Gold Seeker Closing Report: Gold Ends Slightly Lower While Silver Slips 3%

Please Note: US markets are closed tomorrow for Thanksgiving. They will also close early at 1PM EST on Friday. The Gold Seeker Report will return on Monday. CoT reports are also delayed until Monday.

	Close	Gain/Loss
Gold	$1694.30	-$4.90
Silver	$31.74	-$0.98
XAU	189.71	-2.70%
HUI	535.48	-2.93%
GDM	1537.17	-2.70%
JSE Gold	3061.89	-59.86
USD	79.09	+0.85
Euro	133.38	-1.73
Yen	129.34	-0.57
Oil	$96.17	-$1.84
10-Year	1.879%	-0.060
T-Bond	145.34375	+1.25
Dow	11257.55	-2.05%
Nasdaq	2460.08	-2.43%
S&P	1161.08	-2.21%

Gold climbed $10.72 to $1709.92 in Asia before it fell back to as low as $1677.13 by late morning in New York, but it then bounced back higher in afternoon trade and ended with a loss of just 0.29%. Silver fell to as low as $31.228 by about 7:30AM EST before it rebounded in New York, but it still ended with a loss of 3%.

Euro gold rose to over €1270, platinum lost $20.30 to $1544.50, and copper dropped 5 cents to about $3.28.

Gold and silver equities fell over 3% by midmorning before they rebounded midday, but they then fell back off again in late trade and ended near their earlier lows.

Report	For	Reading	Expected	Previous
Durable Orders	Oct	-0.7%	-0.9%	-1.5%
Durable Orders -ex Trans.	Oct	0.7%	0.0%	0.6%
Initial Claims	11/19	393K	391K	391K
Personal Income	Oct	0.4%	0.3%	0.1%
Personal Spending	Oct	0.1%	0.3%	0.7%
PCE Prices - Core	Oct	0.1%	0.1%	0.0%
Michigan Sentiment	Nov	64.1	64.2	64.2

Treasuries turned higher after today’s $29 billion 7-year note auction sold at high yield of 1.415% (a record low) with a bid to cover of 3.2.

Oil fell as the U.S. dollar index rose on renewed worries about Europe that sent the Dow, Nasdaq, and S&P over 2% lower.

“A "disastrous" German bond sale on Wednesday sparked fears that Europe's debt crisis was even starting to threaten Berlin, with the leaders of the euro zone's two biggest economies still firmly at odds over a longer-term structural solution.”

Among the big names making news in the market Friday were Nokia, MF Global, KKR and Samson, Groupon, AT&T, JPMorgan, and Deere.

“Silver rallied yesterday on news about a proposed IMF plan to aid Europe. That took equities higher, the Dollar lower and the metals up for the ride. Today that is yesterday's news as the pitiful German bond auction sent investors fleeing out of everything they bought yesterday and rushing back into the Dollar once again.

Down goes silver, crude oil, copper and just about everything else on the planet.

All you need to know about silver is contained in the following two charts. The first is the Continuous Commodity Index. The second is Silver. Note how eerily similar the two charts are.

This is the reason that I keep saying that silver is not going to go anywhere until the sentiment towards "RISK" and towards "INFLATION" changes. As long as traders are seeing the sovereign debt crisis in Europe as worsening and eventually causing a contraction in global economic growth, they are not going to be piling into silver as they did back during the days of the Federal Reserves' Quantitative Easing program.

Silver does however continue to find buying on dips into the region near $30 which is becoming a critical chart support level. As long as buyers see value in this area it should remain well supported as they will accumulate the metal during such bouts of price weakness. If the European contagion begins to worsen, this level could become vulnerable.

As investors rush back into the Dollar, it is poised for another trip to the 80 level on the USDX. If it manages a weekly close above this level, it is going to be rough going for the commodity complex. If it traders become convinced that even Germany is going to succumb to the contagion spreading across Europe, the Dollar is going to move through 80 like a hot knife through butter. If on the other hand a change of sentiment towards Europe emerges, 80 will prove to be a formidable resistance level. We will have to see where events lead us.

Note that both longer term moving averages, the 50 day and the 100 day, are now moving higher in conjunction - a bullish sign.

Keep in mind that even though the Dollar has its own set of problems, and that set is very significant, right now it is NOT THE EURO, and that is what has money flowing back into it.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.40: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,685.37: No change from yesterday’s data.

Entree Gold’s (EGI) market offering, AuRico’s (AUQ) Fundamental Change notice, Timmins Gold’s (TGD) updated mine plan, and AngloGold’s (AU) scaled back mine plan 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.

Central Resources Corp.: Selwyn Creek Exploration Results; Rock Samples Return Up to 14.15 g/t Gold - More
- November 23, 2011 | Item | ShareThis

Lions Gate Metals Inc.: Phase 2 Diamond Drill Program Completed at Poplar - More
- November 23, 2011 | Item | ShareThis

Remstar Completes Fieldwork on Snip Property - More
- November 23, 2011 | Item | ShareThis

Grizzly Makes New Bulk Tonnage Style Au-Cu Discovery in the Dayton Area With 0.43 g/t Au and 0.15% Cu Over 51 m, Greenwood Gold Project, British Columbia - More
- November 23, 2011 | Item | ShareThis

Avalon Appoints Vice-President, Sustainability - More
- November 23, 2011 | Item | ShareThis

Decade Resources Ltd.: 18.01 g/t Gold Over 14.18 Metres Intersected on Down Dip Extension of the Upper Montrose Zone in DDH-MON-11-22 - More
- November 23, 2011 | Item | ShareThis

Lago Dourado Grants Stock Options - More
- November 23, 2011 | Item | ShareThis

Wolverine Exploration Announces Closing of Financing - More
- November 23, 2011 | Item | ShareThis

Gossan Completes First Tranche of Private Placement - More
- November 23, 2011 | Item | ShareThis

Entree Gold Prices Marketed Offering in Canada - "Entree Gold Inc. (TSX: ETG.TO - News)(AMEX: EGI - News)(Frankfurt: EKA.F - News) ("Entree" or the "Company") has entered into an underwriting agreement today in connection with its previously announced marketed offering of common shares (the "Offering")." More
- November 23, 2011 | Item | ShareThis

Ecometals Limited Litigation Update - More
- November 23, 2011 | Item | ShareThis

Major Processing Design Improvements Boost Recovery of Critical Rare Earths at Pele Mountain's Eco Ridge Mine Project - More
- November 23, 2011 | Item | ShareThis

Athabasca Uranium Appoints Hajnal to Advisory Committee - More
- November 23, 2011 | Item | ShareThis

Hard Creek Nickel Corporation Airing on BTV November 26th & 27th - More
- November 23, 2011 | Item | ShareThis

Banks Island Gold Ltd. Reports NPV(8%) of $26.4M and IRR of 414% From PEA - More
- November 23, 2011 | Item | ShareThis

CuOro Retains Accent Marketing to Provide Investor Relations Services in Europe - More
- November 23, 2011 | Item | ShareThis

Fancamp Exploration Ltd.: Partial Magpie Drill Hole Results - More
- November 23, 2011 | Item | ShareThis

Trelawney Completes Exercise of Its Options on the Chester Properties and Appoints New Director to the Board - More
- November 23, 2011 | Item | ShareThis

Jet Gold drills 0.4 meters of 13.37 g/t gold under 35 meters - More
- November 23, 2011 | Item | ShareThis

Foundation Resources Commences 4,000 Metre Drill Program on the Coldstream Gold Property in Northwestern Ontario - More
- November 23, 2011 | Item | ShareThis

Prospero Silver Stakes 6,353 Hectare Project Adjacent to High-Grade Gold District in Durango, Mexico - More
- November 23, 2011 | Item | ShareThis

Sandspring Reports Additional Higher Grade Drilling Results From Toroparu; Expects Announcement of Updated Resource Estimate and Updated Preliminary Assessment - More
- November 23, 2011 | Item | ShareThis

Lion One Metals: Further Gold Porphyry Exploration Upside Confirmed at Tuvatu - More
- November 23, 2011 | Item | ShareThis

Goldex Resources Gains Permit Approval for Drill Program at El Arco, Mexico - More
- November 23, 2011 | Item | ShareThis

Netco Silver Commences Work Program on the Toruel Silver-Gold-Copper-Indium Project - More
- November 23, 2011 | Item | ShareThis

Teranga Gold Corporation: Exploration on the Mine License Produces 130 Metres at 1.2 gpt Gold and 45 Metres at 1.6 gpt Gold - More
- November 23, 2011 | Item | ShareThis

Pershimco Discovers Higher Grade Gold at Surface with 45 Metres Grading 2.01 g/t Gold South of the LaPava Target, Cerro Quema Gold-Copper Project (Panama) - More
- November 23, 2011 | Item | ShareThis

Stratton Resources Provides Exploration Update: Reports 93 Metres of 0.123% Molybdenum and 0.219% Copper at MAC - More
- November 23, 2011 | Item | ShareThis

Astral Drills 3.09m Averaging 479g/t Silver and 3.5% Copper at Los Crestones, Mexico - More
- November 23, 2011 | Item | ShareThis

ICN Resources Announces Initial Phase II Drill Results From the Goldfield Bonanza Project - More
- November 23, 2011 | Item | ShareThis

Estrella Establishes Joint Venture at Pucarana Gold Project, Orcopampa District, Peru - More
- November 23, 2011 | Item | ShareThis

Citation Enters Into Letter of Intent for 100% Option in Biricu Prospect, Mexico from Esperanza Resources - More
- November 23, 2011 | Item | ShareThis

Huldra Silver Provides Additional Drill Results from the 2011 Exploration Program at Treasure Mountain That Includes 7,013 Grams Per Tonne Ag Over 1.37 Metres - More
- November 23, 2011 | Item | ShareThis

Dawson Gold Closes First Tranche of Private Placement - More
- November 23, 2011 | Item | ShareThis

Colt Resources Inc. Announces Investor Conference Call Hosted by Company CEO, Nikolas Perrault, and Executive VP and COO, Declan Costelloe - More
- November 23, 2011 | Item | ShareThis

Crosshair Continues Toward NI 43-101 Resource Estimate at Juniper Ridge - More
- November 23, 2011 | Item | ShareThis

Luna Gold Announces Extending the Term of Unlisted Warrants - More
- November 23, 2011 | Item | ShareThis

NMC Resource (TSX VENTURE: NRC) Announces New President and Chief Executive Officer - More
- November 23, 2011 | Item | ShareThis

Typhoon Exploration has Begun a Drilling Campaign in Chibougamau, in the Heart of Plan Nord Territory - More
- November 23, 2011 | Item | ShareThis

Quartz Announces Acquisition of Buck Property & Graduation to TSX Venture Exchange - More
- November 23, 2011 | Item | ShareThis

Lone Star Gold, Inc. Provides Projects and Operational Update on Gold-Silver Projects - More
- November 23, 2011 | Item | ShareThis

Zincore to Enhance Accha Zinc Oxide District Project Mine Plan With More Data From Yanque Definition Drilling Program - More
- November 23, 2011 | Item | ShareThis

Goldgroup Announces Updated Mineral Resource Estimate on the San José de Gracia Project - More
- November 23, 2011 | Item | ShareThis

Auryx Gold Discovers a New Zone at The Otjikoto Gold Project in Namibia, Intercepts 20 m of 7.55 g/t Au - More
- November 23, 2011 | Item | ShareThis

ATAC Resources Intersects 41.15 m of 7.33 g/t Gold at Conrad Zone, Rackla Gold Project-Yukon - More
- November 23, 2011 | Item | ShareThis

International Northair Mines Appoints Ryan Schedler to the Board of Directors - More
- November 23, 2011 | Item | ShareThis

Cap-Ex Ventures Ltd.: Drill Results Continue to Support New Iron Ore Discovery on Block 103 - More
- November 23, 2011 | Item | ShareThis

Foran McIlvenna Bay Area Regional Update - More
- November 23, 2011 | Item | ShareThis

Dia Bras Provides Resource Information on its New Promontorio Silver Disseminated Deposit at Cusi and Updates Resources at the Bolivar Property - More
- November 23, 2011 | Item | ShareThis

Forum Uranium Corp. Exploration Update, Saskatchewan and Nunavut - More
- November 23, 2011 | Item | ShareThis

Lara Exploration Ltd.: Drilling Results from the Canabrava VMS Project - More
- November 23, 2011 | Item | ShareThis

U3O8 Corp's Infill Drilling Cuts 2m at 0.14% U3O8 & Further Confirms Continuity of Multi-Commodity Mineralization in the Southern Part of the Berlin Project - More
- November 23, 2011 | Item | ShareThis

Continental Gold Drills 10.2m @ 83.8 g/t Gold & 285 g/t Silver at Depth, Demonstrating 1,180 Vertical Metres of High-Grade Mineralization in the Veta Sur System - More
- November 23, 2011 | Item | ShareThis

St. Elias Mines Ltd. - Annual and Special General Meeting Results - More
- November 23, 2011 | Item | ShareThis

TVI Pacific Inc. Completes 25th Shipment of Copper Concentrate - More
- November 23, 2011 | Item | ShareThis

Castle Resources Reports Assays for Hole 36 at the Granduc Copper Project - More
- November 23, 2011 | Item | ShareThis

Rainy River Resources to Open Toronto Stock Exchange on November 23, 2011 - More
- November 23, 2011 | Item | ShareThis

Serabi Gold plc ("Serabi" or "The Company") Drilling Update Shallow Infill Drilling at Piaui Provides Further Encouragement of Potential - More
- November 23, 2011 | Item | ShareThis

Medusa Mining Limited: Exercise of Options - More
- November 23, 2011 | Item | ShareThis

AuRico Gold Inc. Issues Fundamental Change Notice and Offer to Purchase to Holders of Its 3.50% Convertible Senior Notes due 2016 - "AuRico Gold Inc. (TSX: AUQ.TO - News) (NYSE: AUQ.TO - News), ("AuRico", or the "Company") AuRico Gold Inc. today notified holders of its 3.50% Convertible Senior Notes due 2016 (the "Notes") that a Fundamental Change (as defined in the Indenture (as defined below) under the indenture, dated as of October 15, 2010 , as supplemented by the first supplemental indenture, dated as of October 5, 2010 , and the second supplemental indenture, dated as of October 26, 2011 (collectively, the "Indenture") has occurred and offered to purchase (the "Offer to Purchase") from each holder (the "Holder") of the Notes any or all of such Holder's outstanding Notes on December 23, 2011 or a later date if AuRico elects to extend the Offer to Purchase (the "Fundamental Change Purchase Date"). The purchase price (the "Fundamental Change Purchase Price") for Notes validly surrendered and not validly withdrawn will be US$1,000 in cash per US$1,000 principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the Fundamental Change Purchase Date." More
- November 23, 2011 | Item | ShareThis

Timmins Gold Corp.: Updated Mine Plan and Increased Production Schedule for the San Francisco Mine in Sonora, Mexico - "Timmins Gold Corp. (TSX: TMM.TO - News)(AMEX: TGD - News) announces the completion and filing of the technical report titled NI 43-101 F1 Technical Report Updated Resources and Reserves and Mine Plan for the San Francisco Gold Mine Sonora, Mexico, dated November 1, 2011, prepared by Micon International Limited of Toronto ("Micon"). The Technical Report was prepared to update the previous technical report dated November 30, 2010 and to provide a base case scenario for increased production at the San Francisco Mine as a result of rising gold prices and a 104% increase in the estimated mineral reserves at the mine." More
- November 23, 2011 | Item | ShareThis

AngloGold Ashanti Scales Back 10-Year Plan to Extend World’s Deepest Mine - "AngloGold (ANG) Ashanti Ltd., the third- largest producer of the metal, scaled back plans to extend the world’s deepest mine, saying it’s moving away from larger-scale South African projects to hasten returns and cut risk." More
- November 23, 2011 | Item | ShareThis

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