noted that while I wasn’t highly anticipating it, the fact that the market didn’t break below it for more than a day or so suggested we could see a meaningful countertrend rally (and why I didn’t want to short the market yet again).

We closed Friday at near-term resistance at 1225 but key resistance is at the 200-day M.A. around 1275. Look for lots of “happy” talk about a Santa Claus rally if and when we get closer to that level. Just because you and I may not believe in Santa doesn’t mean the “Don’t Worry, Be Happy” crowd won’t.

Precious and Base Metals – The “mother” of all gold bull markets remains fully intact. The bullish boat has thankfully returned back to just us kooks, nuts and tin-foil-hat folks. If you want to wait for an all-clear signal, look for two consecutive closes above $1,710. $2000+ remains when, not if in my book.

Silver should stay within gold’s shadow. Copper has roared back well above $3. Imagine what its price could do if ever it looks like many parts of the world presently in an economic funk actually start to grow again.

U.S. Bonds – SHOOT ME!!! I missed what I believed was a screaming shorting opportunity with the 10-year T-Bond below 1.75%. The only good news is I wasn’t short for almost the entire rally and managed to catch a great rally in Irish bonds. Ready, aim… FIRE!!!!

U.S. Dollar – Once again, all sorts of dollar bulls rose their badly beaten and bloody bodies to announce a new bull market for the terminally ill U.S. Dollar only to see their legs cut out from under them. Just wait until the world realizes the Euro is only the opening act, and the real ugly one has old George on the front.

Oil and Natural Gas – Neutral on oil and really like natural gas down here, but once again natural gas stocks vaulted higher without the support of actual higher gas prices. I guess that makes me a chicken bull.”- Peter Grandich, Grandich Letter

GATA Posts:

Hong Kong starts trading gold in renminbi

Gold Standard Institute's newsletter comments on Utah monetary conference

Saudi central bank says it's not interested in distressed assets or gold

The Statistics:

Activity from: 10/14/2011

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

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.

The Miners:

Newmont’s (NEM) suspended work at Yanacocha, Golden Star’s (GSS) preliminary third quarter production results, Almaden’s (AAU) closed transaction, AuRico’s (AUQ) drill results, New Gold’s (NGD) acquisitions, Eldorado’s (EGO) enhancement to the formula underlying its existing dividend policy, Pretivm’s (PVG.TO) project update, Freeport’s (FCX) halted production at Grasberg, Impact’s (IPT.V) resumed concentrate shipments, Excellon’s (EXN.TO) assay results, Minefinders’ (MFN) drill results, and Alexco’s (AXU) increased silver production were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

All of today's gold and silver stock news:

Sharprock Resources Announces Appointments to the Board and Management - More
- October 17, 2011 | Item | ShareThis

Coronado Resources Ltd. Closes $560,000 Private Placement & Appoints New Director - More
- October 17, 2011 | Item | ShareThis

Patriot Gold Releases Final Phase 1 Drill Hole Results for Arizona Moss Mine Project - More
- October 17, 2011 | Item | ShareThis

Exclusive: Newmont suspends work at Peru gold mine - "Newmont's (NEM - News) gold mine Yanacocha said on Monday it has temporarily suspended work because of protests that were blocking roads in northern Peru.

Yanacocha, one of Latin America's largest gold mines, produced 1.5 million ounces of gold in 2010, some 1.6 percent of the world's output.

The mine, partly owned by Peruvian precious metals miner Buenaventura (BVN - News), said it took the drastic measure to halt work to protect the safety of its employees after protesters torched eight pieces of heavy equipment on a road leading to the mine." More
- October 17, 2011 | Item | ShareThis

Canasil Discovers More Silver Mineralization at Sandra-Escobar Project in Durango State, Mexico - More
- October 17, 2011 | Item | ShareThis

BacTech Announces NI 43-101 Mineral Resource Estimate for Snow Lake Gold Residue Stockpile - More
- October 17, 2011 | Item | ShareThis

Osisko Deposits the First Tranche of Its Financial Guarantee Covering the Entire Cost of Rehabilitating the Canadian Malartic Site - More
- October 17, 2011 | Item | ShareThis

Bison Gold Resources Inc. Announce Changes to Its Board of Directors - More
- October 17, 2011 | Item | ShareThis

Huakan International Mining Inc. Extends Closing Date of Sale of Greenwood Gold Project Assets - More
- October 17, 2011 | Item | ShareThis

IMPACT Silver Resumes Concentrate Shipments to Smelter - "IMPACT Silver Corp. ("IMPACT") (TSX-V: IPT.V - News) is pleased to announce that shipments of lead-silver concentrate have resumed, as scheduled. The 500-tpd (tonnes per day) Guadalupe Plant operated normally throughout this period of disrupted shipments announced September 13th and concentrate produced was stockpiled. The plant will continue to operate at near capacity with the stockpiled concentrate to be sold on an accelerated schedule." More
- October 17, 2011 | Item | ShareThis

Avala Resources Commences to Confirm Continuity of Mineralization at Bigar Hill, Serbia and Provides Exploration Update - More
- October 17, 2011 | Item | ShareThis

Cortez Signs LOI for US$2.5 Million to Operate Gold-Silver Processing Plant - More
- October 17, 2011 | Item | ShareThis

Quantum Rare Earth Developments Corp. is the Focus of Conservative Speculator Report - More
- October 17, 2011 | Item | ShareThis

The President of Pershimco Resources and The Sentient Group Increase Their Participation in the Corporation - More
- October 17, 2011 | Item | ShareThis

Takara Provides Operations Update at Arakaka Gold Project, Guyana, South America - More
- October 17, 2011 | Item | ShareThis

Lucky Strike Joins OTCQX and S&P Market Access Program - More
- October 17, 2011 | Item | ShareThis

Golden Predator Intercepts 23.3 m of 5.67 g/t Gold at Brewery Creek Project, Yukon - More
- October 17, 2011 | Item | ShareThis

Glass Earth Closes Second Tranche of Private Placement - More
- October 17, 2011 | Item | ShareThis

Romios Acquires a 100% Interest in Newmont Lake Property - More
- October 17, 2011 | Item | ShareThis

Stellar Pacific Ventures Inc.: Private Placement of $750,000 - More
- October 17, 2011 | Item | ShareThis

Quia Resources Reports First Drill Results Further Defining Targets at La Colina and La Rueda Anomalies - More
- October 17, 2011 | Item | ShareThis

Chapalota First Pass Drill Program Sample Results Includes Three Metres of 11.6 g/t Gold - More
- October 17, 2011 | Item | ShareThis

Riverside Resources and Guerrero Exploration Report Initial Drill Results Including Three Metres of 11.6 g/t Gold at the Chapalota Project in Sinaloa, Mexico - More
- October 17, 2011 | Item | ShareThis

La Ronge Gold Corp. Acquires Large Land Position With Historical Gold Resources in Northern Saskatchewan, Canada - More
- October 17, 2011 | Item | ShareThis

Positive Results Continue at Orezone's Bombore Gold Project - More
- October 17, 2011 | Item | ShareThis

Mexivada Discovers New Clorinda Zone of Mineralization South of Dome Mine at Timmins, Ontario - More
- October 17, 2011 | Item | ShareThis

Soltoro and Argentum Silver Provide Exploration Update on the Coyote Silver Gold Project in Jalisco, Mexico - More
- October 17, 2011 | Item | ShareThis

Strike Options Gold Property in Tanzania From Canaco - More
- October 17, 2011 | Item | ShareThis

Lithium Exploration Group Updates Investors - More
- October 17, 2011 | Item | ShareThis

Queenston Announces an Initial NI 43-101 Resource at Bidgood and New Drilling Results Including 38.8 g/t Au Over 4.0 m True Width - More
- October 17, 2011 | Item | ShareThis

Wolverine Exploration Intersects Sulfide Mineralization at Cache River - More
- October 17, 2011 | Item | ShareThis

Millrock and Vale Form Strategic Alliance for Copper-Gold Porphyry Deposit Exploration in Alaska - More
- October 17, 2011 | Item | ShareThis

Cameco Updates Hathor Shareholders on Status of Premium Offer - More
- October 17, 2011 | Item | ShareThis

AuRo Provides Colombia Exploration Update - More
- October 17, 2011 | Item | ShareThis

Wealth Reports Additional Drill Results from Mina Norte Zone at Rodeo de los Molles Project, Argentina - More
- October 17, 2011 | Item | ShareThis

Argonaut Gold Announces Q3 Gold Production of 16,884 Ounces - More
- October 17, 2011 | Item | ShareThis

Gryphon Gold Begins Production, Ships Loaded Carbon - More
- October 17, 2011 | Item | ShareThis

Argentum Provides an Exploration Update on the Coyote Silver-Gold Project in Jalisco, Mexico - More
- October 17, 2011 | Item | ShareThis

Golden Star Reports Preliminary Third Quarter Operational Results and Schedules Third Quarter Conference Call - "Golden Star Resources Ltd. (AMEX: GSS - News) (TSX: GSC.TO - News) (GHANA: GSR) ("Golden Star" or the "Company") today announced preliminary third quarter production results for its Bogoso/Prestea and Wassa/HBB operations." More
- October 17, 2011 | Item | ShareThis

Selwyn Announces Termination of the Agency Agreement for a Proposed US$30 Million Bond Financing - More
- October 17, 2011 | Item | ShareThis

Continental Precious Minerals Announces Update on Mettalurgical Work on Viken Project - More
- October 17, 2011 | Item | ShareThis

MDN Identifies Four Lenses Justifying Definition Drilling and Intercepts the Ikungu Structure Below 475 m - More
- October 17, 2011 | Item | ShareThis

Argentex Drills 9.2 Meters of 1.48 g/t Au and 35.9 g/t Ag at Ivonne Norte Vein at Pinguino Project - More
- October 17, 2011 | Item | ShareThis

Integra Gold Commences Drilling Parallel Zone - More
- October 17, 2011 | Item | ShareThis

Logan Announces Completion of Consolidation - More
- October 17, 2011 | Item | ShareThis

Iron Creek Arranges $3.5 Million Financing - More
- October 17, 2011 | Item | ShareThis

Kincora Copper Announces the Appointment of New President and Chief Executive Officer - More
- October 17, 2011 | Item | ShareThis

Buenaventura Advances Minas Chanca Silver Project - More
- October 17, 2011 | Item | ShareThis

North Bay Resources Inc. (NBRI) Agrees to JV on Fraser River Platinum Project - More
- October 17, 2011 | Item | ShareThis

Energy Fuels Announces Acquisition of Key Uranium and Vanadium Property in Utah's Sage Plain District - More
- October 17, 2011 | Item | ShareThis

SilverCrest Discovers New Mineralized "Contact Zone" at La Joya - More
- October 17, 2011 | Item | ShareThis

Canadian Orebodies Announces Second Set of Drill Results from Haig Inlet Iron Ore Project - More
- October 17, 2011 | Item | ShareThis

Cayden Resources Completes Final Payment for Morelos Sur Gold Property in Mexico and Provides Update - More
- October 17, 2011 | Item | ShareThis

New Gold to Acquire Geo Minerals - More
- October 17, 2011 | Item | ShareThis

Red Eagle Mining - Santa Rosa exploration update - More
- October 17, 2011 | Item | ShareThis

Goldgroup closes acquisition of 100% of the Caballo Blanco project - More
- October 17, 2011 | Item | ShareThis

Tournigan Adds 3.75 Million Pounds of Measured and Indicated U3O8 and 12.74 Million Pounds of Inferred U3O8 to Mineral Inventory - More
- October 17, 2011 | Item | ShareThis

Hana Mining Ltd.: Infill Drilling Again Encounters Consistent High-Grade Copper-Silver Mineralization Along the South Limb of the Banana Zone - More
- October 17, 2011 | Item | ShareThis

Esperanza Updates Cerro Jumil Project - More
- October 17, 2011 | Item | ShareThis

Molycorp and United Steelworkers Agree on New Labor Contract - More
- October 17, 2011 | Item | ShareThis

Magellan Minerals Ltd.: Drilling at Serra Intersects 4m @ 7.16 g/t Gold Coringa Project, Brazil - More
- October 17, 2011 | Item | ShareThis

North American Nickel Updates SkyTEM Survey on its Maniitsoq Project, Greenland - More
- October 17, 2011 | Item | ShareThis

Aura Minerals Announces Updated Resource Estimate for the Aranzazu Mine - More
- October 17, 2011 | Item | ShareThis

Medusa Mining Limited: Co-O Drilling Update - More
- October 17, 2011 | Item | ShareThis

Kiska Releases 2011 Drilling Results from Raintree North Prospect, Whistler Project, Alaska - More
- October 17, 2011 | Item | ShareThis

Luiri Gold Zambian Mining Licence Reinstated - More
- October 17, 2011 | Item | ShareThis

Serabi Gold plc ("Serabi" or "the Company") Change of Company Name - More
- October 17, 2011 | Item | ShareThis

South Carolina mine sparks mini-gold rush to the Southeast - "A Canadian mining company and a tiny South Carolina town are leading what could be a modern gold rush to the southeastern United States.

Romarco Minerals Inc. reopened the historic Haile Gold Mine near Kershaw, S.C., this year and expects to pour its first gold bar there in early 2014, Chief Executive Diane Garrett told Reuters this week." More
- October 17, 2011 | Item | ShareThis

Almaden Closes El Cobre/Caballo Blanco Transaction - "Almaden Minerals Ltd. and its wholly owned subsidiary ("Almaden" or "the Company")(TSX: AMM.TO - News)(AMEX: AAU - News) is pleased to announce that it has closed the Transaction (announced previously by the Company September 26th, 2011) with Goldgroup Mining Inc. and its subsidiary ("Goldgroup") (TSX: GGA.TO - News) to sell Almaden's 30% interest in the Caballo Blanco project and to acquire a 100% interest in the El Cobre project (the "Transaction"). Almaden will retain an undivided 1.5% NSR in the Caballo Blanco project." More
- October 17, 2011 | Item | ShareThis

Excellon Announces New High-Grade Assays from Platosa 912 g/t (27 oz/T) Ag, 8% Pb, 12% Zn Over 3.53 m in Hole EX11-LP942 - "Excellon Resources Inc. (TSX: EXN.TO - News) ("Excellon" or "the Company") is pleased to announce assays for nine holes, all from the immediate mine area on its 100% owned Platosa Property in Durango State, Mexico. The best hole was LP942, off the southeast corner of the Rodilla Manto, which intersected 3.53 metres (m) of massive sulphides grading 912 g/t (26.6 oz/T) Ag, 8.36% Pb, 12.48% Zn. Hole LP919, on the northern fringe of the high-grade Pierna Manto intersected 142 g/t (4.1 oz/T) Ag, 5.59% Pb, 6.28% Zn over 1.58 m." More
- October 17, 2011 | Item | ShareThis

Minefinders Reports 13.69 gpt of Gold-Equivalent Over 23.5 Metres in Las Huatas Zone at Its La Virginia Property - "Minefinders Corporation Ltd. ("Minefinders" or 'the Company") (TSX: MFL.TO - News)(AMEX: MFN - News) is pleased to provide updated results from drilling completed at the Company's La Virginia Project in Sonora State, Mexico." More
- October 17, 2011 | Item | ShareThis

Alexco Reports Increased Silver Production for Third Quarter of Calendar 2011 - "Alexco Resource Corp. (TSX: AXR.TO - News)(AMEX: AXU - News) today reports increased silver production during the third quarter calendar 2011 from the Bellekeno mine in the Keno Hill Silver District, Yukon, compared to the second quarter. Mill throughput increased by 14% and silver production increased 8%, with lead and zinc production generally consistent with the second calendar quarter." More
- October 17, 2011 | Item | ShareThis

AuRico Gold Reports New Drill Results Including 23.6 metres grading 3.96 g/t Gold Equivalent at the Dolores Vein at the El Cubo Mine - "AuRico Gold Inc. (TSX:AUQ.to - News) (NYSE:AUQ - News), ("AuRico") is pleased to provide an update of new drill results at its El Cubo Mine in Guanajuato State, Mexico. Exploration drilling resumed in late July and as of September 30th the Company had completed 5,068 metres of core drilling using two surface drill rigs. The drilling to date has focused on infill and step-out drilling of the Dolores-Capulin orebodies discovered in late 2009." More
- October 17, 2011 | Item | ShareThis

New Gold Agrees to Acquire Silver Quest Resources - Consolidates Ownership of Blackwater Project in British Columbia - "New Gold Inc. ("New Gold") (TSX:NGD.to - News) (AMEX:NGD - News) and Silver Quest Resources Ltd. ("Silver Quest") (TSX.V:SQI) today jointly announce a binding letter agreement whereby New Gold will acquire, through a plan of arrangement (the "Arrangement"), all of the outstanding common shares of Silver Quest. Under the terms of the Arrangement, Silver Quest shareholders will receive 0.09 of a New Gold share (the "Share Consideration") for each Silver Quest share held and one common share in a new Yukon-focused precious metals exploration company, McIntyre Minerals Inc. ("McIntyre") for every three Silver Quest shares held (the "Spinco Consideration")." More
- October 17, 2011 | Item | ShareThis

New Gold to Add to its Land Position Around Blackwater Project Through Acquisition of Geo Minerals - "New Gold Inc. ("New Gold") (TSX:NGD.to - News)(NYSE AMEX:NGD) today announces that the company and Geo Minerals Ltd. ("Geo") (TSX.V:GM) have entered into a definitive agreement whereby New Gold will acquire, through a plan of arrangement (the "Arrangement"), all of the outstanding common shares of Geo. By acquiring Geo, New Gold will add 1,470 hectares of land ("West Blackwater properties") immediately to the northwest of the company's Blackwater Project. The Blackwater Project is located in Central British Columbia, approximately 160 kilometres southwest of the city of Prince George." More
- October 17, 2011 | Item | ShareThis

Eldorado Gold Announces Dividend Formula Enhancement - "Eldorado Gold Corporation (TSX: ELD.TO - News)(NYSE: EGO - News)(ASX: EAU.AX - News) ("Eldorado", "the Company" or "We") is pleased to announce an enhancement to the formula underlying its existing dividend policy. The formula used to create the semi-annual dividend fund will continue to be linked to the gold price and the number of ounces sold, and it will also provide additional step-ups as the average realized gold price increases." More
- October 17, 2011 | Item | ShareThis

Pretium Resources Inc.: Brucejack Project Update - "Pretium Resources Inc. ("Pretivm") (TSX: PVG.TO - News) is pleased to provide the following update on the progress of activities at its high-grade gold Brucejack Project in northern British Columbia." More
- October 17, 2011 | Item | ShareThis

Freeport halts gold production in Indonesia - "U.S. mining giant Freeport-McMoRan Cooper & Gold Inc. halted production at its gold and copper mine in Indonesia's restive province of Papua on Monday over security concerns.

Nurhadi Sabirin, a vice president for PT Freeport Indonesia, said in a video conference the decision would affect all operations at Grasberg's open-pit and underground mines." More
- October 17, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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