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					                                                                                                   Strategist Contact Information
 Global Research                                                                                   Russell Browne - russell_ browne@scotiacapital.com
                                                                                                   Trading Contacts

 Gold & Silver Marketwatch
                                                                                                   Reuters MMCN or (212)225-6200
                                                                                                   Stephen Abbriano - stephen_abbriano@scotiacapital.com
                                                                                                   Robert Lockwood - robert_lockwood@scotiacapital.com


 Daily Update                                                                                      Friday, October 16, 2009


                                                                                 1-Day Com m odity Moves
Market Commentary
                                                                                                                                            0.2                                             Gold
Gold opened at 1044.50/1045.50 in New York. Fund selling early in the
                                                                                                                                                    0.5                                     Silver
session on the back of dollar strength took us to a low of
                                                                                             -0.6                                                                                           Platinum
1042.50/1043.50. We drifted higher for most of the morning until resting                                                                                                  1.1               Palladium
stops were triggered around the 1053.00 area, taking us to a high of                                                                                                                  1.3   Oil W TI fut
1056.75/1057.75. Range trading below 1055.00 for the rest of the day                      -0.7                                                                                              Copper fut
led us to a close of 1050.25/1051.25.                                                                   -0.3                                                                                EUR
                                                                                      -0.8                                                                                                  S&P 500
Silver opened at 17.23/17.26 in New York. Range trading below 17.30                   %                                                                             0.9                     CRB
until fund interest took us back above 17.40. Range trading followed until         -1                   -1                    0                     1                 1                 2
a break higher in gold encouraged short covering taking us to a high of
17.55/17.58. A slow drift lower in the afternoon took us to a close of            5-Day Com m odity Moves
17.40/17.43.                                                                                                     0.3                                                                        Gold
                                                                                          -1.6                                                                                              Silver
                                                                                                                  0.6                                                                       Platinum
Technical Commentary                                                                                                              2.8                                                       Palladium
Gold on the weekly chart is posting a flat week at current 1052. The                                                                                                      9.5               Oil W TI fut
formation itself is a Doji, which is often a warning for a pending trend                                         0.1                                                                        Copper fut
reversal. The bulls and bears are indecisive at current levels. The 1106                                               1.1                                                                  EUR
measured move target is still alive on the weekly chart but we are nerv-                                                1.5                                                                 S&P 500
ous at current levels. A sell signal will be generated on a lower close                                                                       4.6                                           CRB
next Friday. The Doji on the weekly is one of our most respected                 -4
                                                                                      %
                                                                                              -2             0           2              4           6           8         10           12

(feared) patterns.                                                             10/16/09 16:25 - Tim e ab ove charts last updated - Source: Bloom b erg

                                                                                  1 Month Commodity Moves
Silver on the weekly chart is posting a close lower at current 17.44 com-
pared to last Fridays 17.87. Silver made a new high this week at 18.09                             Gold                                                   3.5

but the lower close warns of a potential reversal. Next major downside                         Silver                                       0.2

support is not seen until 15.75. The Gold Silver ratio has moved margin-                  Platinum                            -0.2


ally higher this week to 60.37 versus last weeks 60.20. It appears the                  Palladium                                                                                       10.4


risk in this ratio is back toward previous 62.02.                                     Oil W TI fut                                                                              8.4

                                                                                        Copper fut               -3.0

                                                                                                   EUR                                            1.3

                                                                                          S&P 500                                                         3.7

                                                                                                   CRB                                                          5.0
                                                                                                    %
                                                                                                          -5.0                       0.0                    5.0                  10.0                15.0




 Gold, Silver, Platinum & Palladium                                            Technical Levels, etc.
                            Gold           Silver    Platinum    Palladium                                                        Gold                      Silver    Platinum Palladium
Open                  1044.50/1045.50    17.23/17.26    1,352           327   Pivot                                                1,054.01                    17.527    1,347    327.68
High                  1056.75/1057.75    17.55/17.58    1,353           330   Primary Support (Buy)                                1,042.04                    17.083    1,329    324.10
Low                   1042.50/1043.50    17.23/17.26    1,335           323   Primary Resistance (Sell)                            1,064.37                    17.878    1,360    332.58
Close / Last Mid*     1050.25/1051.25    17.40/17.43    1,342           329   HBOP                                                 1,086.69                    18.673    1,391    341.05
London Fix AM                1,047.75         17.310    1,341       325.00
                                                                              LBOP                                                 1,019.72                    16.288    1,299    315.63
London Fix PM                1,047.50             NA    1,340       327.00
                                                                              Bollinger Band Upper                                 1,078.25                    18.261    1,375    337.50
Handy Harman (Base)          1,047.50         17.505    1,340       327.00
                                                                              Bollinger Band Mid                                   1,024.96                    16.990    1,317    307.21
Gold / Silver Ratio               60.5            NA        NA           NA
                                                                              Bollinger Band Lower                                   971.66                    15.719    1,258    276.92
Open Interest                  Gold OI    One day ch Silver OI   One day ch
COMEX                         379,199       #VALUE! 104,594       # VALUE!
                                                                              Relative Strength 14 Day                                   66                        59        59        72
CBOT                             3,958      #VALUE!     1,606    #VALUE!      Close/last mid refers to the spot closing floor price in gold and silver, and spot’s
Total                         383,157    # VALUE!    106,200     #VALUE!      last mid price as provided by Bloomberg in platinum & palladium spot
                                                                              All other data provided by Bloomberg. Actual market levels may have differed .



                                                                                                                                            www.scotiamocatta.com
      Gold and Silver Marketwatch                                                                                                                             Friday, October 16, 2009


 Gold: 2-Year Close with Moving Averages                                                     Gold: 2-Month Candlesticks
 1050                                                                                          1080
           $/oz
                                                                                               1060
     950
                                                                                               1040
     850                                                                                       1020

                                                                                               1000
     750
                                                                                                980
                                                                       Spot
     650                                                                                        960
                                                                       100-Day
                                                                       200-Day                  940
     550
                                                                       400-Day                  920
     450                                                                                        900
       Nov-07       Mar-08     Jul-08      Nov-08       Mar-09       Jul-09                       24-Aug           3-Sep           13-Sep          23-Sep            3-Oct      13-Oct


 Silver: 2-Year Close with Moving Averages                                                      Silver: 2-Month Candlesticks

                                                                                                19.0
       $/oz
20
                                                                                                18.0
18

16                                                                                              17.0

14                                                                                              16.0

12                               Spot
                                                                                                15.0
                                 100-Day
10
                                 200-Day
                                                                                                14.0
 8                               400-Day

                                                                                                13.0
 6
 Nov-07           Mar-08     Jul-08        Nov-08       Mar-09        Jul-09                          24-Aug        3-Sep         13-Sep          23-Sep          3-Oct      13-Oct

                                                                                                  Source: Bloomberg - which can differ slightly from market spot prices
 Moving Averages                                                                                                                               Markets
                                                                                                FX Majors
                                 Gold               Silver       Platinum      Palladium
                                                                                               CAD               1.0368                       CRB                             276.10
5 Day MA                          1,057.28             17.633       1,351         328.35
                                                                                               EUR               1.4899                       DJAIG                           134.32
10 Day MA                         1,049.44             17.521       1,337         320.40
20 Day MA                         1,024.96             16.990       1,317         307.21       GBP               1.6360                       Crude (fut)                      78.63
30 Day MA                         1,017.67             16.919       1,314         303.39       CHF               1.0185                       S&P 500                       1,087.68
60 Day MA                           985.09             15.687       1,276         289.99       AUD               0.9172                       US 10 Yr                          3.40
100 Day MA                          967.04             15.027       1,243         272.85       ZAR               7.3455                       US 30 Yr                          4.24
200 Day MA                          940.07             14.028       1,164         242.98       JPY              90.8500                       CDN 10 Yr                         3.48
400 Day MA                          890.70             14.241            -              -      as of: 10/16/2009 16:25                        as of:              10/16/2009 16:25
 This report has been prepared by ScotiaMocatta and is not intended for use by private individuals. The ScotiaMocatta trademark represents the precious metals business of The
 Bank of Nova Scotia. The Bank of Nova Scotia, a Canadian chartered bank, is incorporated in Canada with limited liability. Opinions, estimates and projections contained
 herein are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed reliable but no representa-
 tion or warranty, express or implied, is made as to their accuracy or completeness. Neither the Bank of Nova Scotia, its affiliates, employees or agents accepts any liability
 whatsoever for any loss arising from the use of this report or its contents. The Bank of Nova Scotia, its affiliates, employees or agents may hold a position in the products con-
 tained herein. This report is not a direct offer financial promotion, and is not to be construed as, an offer to sell or solicitation of an offer to buy any products whatsoever. The
 Bank of Nova Scotia is authorized and regulated by The Financial Services Authority.


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