US stocks were driven down at Tuesday's start as Europe's debt troubles and the US employment outlook continued to rattle investors' nerves. The the major indexes were down for a third session and the S&P 500 Index SPX entered bear market territory, off 20% from its April high. The Dow Jones Industrial Average fell more than 200 points to 10,435. The S&P 500 dropped 1.7% to 1,080 and the Nasdaq Composite Index came off lightest, down 20 points. The resource-heavy TSX composite index fell more than 2% to hit a 20-month low of 11,006 shortly after the open. Unsurprisingly the carnage was greater in the Eurozone where the major indices in London, Frankfurt and Paris all lost more than 3%. The crude oil market declined further with US futures down 2% to under $76. Gold could not capitalize on the uncertainty and traded $10 lower at $1,647/oz.

CME Group, which operates the largest  US futures exchanges, will from today increase to $500 million the amount of physical gold its US clearing members can post as collateral for margin requirements, more than double the existing $200 million. The Chicago-based firm which first accepted bullion two years ago is the latest of a number of  exchanges including IntercontinentalExchange and other financial services companies like JP Morgan that accept the use of gold as collateral, which essentially places the precious metal in the top tier of asset classes alongside government bonds and currencies. The World Gold Council is also lobbying to have the Basel Committee on Banking Supervision  do the same, which could have widespread repercussions for bullion.

Globex Mining Enterprises Inc. CA:GMX 0.00% (frankfurt:G1M)(otcqx:GLBXF) is pleased to provide shareholders with information regarding a recent drill hole completed on our 100% owned Beacon claim, east of Val D'Or, Quebec based upon recent geological interpretation. ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - Oct. 4, 2011) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to provide shareholders with information regarding a recent drill hole completed on our 100% owne...

Mercator Minerals was changing hands for $1.24, down 7.4% and a new year-low, at the opening of trade on Tuesday despite announcing record production at its Mineral Park Mine in Arizona. The counter has had a dismal year and so far is down 68% on the Toronto exchange in 2011 where it is worth $330 million. Production for the quarter totalled 10.5 million pounds of copper, 2.0 million pounds of molybdenum and 178,000 ounces of silver. Recoveries of copper and molybdenum also increased 7.3% and 3.2%, respectively to average 80.0% for copper and 77.8% for molybdenum.

Explor Resources Inc. (TSX VENTURE:EXS) (PINK SHEETS:EXSFF) (FRANKFURT:E1H) is pleased to announce the beginning of a 30,000 meter drilling program on the Timmins Porcupine West Property. ROUYN-NORANDA, CANADA--(Marketwire - Oct. 4, 2011) - Explor Resources Inc. (TSX VENTURE:EXS) (PINK SHEETS:EXSFF) (FRANKFURT:E1H) is pleased to announce the beginning of a 30,000 meter drilling program on the Timmins Porcupine West Property...

A Chinese company has made another bid to secure iron ore and other metals beyond its borders. On Tuesday Hanlong Mining said it will buy Perth-based Sundance Resources for US$1.57 billion. AFP reported that Hanlong will acquire Sundance through a scheme of arrangement, after lifting its offer to 57 cents cash per share from 50 cents back in July.

Labrador Iron Mines Holdings Limited (TSX:LIM) is pleased to announce that the first shipment of LIM iron ore sailed today bound for China.

After crashing through the $80/barrel level on Friday, the price of US crude oil fell further on Monday to trade just above $76/barrel, the lowest in a year, sending the shares of the biggest oil sands players into a tailspin. Suncor tumbled 5.5% and the oil sands bellwether has now lost a staggering $70 billion in market value since its pre-recession high set in May 2008. Canadian Natural Resources gave up 5.6%, Imperial Oil shed 6.5% while Cenovus lost 4.1%. Canadian heavy oil – exported only to the US due to a paucity of pipelines – sells for $10.50 less than US crude and trades at roughly $35 below the international benchmark, meaning oil sands developers have to deal with an effective oil price of $65 and change and now sell some of the cheapest fuel on the planet.

MarketWatch takes an in-depth look at the $72 billion global polished diamond trade and finds a distinct lack of pricing clarity and a deeply flawed system that have somehow endured for decades.