Gold Seeker Closing Report – Gold & Silver Fall Slightly

There were no major economic reports today. Tomorrow at 8:30AM EST are Initial Jobless Claims for 3/18 expected at 305,000 and at 10AM are Existing Home Sales for February expected at 6.5 million.

	Close	Gain/Loss
Gold	$550.60	-$1.50
Silver	$10.47	-$0.01
XAU	128.14	-0.01%
HUI	297.01	+0.71%
GDM	941.80	+0.24%
JSE Gold	2660.27	-1.09%
USD	89.74	+0.05
Euro	120.78	-0.19
Yen	85.52	+0.19
Oil	$61.77	-$0.57
10-Year	4.703%	-0.014
T-Bond	110.875	+0.1875
Dow	11317.43	+0.73%
Nasdaq	2303.35	+0.40%
S&P	1305.04	+0.60%

Gold traded mostly slightly higher in Asia before it fell about $5 in London, but it then rebounded in New York and ended just slightly lower on the day. Silver traded as much as 10 cents higher in Asia and London before it fell in New York and ended near its lows with a loss of a penny to fall from 22 year highs.

Euro gold remained near €455, platinum gained $9 to $1,037, palladium gained $6 to $319 to new 23 month highs, and copper gained slightly above $2.35.

Gold and silver equities traded mostly slightly higher but ended mixed and near unchanged.

“The gold and silver markets remained choppy with even the stalwart silver market exhibiting some weakness. It is possible that the silver market was undermined by a buy the rumor, sell the fact reaction to the ETF story on Tuesday. However, both gold and silver are periodically being undermined by the strength in the US Dollar, weakness in the energy market and a less than stellar outlook toward the US economy. It would also appear that investors have turned their attention toward the base metals instead of the precious metals markets.” - The Hightower Report, Futures Analysis and Forecasting

Oil started off slightly lower before rising following inventory reports that showed crude inventories fell 1.3 million barrels, gasoline inventories fell 2.3 million barrels, and distillates fell 800,000 barrels, but it then sold off in the last hour of trade as supplies overall were deemed adequate.

With no major economic news to act on, the U.S. dollar index remained near unchanged and treasuries found slight gains after yesterday’s relatively large losses.

The Dow, Nasdaq, and S&P climbed to find decent gains by the close of trade as positive news from various companies encourage investors.

Among the big names making news in the market today were Bristol-Myers, Sanofi, Delphi, GM, UAW, Interpublic, Morgan Stanley, Microsoft, FedEx, and Elan.

The Bears are back! The market proved today that the Loonie has broken its key support, and the Commercials have abandoned the Loonie at this time. Look for the Loonie to come under extreme selling pressure now that the value of commodity powered economies have come into question! Attention Business Editors TORONTO , March 8 /CNW/ - The BMO Financial Group Commodity Price Index fell in February for the second consecutive month, with a 3.3 per cent drop to 198.0. Expect the Loonie to remain under pressure until the latest commodity price correction has resolved itself. Should the current price correction turn into a Bear market for commodities, the Loonie will have to lose ground against the $USD.

The $USD continues locked in its range. The Commodity picture has thrown a new curve onto the forecasting highway, and financial assets continue to do well. This skews the investment picture into one of the $USD becoming a safe haven. That perception would put the $USD in a strong position! At first glance, this seems to be a flawed premise. It’s true that the US has many financial problems. But there may be bigger concerns in the market at this time.

The Loonie’s bull market trend is now imperiled, and smart money is cashing out! The

has just shown that financial assets may be king again if the stock market is to be believed. The end of the Carry Trade, combined with the collapse in commodity prices, may put the $USD back in the driver’s seat of the world’s economy!

Esperanza Silver’s and Silver Standard Resources’ extended strike length in Peru, Tanzanian Royalty’s assay results from Luhala, U.S. Energy’s update on their Burro Canyon drilling, Orezone’s initial resource announcement for their Sega project, the protests in Indonesia, Great Panther’s shipped concentrates from Topia, and Pan American’s acquisition of the remaining 50% interest in the Manantial Espejo silver project in Argentina from Silver Standard Resources were among the big stories in the gold and silver mining industry making headlines today.

Midlands Minerals Corporation seeks TSX Venture Exchange consent to extend expiry date of certain Warrants - More
- March 22, 2006 | Item | E-mail

Pearl Asian Mining Industries, Inc. Comments on Trading Activity of March 21, 2006 - More
- March 22, 2006 | Item | E-mail

Corriente Resources Inc.: Terms Agreed for Energy Supply Agreement at Mirador, Ecuador - More
- March 22, 2006 | Item | E-mail

Guyana Goldfields Inc. Adopts Shareholder Rights Plan - More
- March 22, 2006 | Item | E-mail

Tanzanian Royalty Reports More Encouraging Gold Results from Luhala Project - "The remaining assay results from the Phase 4 Reverse Circulation (RC) drilling program on the Company's Luhala Gold Project have been received and they confirm that two of its principal zones - Kisunge Central and Kisunge West - join up as predicted." More
- March 22, 2006 | Item | E-mail

Great Panther Ships Concentrates from Topia Silver-Lead-Zinc Mine - "GREAT PANTHER RESOURCES LIMITED is pleased to announce that it has finalized the smelter contract and commenced the shipment of concentrates from its Topia Silver-Lead-Zinc Mine in Durango, Mexico to the Penoles smelter in Torreon. Under the terms of the new contract, Great Panther's Mexican subsidiary will start to receive advanced payments from the smelter within 15 days of receipt of each shipment." More
- March 22, 2006 | Item | E-mail

Gold glistens ever fainter in uncertain Bolivia - "High global prices have given gold mining a new lease on life in Bolivia. But a lack of long-term investment in exploration in the unstable South American country means this reprieve may be short-lived. In the refinery at Kori Kollo open-pit near the poor mining city of Oruro, workers in aluminum suits polish up the latest batch of 28-kg (62 lb) gold and silver-mixed ingots. Three years ago, they were out of jobs because the mine's increasingly low yields were no longer deemed profitable." More
- March 22, 2006 | Item | E-mail

Sino Silver to Sell Major Asset in China to Silver Dragon - More
- March 22, 2006 | Item | E-mail

Northland Starts Two Swedish Drill Programs - More
- March 22, 2006 | Item | E-mail

Stellar cut 59.9 g/t and discover new vein with 25.3 g/t AU over 0.41 M. - More
- March 22, 2006 | Item | E-mail

Drake Gold Resources Inc. Signed First Letter of Intent - More
- March 22, 2006 | Item | E-mail

U.S. Energy Corp. Updates Burro Canyon Drilling - "U.S. Energy Corp is pleased to announce highly encouraging results from the recently completed drilling program on the Burro Canyon uranium project in San Miguel County, Colorado. A total of 17 holes were drilled, for a cumulative total of 20,303 feet. Of the 16 holes that reached the target Salt Wash formation, 9 encountered significant mineralization, and two can be considered to be well-mineralized. In addition, zones of anomalous radioactivity up to 65 feet in thickness were encountered." More
- March 22, 2006 | Item | E-mail

Stroud To Buy Amerix's 50% Interest In Santo Domingo Silver Project - More
- March 22, 2006 | Item | E-mail

Aurelian Reports Results From Exploration Drilling On The Camp Copper-Gold Porphyry Discovery - More
- March 22, 2006 | Item | E-mail

Minera Andes' San Jose Project Receives Permit Approval of Enviromental Impact Assessment - More
- March 22, 2006 | Item | E-mail

New Island Resources Inc.: Pine Cove Preparing for Production in 2006 - More
- March 22, 2006 | Item | E-mail

Azco Mining Raises $2.5M in Private Offering - More
- March 22, 2006 | Item | E-mail

EXMIN to Joint Venture its Moris Project with Peruvian Au/Ag Producer - More
- March 22, 2006 | Item | E-mail

Fury Acquires Nevada Silver Resource and Mill - More
- March 22, 2006 | Item | E-mail

1.83 meters of 6.48 gm/mt Au reported from Golden Arch drilling on Rachel Gold Vein, Arizona - More
- March 22, 2006 | Item | E-mail

Trend Mining Announces Gold Production and Study of Nickel Deposit - More
- March 22, 2006 | Item | E-mail

Sparton Signs Agreements To Acquire Two Highly Prospective Nevada Gold Properties - More
- March 22, 2006 | Item | E-mail

Fronteer's Aurora Closes Initial Public Offering and Begins Trading on Toronto Stock Exchange - More
- March 22, 2006 | Item | E-mail

Callinan to drill Echo Lake property - More
- March 22, 2006 | Item | E-mail

Quincy Initiates Drilling Program on Millers Gold Property, NV - More
- March 22, 2006 | Item | E-mail

Full Metal Announces 2006 Exploration Program at Lucky Shot - More
- March 22, 2006 | Item | E-mail

Orezone Resources Inc.: Initial Resource Announced for Sega Project - "Orezone Resources Inc. is pleased to announce that a NI 43-101 compliant resource estimate has been completed for its 100% owned Sega gold project in Burkina Faso, West Africa. The resource estimate is based on exploration work up to and including June 15, 2005 and was completed by Met-Chem Canada Inc. and their independent Qualified Person, Mr. Yves Buro. Using a 0.5 g/t cutoff, indicated resources total 4,844,000 tonnes grading 1.99 g/t (310,600 ounces) and inferred resources total 1,413,000 tonnes grading 1.61 g/t (73,000 ounces)." More
- March 22, 2006 | Item | E-mail

Metanor Resources Inc.: Acquisition of a Gold Property in the Opinaca Area, James Bay Territory - More
- March 22, 2006 | Item | E-mail

GoldSpring, Inc. Completes Sale of Canadian Mineral Permits - More
- March 22, 2006 | Item | E-mail

Amerix Precious Metals and Stroud Sign $1.8 Million Deal on Mexico Project - More
- March 22, 2006 | Item | E-mail

Fortune Minerals announces additional management appointments - More
- March 22, 2006 | Item | E-mail

Unico Retains OTC Financial Network for Comprehensive Investor Awareness Campaign - More
- March 22, 2006 | Item | E-mail

Halo Options Claims from Hudbay in Sherridon Area - More
- March 22, 2006 | Item | E-mail

Haynes Capital Launches Online Video Interview with World Ventures - More
- March 22, 2006 | Item | E-mail

Silver Dragon Resources Inc. Signs Definitive Asset Purchase Agreement to Acquire Majority Interest in Chinese Company, Sanhe Sino-Top Resources and Technologie - More
- March 22, 2006 | Item | E-mail

Dynacor: Private placement for the Pasto Bueno tungsten mine of up to CAD $2.75 million - More
- March 22, 2006 | Item | E-mail

HudBay Minerals Announces Fourth Quarter and 2005 Operating Results - More
- March 22, 2006 | Item | E-mail

General Metals Update: Historical Independence Mine Gold and Silver Production Figures and Future Exploration and Development Plan - More
- March 22, 2006 | Item | E-mail

Deep Blue Marine Inc. Returns from 7-Day Survey with Better Than Expected Results - More
- March 22, 2006 | Item | E-mail

AfriOre reports further mineralized drill intersections from the upper zone at the Akanani Platinum Project - More
- March 22, 2006 | Item | E-mail

Police death toll rises from Indonesia Papua clash - "The protesters were demanding closure of the Freeport-McMoRan Copper & Gold Inc Grasberg mine, located about 500 km (311 miles) southwest of Jayapura. The fourth policeman died on Wednesday morning of head injuries, Papua police spokesman Kartono Wangsadisastra said." More
- March 22, 2006 | Item | E-mail

Pan American Silver buys remaining 50% stake in Manantial Espejo Silver Project - "Pan American Silver Corp. is pleased to announce that it has entered into an agreement to acquire the remaining 50% interest in the Manantial Espejo silver project in Argentina from Silver Standard Resources Inc. for 1.95 million common shares of Pan American. The closing of the transaction is subject to regulatory approval and all shares issued will be subject to a four month hold period." More
- March 22, 2006 | Item | E-mail

Silver Standard Sells Interest in Manantial Espejo Project to Pan American Silver - "Silver Standard Resources is pleased to report the sale of its 50% interest in Manantial Espejo to its joint venture partner, Pan American Silver Corp., for 1.95 million common shares of Pan American, having a value of US$46.3 million as of March 21, 2006. Manantial Espejo is located in the province of Santa Cruz in southern Argentina." More
- March 22, 2006 | Item | E-mail

Gossan Awards Incentive Stock Options - More
- March 21, 2006 | Item | E-mail

Indonesia's Antam eyes Newmont gold mine in Sumatra - "Indonesia's state-owned miner, PT Aneka Tambang Tbk, is considering acquiring a gold mine in North Sumatra belonging to a local unit of U.S. mining company Newmont Mining Corp, the Investor Daily newspaper said on Wednesday. "If it is profitable, why not," Antam's president director, Dedy Aditya Sumanegara, was quoted as saying by the paper, adding however that there was no specific plan to acquire the mine of PT Newmont Pacific Nusantara." More
- March 21, 2006 | Item | E-mail

Goldcorp to Raise up to US$460 Million Through Offer to Induce Early Exercise of Publicly-Traded Warrants - "Goldcorp Inc. is pleased to announce that it has filed a preliminary prospectus in each of the provinces of Canada and a registration statement in the United States proposing the issue of new common share purchase warrants as an incentive for holders of its five series of publicly-traded warrants to exercise such warrants during a 30-day early exercise period expected to commence on May 10, 2006 and end on June 8, 2006." More
- March 21, 2006 | Item | E-mail

Avino Closes $10 Million Private Placement - More
- March 21, 2006 | Item | E-mail

Silver Dragon Resources Inc. Signs Definitive Asset Purchase Agreement to Acquire Majority Interest in Chinese Company, Sanhe Sino-Top Resources - More
- March 21, 2006 | Item | E-mail

Esperanza and Silver Standard Extend Strike Length of Gold-Silver Discovery in Peru to 350 Meters - "Esperanza Silver Corporation and Silver Standard Resources Inc. are pleased to announce assay results of eight new channels cut across the Ayelen vein at their San Luis joint venture project in central Peru. San Luis is a newly discovered high-grade epithermal vein system." More
- March 21, 2006 | Item | E-mail

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