Gold Seeker Closing Report – Gold & Silver Rocket to New 25 and 22 Year Highs With Over 2% and 4% Gains; Silver ETF Launch Not Imminent?

Report	For	Reading	Expected	Previous
Initial Claims	3/25	302K	305K	312K
GDP-Final	Q4	1.7%	1.7%	1.6%
Chain Deflator	Q4	3.5%	3.3%	3.3%
Help-Wanted Index	Feb	38	38	38

Core Personal Consumption Expenditures (the PCE price index) unexpectedly rose to 2.4% from 2.1% in the 4^th quarter and raised some inflation fears as this is the fed’s preferred measure of inflation. Today’s other economic data came in about as expected and therefore did not have a major impact on the markets.

Tomorrow at 8:30AM EST brings Personal Income for February expected at 0.4% and Personal Spending expected at 0.0%. These reports also include the monthly Core PCE Deflator which may or may not confirm the inflationary fears raised by today’s quarterly Core PCE reading. At 9:50 is the revised reading for March Michigan Sentiment expected at 86.9. Finally at 10AM are Factory Orders for February expected at 1.3% and Chicago PMI for March expected at 57.0.

	Close	Gain/Loss
Gold	$585.80	+$12.70
Silver	$11.54	+$0.47
XAU	143.19	+3.13%
HUI	340.81	+3.02%
GDM	1062.90	+3.04%
JSE Gold	2907.64	+4.44%
USD	89.32	-0.89
Euro	121.58	+1.33
Yen	85.23	+0.33
Oil	$67.15	+$0.70
10-Year	4.885%	+0.045
T-Bond	109.1875	-0.5
Dow	11150.70	-0.58%
Nasdaq	2340.82	+0.13%
S&P	1300.25	-0.20%

Gold remained near unchanged in Asia but rose over $5 near $580 in London and then extended its gains in New York to find over $10 gains. After climbing up over $585, gold then dropped back near $580, but it then rallied into the close and ended near its highs of the session at a new 25 year high with a 2.22% gain. Silver traded slightly higher in Asia and then rocketed to about $11.50 in London before it dropped back down near $11.35 by the New York open. Silver traded in a range of about $11.35 to $11.50 for much of trade in New York, but in then rallied to new highs at the close and ended with a 4.25% gain at a new 22 year high. Both metals are also trading nicely higher in after hours Access trade at the time of writing.

Making news late in the day were comments from Barclays denying a report earlier in the day “that the American Stock Exchange may begin listing shares of a proposed silver-backed investment vehicle as soon as next week.” The ETF is still awaiting a registration statement, which most analysts see as a question of when, not if it will come.

Euro gold rose to new all-time highs above €480, platinum gained $17 to $1,082 to new 26 year highs with a 1.6% gain, palladium gained 2.7% to new 3 and ½ year highs with a $9 gain to $342, and copper rose to a new all time high above $2.45.

Gold and silver equities rose over 3% in the first hour of trade and then held near that 3% higher level into the close.

“The gold market remains in solid vogue and with the Dollar falling, oil prices remaining strong, inflation showing up in the GDP report and Brokerage firms upgrading the metals stocks there is certainly fundamental justification for the gains. Some traders are not beginning to suggest that significantly higher gold and silver prices might end up prompting labor unrest in the precious in a similar fashion as was seen in the copper market.

Silver also saw its share of fresh fund buying interest and with the Press circulating rumors that an ETF Fund might have secured up to 120 million ounces of silver to back its position, we see signs that the hype continues to flow. However, the hype might be partially justified by the fact that a number of commodity markets are soaring and oil prices seem to be leading the world to an inflationary spiral.” - The Hightower Report, Futures Analysis and Forecasting

“Gold is clearly headed for $600, possibly even higher during the next several trading sessions. Once gold managed to get through the technical resistance area in the low to mid $570’s, buy orders shot gold higher in New York as Europe bid gold above the $575 mark.

This is an aggressive move by gold and silver to new peaks and it is looking to do it very quickly here. One should watch out for this market to quickly overheat, but more gains are likely first.

The HUI now will look to move to and past 350. If it can make a close above the prior record high, the index can then look to spike up as high as 400.

Today’s move shows a technical breakout in gold which is causing a wave of buyers to enter the market.

Gold’s move to record highs is a continuation of strong global demand aided by a glut of U.S. Dollars in the world looking for a diversified asset class that is not deemed overvalued and provides safety in an uncertain marketplace.” – Peter Spina of www.goldforecaster.com

Oil traded mostly slightly higher in morning New York trade at around $66.50 as natural gas stocks fell more than expected at -104 billion cubic feet and kept a bullish tone on the energy market, but oil then extended its gains to over $67 in afternoon trade on renewed geopolitical concerns over Iran who “rejected a U.N. Security Council demand that it halt uranium enrichment.” Oil closed at a near 2 month high.

The U.S. dollar index fell off markedly as the yen and euro gained on speculation over interest rates. Perceived slowing in interest rate increases in the U.S. compared with perceived acceleration of interest rate increases in Europe and Asia have encouraged investment in the yen and euro and selling in the U.S. dollar. Also hurting the dollar today were rumors that the Bush administration may pursue “a policy supporting a weaker currency to help spur economic growth and employment.” These rumors were later denied, but the dollar remained lower following that denial. Adding to this were rumors of the possible resignation of Treasury Secretary John Snow who has supported a strong dollar policy.

Treasuries fell on the increase in the fed’s preferred measure of inflation. The yield on the 10-year rose to a new 21 month high.

The Dow, Nasdaq, and S&P started off higher on positive company news, but they then sold off to find notable losses on inflation/interest rate worries and steadily higher oil. Despite weakness in the Dow and S&P, the Nasdaq was able to climb back and close at a new 5 year high.

Among the big names making news in the market today were the Bank of New York, Best Buy, Nasdaq and LSE, Liberty Media and On Command, and Google.

The Bears are now worried! The market proved today that the Loonie has reversed its momentum, and is now oversold! The locals did their job, and proved that there is now a shortage of sellers in the Loonie. The shorts are covering, and it may be a while before the sellers come back into the Loonie.

The $USD continues locked in its range. Today’s closing price proved that the $USD is again meeting selling pressure. It’s interesting that the $USD is meeting selling here, as Europe seems to be into another binge of self-hatred of solvency, which is being proved by their General Strikes and civil unrest. The

is going through another variation of this unrest by the masses, as evidenced by the illegal immigration protests! The psychic energies that constantly shift from positive to negative always manifest themselves on a global scale, as energies can not be taxed, regulated, or stopped at arbitrary borders created by governments. This phenomenon is incorporated into the BoomBust Cycle Point Predictor (Copyright 2006). The $USD will stay in the current range until "smart" money feels more comfortable with the situation! The subscribers to THE LOONIE WATCH (copyright 2006) have already received the necessary instructions to capitalize on the new information!

The Loonie has now found temporary strength, and the $USD is locked in a range until the economic damage from the social unrest being exhibited through the western world can be assessed. This situation will exist until some hard data surfaces that the Commercials can trust!

Cumberland’s C$250 million gold loan financing, Barrick’s Pascua Lama gold project in Chile, Almaden’s Spences Bridge gold properties, Fronteer’s key appointments, Queenstake’s $10 million private placement from Newmont and fourth quarter and year end 2005 results, Freeport-McMoran’s and Newmont’s Indonesian operations, Golden Star’s reported higher losses, Kinross Gold’s fourth quarter and year end 2005 results, Coeur d'Alene’s reinstated Kensington permit, and Silvercorp’s Ying Silver Project permit were among the big stories in the gold and silver mining industry making headlines today.

Also of note in the winners column today were AMEX/NYSE listed stocks Queenstake (QEE) who gained 43.33% to $0.43 and Glencairn (GLE) who gained 18.18% to $0.52, but since they do not trade over $1 they do not make my daily winners/losers column along with the other AMEX/NYSE listed stocks.

Exall Completes $10,400,000 Private Placement Financings - More
- March 30, 2006 | Item | E-mail

Initial Resource Estimate for the Ivakkak Nickel-Copper-PGE Deposit - More
- March 30, 2006 | Item | E-mail

Opawica Explorations Inc.: News Release - More
- March 30, 2006 | Item | E-mail

Golden Star reports higher loss - "Gold miner Golden Star Resources Ltd. on Thursday said it had higher losses than previously reported for 2005... The company said it had a net loss of $13.5 million, or minus 9 cents per share, on revenue of $95.5 million during 2005, a swing from net income of $2.6 million, or 2 cents per share, on revenue of $65 million during 2004." More
- March 30, 2006 | Item | E-mail

Seafield Announces Resource Estimate of 309,000 Ounces Gold Equivalent at La Silla Gold Project, Sinalora, Mexico - More
- March 30, 2006 | Item | E-mail

Cumberland Announces Cdn$250 Million Gold Loan Financing - "CUMBERLAND RESOURCES LTD. is pleased to announce that its wholly-owned subsidiary Meadowbank Mining Corporation has received and accepted commitments from a group of banks to arrange and underwrite a seven-year limited recourse gold loan facility for up to 420,000 ounces of gold, representing approximately 15% of Cumberland's total proven and probable reserves. At a Cdn$600 per ounce spot gold price, the monetized value of the gold loan would be approximately Cdn$250 million." More
- March 30, 2006 | Item | E-mail

Chile group doubts it can halt Barrick gold project - "A representative of one of Chile's leading environmental groups said on Thursday he saw little chance of stopping the Barrick Gold Corp. Pascua Lama gold project in the Andes mountains between Chile and Argentina. The Pascua Lama project, at an altitude of 4,600 meters, has received conditional approval from local environmental officials, but national authorities are reviewing appeals from community and environmental groups." More
- March 30, 2006 | Item | E-mail

Almaden Minerals Ltd.: New Programs Announced on Spences Bridge Gold Properties - "Prospecting by Almaden Minerals Ltd. during 2001 to 2005 has identified a new district of low sulphidation epithermal gold prospects now called the Spences Bridge Gold Belt. The Skoonka Creek prospect was optioned to Strongbow Explorations Inc. and the Prospect Valley prospect was dealt to Consolidated Spire Ventures Ltd. Both Strongbow and Spire are working to earn a 60% interest in these projects for property work and share payments to Almaden." More
- March 30, 2006 | Item | E-mail

JAG on the move: Options Malartic Gold Property to Britannica Resources - More
- March 30, 2006 | Item | E-mail

Semafo becomes Owner Miner by investing $8.0 M on a New Mining Fleet for the Kiniero Mine - More
- March 30, 2006 | Item | E-mail

First Quantum Offer for Adastra Currently Valued at $3.28 Per Share - More
- March 30, 2006 | Item | E-mail

Kinross fourth quarter hit by Alaska charges - "Kinross Gold Corp. reported a wider fourth-quarter loss on Thursday, mainly because of a charge related to its operations in Alaska. Kinross, the seventh-largest gold miner in the world, reported a loss of $154.3 million, or 45 cents a share, for the period ended Dec. 31, compared with a loss of $88 million, or 25 cents a share for the same time a year earlier." More
- March 30, 2006 | Item | E-mail

General Metals: Record Gold And Silver Prices Encourage Development At Independence Mine - More
- March 30, 2006 | Item | E-mail

Coeur Notified of Reinstated Permit at Kensington Gold Mine - "Coeur d'Alene Mines Corporation announced today that it has received notification that the United States Army Corps of Engineers has reinstated Coeur Alaska's 404 permit authorizing activities related to the construction of the company's tailings disposal facility at the Kensington underground gold mine in Alaska." More
- March 30, 2006 | Item | E-mail

Imperial Reports 2005 Financial Results - More
- March 30, 2006 | Item | E-mail

Silver Dragon Resources Inc. Advances Payment to Sanhe-Sino-Top Resources & Technologies, Ltd. to Commence Work Program at Erbaohuo Silver Project - More
- March 30, 2006 | Item | E-mail

Independent Team Completes Rosia Montana EIA - More
- March 30, 2006 | Item | E-mail

Strateco Shares Listed on The Frankfurt Exchange in Germany - More
- March 30, 2006 | Item | E-mail

Silvercorp Receives Mining Permit on Ying Silver Project, Henan, China - "Silvercorp Metals Inc. is very pleased to report that it has received a mining permit issued by the Department of Land and Resources of Henan Province, covering 9.945 square kilometers of the SGX area within the Ying Silver Project, where the major exploration effort by Silvercorp has been focused. The permit was issued on the terms applied for, and allows operation of a 600 tonne per day underground mine within the permit area to produce silver, lead and zinc ores." More
- March 30, 2006 | Item | E-mail

EuroZinc Mining Corporation: Appointment Of Vice President Of Finance - More
- March 30, 2006 | Item | E-mail

War Eagle Mining Company Inc.: Tres Marias 80 Hole Underground Drilling Program to Start - More
- March 30, 2006 | Item | E-mail

Fronteer Strengthens Team with Key Senior Appointments - "These two key appointments bring important bench strength to our team as we move our advanced gold projects towards pre-feasibility over the coming year," says Dr Mark O'Dea, Fronteer's President and CEO. "Mr. Lincoln and Dr. Bow strengthen Fronteer's collective skill set in project development and will enable the Company to accelerate the growth of the group's gold portfolio." More
- March 30, 2006 | Item | E-mail

Alberta Star to Raise Up to $9.25 Million in Brokered Private Placement - More
- March 30, 2006 | Item | E-mail

Bonanza style silver mineralization to be explored on the MB Silver Property - More
- March 30, 2006 | Item | E-mail

Paramount Gold acquires the Montecristo III concession at their San Miguel Project, Mexico - More
- March 30, 2006 | Item | E-mail

Franklin Mining and EcoSystem Partners, LLC Sign Definitive MOU to Provide Broadband Technology and Services to Bolivian Mine Operations - More
- March 30, 2006 | Item | E-mail

Linux Gold Corp. Receives Drilling Program Details on the Granite Mountain Property in Western Alaska - More
- March 30, 2006 | Item | E-mail

Farallon Announces Results of Metallurgical Testing of G-9 Deposit, Campo Morado, Mexico-Testwork Indicates Amenablility to Conventional Flotation - More
- March 30, 2006 | Item | E-mail

Tara Gold Acquires the Montecristo III Concession at Their San Miguel Project, Mexico - More
- March 30, 2006 | Item | E-mail

Western Troy Joins James Bay Joint Action Mining Committee, Quebec Ministry of Natural Resources Funds Access Road Study - More
- March 30, 2006 | Item | E-mail

Queenstake to Discuss Newmont Transaction and 2005 Results Conference Call - "Queenstake Resources Ltd. announced a $10 million private placement from Newmont and also reported its fourth quarter and 2005 results today. Queenstake will hold a conference call hosted by President and Chief Executive Officer Dorian (Dusty) Nicol to review these announcements at 2:00 p.m. Eastern Standard Time today." More
- March 30, 2006 | Item | E-mail

Queenstake Announces $10 Million Private Placement From Newmont - "Queenstake Resources Ltd. has entered into an agreement with Newmont Canada Limited whereby Newmont will purchase 28.51 million Queenstake common shares at Cdn$0.41 per share for gross proceeds of US$10 million through an equity private placement." More
- March 30, 2006 | Item | E-mail

Valdez Gold stakes additional claims - More
- March 30, 2006 | Item | E-mail

Gold Hawk Completes Acquisition of Tamboraque Mine in Peru and Announces Exchange of Subscription Receipts - More
- March 30, 2006 | Item | E-mail

Tiberon reports financial results and operating highlights for fiscal 2005 - More
- March 30, 2006 | Item | E-mail

Stratabound Minerals Corp. - Drilling Underway on Elmtree Gold Property - More
- March 30, 2006 | Item | E-mail

Osisko Appoints Mr. Staph Leavenworth Bakali to Board of Directors and Reorganizes Management Structure - More
- March 30, 2006 | Item | E-mail

Sacre-Coeur Minerals to Host Technical Conference Call - More
- March 30, 2006 | Item | E-mail

Serabi Mining plc Announces Share Placing - More
- March 30, 2006 | Item | E-mail

Paramount Gold Acquires the Montecristo III concession at their San Miguel Project, Mexico - More
- March 30, 2006 | Item | E-mail

Queenstake's 4th Quarter and 2005 Production Consistent with Plan - "Queenstake Resources Ltd. reported 2005 gold production of 204,091 ounces at cash operating costs of $386 per ounce at the Jerritt Canyon operations in Nevada, consistent with prior guidance under the redevelopment plan. In the fourth quarter of 2005, gold production was 45,555 ounces at cash operating costs of $413 per ounce." More
- March 30, 2006 | Item | E-mail

Kinross announces fourth quarter and year end 2005 results - "Kinross achieved its planned production of 378,533 gold equivalent ounces for the fourth quarter and 1,608,805 gold equivalent ounces for the year. Gold equivalent sales were 389,037 ounces in the fourth quarter and 1,627,675 ounces for the year at a cost of sales per ounce(1) of $285 per ounce for the fourth quarter and $275 per ounce for the year. Net loss of $154.3 million, or $0.45 per share in the fourth quarter and net loss for the year of $216.0 million or $0.63 per share." More
- March 30, 2006 | Item | E-mail

Indonesia evaluating Freeport contract -Kalla - "Indonesia is evaluating a 30-year contract with U.S. firm Freeport-McMoran Copper and Gold Inc but has no plans to shut its huge copper mine on Papua, Vice-President Jusuf Kalla said on Thursday. In recent weeks Indonesia has seen violent protests against U.S. mining firms Freeport-McMoran and Newmont Mining Corp., reflecting resentment against foreign mining firms in Southeast Asia's largest economy." More
- March 30, 2006 | Item | E-mail

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