Gold Seeker Closing Report – Gold & Silver Climb to New 25 and 22 Year Closing Highs

There were no major economic reports today. This allowed investors time to further digest the fed’s comments from yesterday and also look ahead to future economic reports and their potential consequences. Tomorrow at 8:30AM EST brings the final reading for 4^th quarter GDP expected at 1.7%. The Chain Deflator is expected at 3.3%. Also at 8:30 are Initial Jobless Claims for 3/25 expected at 305,000. At 10AM is the Help-Wanted Index for February expected at 38.

	Close	Gain/Loss
Gold	$573.10	+$6.50
Silver	$11.07	+$0.23
XAU	138.84	+3.48%
HUI	330.82	+4.34%
GDM	1031.59	+3.81%
JSE Gold	2783.98	-0.04%
USD	90.21	-0.05
Euro	120.25	+0.05
Yen	84.90	-0.12
Oil	$66.45	+$0.38
10-Year	4.810%	+0.032
T-Bond	109.6875	-0.40625
Dow	11215.70	+0.55%
Nasdaq	2337.78	+1.45%
S&P	1302.89	+0.75%

Gold fell near $460 in after hours (NY Access) trade yesterday and remained lower in Asian trade, but it then began to rebound in London and came into New York just slightly lower from yesterday’s close. Gold then climbed higher throughout trade in New York and ended near its highs with a 1.15% gain at a new 25 year closing high. While gold traded higher in intraday trade in early February in both the spot and futures markets, today’s close marks the highest close in over 25 years for spot gold. Silver followed a very similar pattern to gold and surged 2.12% to new 22 year highs.

Euro gold climbed to new all-time highs above €475, platinum gained $1 to $1,065, palladium lost $3 to $333, and copper made new all-time highs near $2.45.

“The gold market should have impressed the trade with its ability to reject early selling. In retrospect, the gold market saw the best of two world's with the Dollar somewhat soft and the equity market mounting an impressive recovery rally. We also have to think that the talk about commodity price inflation from the Fed might have prompted some of the buying on Wednesday morning. It is also possible that a lead up to month end inspired fund buyers to push gold higher.

The silver market managed to push into new high ground and would seem to be back in a leadership role again. In fact, with the stock market higher and the copper market bursting into new high ground it was clear that optimism on the demand outlook was improving and that funds were willing to pay up at new highs for new positions.” - The Hightower Report, Futures Analysis and Forecasting

“Gold reversed losses incurred during overseas trading, taking spot gold down to $560 support, but buyers quickly moved gold back to $570 in New York as silver moved above $11 an ounce. The market is showing strength again and the real test of $570-575 is just around the corner. Should we be able to move above this resistance, gold appears to have smooth sailing to and likely past $600. With silver trading at fresh record levels, now above $11, gold is playing catch-up here. The gold to silver ratio has fallen to levels only briefly seen back in early 2004, now requiring around 51 ½ ounces of silver to buy one ounce of gold. With the ratio trading from the 57 to the upper 60’s in 2005, the ratio has move aggressively lower as silver has outperformed gold. Long-term prognosis is for silver to continue this trend with the next downside ratio objective around 45.

For the short-term, we expect silver to add onto gains in the coming sessions and possibly spike much higher before we find the next large liquidation and correction. Gold appears as if it is ready to move to $600 as well, but confirmation comes on a close at fresh records. Meanwhile, the HUI has been putting in very good performance here yet there are divergences within the sector. You have some companies near or at fresh record highs while others simply are not able to perform such as Newmont Mining still some 20% below its record highs at the start of 2006. The HUI looks like it is ready to move to 340-350. We believe 350 will be a difficult barrier to break at this time unless gold moves more aggressively higher.” – Peter Spina of www.goldforecaster.com

Oil remained near unchanged in morning New York trade as inventory reports showed crude inventories built 2.1 million barrels, gasoline inventories fell 5.4 million barrels, and distillates fell 2.5 million barrels. While gasoline prices immediately started moving higher, oil remained near unchanged until afternoon trade which eventually saw prices climb higher to add to yesterday’s notable gains. Oil closed at a new 7 week high.

The U.S. dollar index remained near unchanged as traders mulled the fed’s actions and whether continued interest rate hikes in the U.S. will support the dollar as hikes in Europe and Asia support their currencies.

Treasuries fell on disappointing demand from a 5-year note auction that sent yields of all maturities to 21 month highs.

The Dow, Nasdaq, and S&P rebounded from yesterday’s notable losses despite higher oil and interest rates as investor’s rethought yesterday’s fed comments. The Nasdaq closed at a 5 year high.

Among the big names making news in the market today were Whirpool and Maytag, Guidant, Ahold, Microsoft, H&M, Lear, GM and GMAC, Delphi, and HeathSouth.

Glencairn’s year-end results, Cardero’s high-grade copper intersection, Centerra Gold’s extended zone at Kumtor and increased reserves, Rubicon’s C$10 million bought deal financing, Ivanhoe’s C$165 million bought deal financing, Virginia Gold’s approved Plan of Arrangement with Goldcorp, and Agnico-Eagle’s completed acquisition of the Pinos Altos Project from Industrias Penoles were among the big stories in the gold and silver mining industry making headlines today.

Virginia is Granted the Final Court Order to Approve the Plan of Arrangement with Goldcorp - "In connection with the Arrangement, each outstanding common share of Virginia will be exchanged for 0.4 of a common share of Goldcorp and 0.5 of a common share of New Virginia. In addition, Virginia will transfer to New Virginia all of its assets not related to the Eleonore property, including all of its liquid assets, short-term and long-term investments, including all cash arising from stock options and purchase warrants exercised prior to the closing of the Arrangement as well as a sliding-scale 2% royalty on Eleonore deposit." More
- March 29, 2006 | Item | E-mail

Anaconda Gold Completes Preliminary Assessment For Damoti Lake Gold Project - More
- March 29, 2006 | Item | E-mail

Georgia Ventures Inc.: Exploration Commences on the Towerstone Copper-Gold Project, Northwest China - More
- March 29, 2006 | Item | E-mail

Max Resource Corp.: Private placement arranged for $1,050,000 - More
- March 29, 2006 | Item | E-mail

Agnico-Eagle completes acquisition of Pinos Altos Project - "Agnico-Eagle Mines Limited announced today that it has completed the acquisition of 100% of the Pinos Altos Project from Industrias Penoles S.A. de C.V. ("Penoles"). Under the exploration and option agreement, Agnico-Eagle paid $32.5 million in cash and issued 2,063,635 common shares of Agnico-Eagle to Penoles." More
- March 29, 2006 | Item | E-mail

SearchGold Appoints Philippe Giaro as New CEO - More
- March 29, 2006 | Item | E-mail

Diadem President Resigns - More
- March 29, 2006 | Item | E-mail

Drake Gold Resources, Inc. Announces Spin Off of Specialty Assets - More
- March 29, 2006 | Item | E-mail

Cardero Resource Corp.: High-grade Copper Intersected at Picale Target, Baja Mexico - "Cardero Resource Corp. is pleased to announce that additional drilling at the Picale Target, Baja Iron Oxide Copper-Gold (IOCG) district, Mexico, has intersected additional high-grade copper mineralization. During the first quarter of 2006, Cardero completed an additional 700 meters of diamond drilling in six boreholes in order to test the geophysical anomaly subjacent to the discovery borehole 05-PC-03. Drilling to date indicates good to excellent manto continuity and the presence of very attractive copper accumulations. To date only a very minor portion of the 6-kilometre strike length manto horizon has been tested." More
- March 29, 2006 | Item | E-mail

Drilling Program underway on the Dixie Creek Gold Property, Carlin Trend, Nevada - More
- March 29, 2006 | Item | E-mail

Unico Announces Construction at the Deer Trail Mine and Processing Facility - More
- March 29, 2006 | Item | E-mail

Dia Bras: Discovers Significant Copper-Iron Skarn at Bolivar South - More
- March 29, 2006 | Item | E-mail

Yukon Gold Corporation Inc. Receives Conditional Approval for TSX Listing & Raises US$3.2 Million - More
- March 29, 2006 | Item | E-mail

Red Lake trades on Frankfurt Exchange - More
- March 29, 2006 | Item | E-mail

MetalCORP; Resumes DRILLING on BIG LAKE Copper-Zinc-Silver-Gold DISCOVERY - More
- March 29, 2006 | Item | E-mail

Western Goldfields Completes Management Transition - More
- March 29, 2006 | Item | E-mail

Richview Announces Dewatering Permit for the Thierry Deposit - More
- March 29, 2006 | Item | E-mail

Typhoon Exploration Inc.: Closing of a Private Placement of $173,000 - More
- March 29, 2006 | Item | E-mail

Tumi Resources Limited - Work Commences on Tumi's Seven Silver Projects in the Bergslagen District, Sweden - More
- March 29, 2006 | Item | E-mail

Globetech Ventures Corp.: Molybdenum and Gold on Gladys Lake Property - More
- March 29, 2006 | Item | E-mail

Galantas Discovers 53 Gold Targets on Irish License - More
- March 29, 2006 | Item | E-mail

IGC Resources Moves to Purchase Gold/Copper Tennant Creek Property in Central Australia - More
- March 29, 2006 | Item | E-mail

Goldcrest Announces Initial Results from its 1,440 Metre RC Drilling Program at the Kampti Project in Burkina Faso - More
- March 29, 2006 | Item | E-mail

European Goldfields: Results for 2005 - More
- March 29, 2006 | Item | E-mail

VVC Exploration appoints new Chairman of the Board - More
- March 29, 2006 | Item | E-mail

Golden Phoenix Retains O&M Partners to Lead Investor Awareness Campaign - More
- March 29, 2006 | Item | E-mail

Centerra Gold Continues to Expand Kumtor SB Zone and Adds 1 Million Ounces of Reserves at the Gatsuurt Project - "During February and March 2006 the Company completed a further five drill holes to test the SB Zone at the south end of the Kumtor mine. The recent drilling has extended the SB Zone a further 40 metres along strike to the south. The SB Zone has now been delineated over a 320 metre strike length and remains open along strike to the south and in the down dip direction. The zone has been confirmed in the down dip direction over intervals ranging from 70 to 520 metres on various drill sections. In addition to these five holes, four infill holes were completed in the central area of the Kumtor pit which returned results similar to the surrounding drill holes." More
- March 29, 2006 | Item | E-mail

Glencairn Gold Reports 2005 Year-End Results - "The highlight of 2005 was the opening of Glencairn's second gold operation, the Bellavista open pit mine in Costa Rica. Construction began late in 2003 while leach pad loading began in April, 2005. Commercial production was declared in December 2005. Bellavista is designed to produce an average of 60,000 ounces of gold per year. As a result, Glencairn forecasts combined production from Bellavista and its Limon operation in Nicaragua of approximately 99,000 ounces of gold in 2006 at an estimated cash operating cost of $312 per ounce of gold produced." More
- March 29, 2006 | Item | E-mail

Rubicon Minerals Corporation Announces C$10 Million Bought Deal Financing - "RUBICON MINERALS CORPORATION is pleased to announce that it has entered into an agreement pursuant to which an underwriting syndicate has agreed to purchase 6,800,000 common shares of Rubicon, at a price of C$1.48 per common share for aggregate proceeds to Rubicon of approximately C$10 million." More
- March 29, 2006 | Item | E-mail

Ivanhoe to raise C$165 million through bought deal - "The company said BMO Nesbitt Burns Inc. and GMP Securities L.P. have agreed to buy 16 million common shares from Ivanhoe and sell them to the public for C$10.28 per common share." More
- March 29, 2006 | Item | E-mail

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