Gold Seeker Closing Report – Gold & Silver Find Decent Gains

	Close	Gain/Loss
Gold	$597.30	+$2.50
Silver	$12.67	+$0.06
XAU	144.77	+2.42%
HUI	346.38	+3.18%
GDM	1080.86	+2.42%
JSE Gold	2794.12	-2.48%
USD	89.59	+0.27
Euro	121.01	-0.36
Yen	84.34	-0.15
Oil	$68.62	-$0.36
10-Year	4.976%	+0.044
T-Bond	107.71875	-0.46875
Dow	11129.97	+0.36%
Nasdaq	2314.68	+0.19%
S&P	1288.12	+0.12%

Gold dropped a couple dollars in after hours Access trade late yesterday before it climbed higher to about $599 in Asia, but it then fell back near unchanged by the London open which took it back higher on the day. Gold climbed back up near $600 by late morning New York trade before it fell back off into the close, but it still ended with a decent gain to get within 10 cents of its 25 year closing high set on Monday. Silver followed a very similar rollercoaster ride and ended at a new 22 and ½ year closing high.

Euro gold climbed back near all-time highs around €495, platinum gained $7 to $1,082, palladium gained $3 to $343, and copper made new all-time highs above $2.75.

Gold and silver equities rose throughout morning trade to find over 2% gains before they fell off slightly in early afternoon trade, but they then rallied into the close and ended at or near their highs of the session.

“The gold market traded on both sides of unchanged during the action Wednesday but prices did manage to rise right into the face of strength in the Dollar. While the gold market didn't get a fresh serving of anxiety from the US Trade Deficit Report, the gold bulls were partially supported by ideas that investors were still flocking to the metals as a key investment sector. With the gold market managing to rise off a better than expected US Trade Deficit reading it would certainly seem like growth has become more important than uncertainty or inflationary concerns. It also seemed like slightly higher US equity prices and firmer oil prices facilitated bullish interest in the action Wednesday, as neither of those elements were supportive in the prior session. Perhaps the biggest surprise of the session were reports of predictions from Gold Fields Mineral Services that new all time highs in gold prices might be seen because of the rapidly expanding and surprisingly diversified ownership of gold.

While silver prices failed to take out the prior day's highs, they did remain relatively close to the hold contract high and that should keep the speculative headlines in the bull camp. Surging trading volume figures highlight the soaring interest in all the metals markets and with a major metals watch dog group predicting record highs in gold because of expanding ownership we suspect that silver is set to see a spillover benefit. Reports of a 66% decline in US February silver exports versus the prior month and news that February exports were down 37% from year ago levels suggests that the cash market activity is all over the map and that might be the result of surging investment demand outstripping available supplies in the US.”- The Hightower Report, Futures Analysis and Forecasting

Oil traded near unchanged ahead of inventory reports which showed crude inventories built 3.2 million barrels, gasoline inventories fell 3.9 million barrels, and distillates fell 4.2 million barrels. Gasoline inventories fell for the 6^th straight week. While the build in crude inventories was larger than expected, the drops in gasoline and distillate inventories were larger than expected to make for a mixed report which resulted in mixed energy prices for the rest of trade, but oil did end slightly lower to fall from 7 month highs.

The U.S. dollar index jumped higher on the trade deficit that was reported not as large as most expected, but it pared its gains from there and ended with only minor gains.

Treasuries fell in light volume on speculation that the fed will continue to raise interest rates. The yield on the 10-year closed at its highest since June 2002.

The Dow, Nasdaq, and S&P traded mostly slightly higher on decent earnings and a trade deficit that was not as bad as some expected, but gains were limited due to worries over surging bond yields.

Among the big names making news in the market today were Danaher and Sybron, Harley-Davidson, Tivo and DirecTV, Circuit City, Bausch & Lomb, and Gannett.

Today’s media reports largely touted the trade deficit that was not as large as expected and largely ignored the budget deficit that was much larger than expected and also a record high for the month of March. It is part of an all too familiar pattern of hyping the good and ignoring the bad, all the while saying that you are fair and balanced. At first I found this practice sickening, but now I just find it laughable. In the interest bringing the universe back in to balance I’ll ignore the good and concentrate on the bad. A trade deficit of only $65.7 billion is still ridiculously large and still has very negative implications for the dollar and the U.S. economy. The trade deficit’s twin, the budget deficit, is also ridiculously large. The Congressional Budget Office recently estimated the budget deficit for the full fiscal year 2006 at $371 billion. With only half of fiscal year 2006 so far reported and a total of already $303 billion, something tells me they may need to revise their estimate. However, tax receipts may prove me wrong. Fiscal year 2005’s deficit was $295 billion at this time last year and it ended the fiscal year with a total of $318 billion.

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Rubicon’s closed C$11.3 million bought deal financing, Metallica’s new V.P. of operations, Apex Silver’s closed public offering, and Pan American’s completed acquisition of the remaining 50% stake in the Manantial Espejo silver project were among the big stories in the gold and silver mining industry making headlines today.

Apex Silver Mines Limited Announces Closing of Public Offering of 6,375,000 Ordinary Shares - "Apex Silver Mines Limited today announced that it has completed its previously announced offering of 6,375,000 ordinary shares at $24.45 per share (net $23.70 per share). Apex Silver intends to use the net proceeds of approximately $151 million to continue further evaluation, exploration, advancement and expansion of its portfolio of exploration properties and for other general corporate purposes. Apex Silver's portfolio currently includes property groups covering approximately 700,000 acres in Mexico, Argentina, Bolivia and Peru. BMO Nesbitt Burns was the sole underwriter and bookrunner for the offering." More
- April 12, 2006 | Item | E-mail

Gold Canyon Completes 2006 Winter Drill Program - More
- April 12, 2006 | Item | E-mail

San Gold Corporation Announces Private Placement Financing With Sprott Asset Management - More
- April 12, 2006 | Item | E-mail

Exall Resources Limited: Third Drill Rig Starts at Gold Eagle - More
- April 12, 2006 | Item | E-mail

MacMillan Gold Corporate Update - More
- April 12, 2006 | Item | E-mail

Pan American Silver completes acquisition of remaining 50% stake in Manantial Espejo silver project - "Pan American Silver Corp. announces that it has closed its previously announced acquisition of the Manantial Espejo silver project in Argentina pursuant to an agreement with Silver Standard Resources Inc. The purchase price was 1.95 million common shares of Pan American." More
- April 12, 2006 | Item | E-mail

Glamis Gold Announces First Quarter 2006 Earnings Release and Conference Call Date - "Glamis Gold Ltd., will release its 2006 first quarter results before the opening of markets on Wednesday, May 3rd, 2006. Also on May 3rd, the Company will host a conference call at 2:30pm Eastern to discuss the latest financial and operating results." More
- April 12, 2006 | Item | E-mail

Rubicon Closes C$11.3 Million Bought Deal Financing - "RUBICON MINERALS CORPORATION is pleased to announce that its brokered private placement (see news release of March 29, 2006) closed today and, accordingly, Rubicon raised gross proceeds of C$11,308,028 through the sale of 7,640,560 common shares at C$1.48 per share." More
- April 12, 2006 | Item | E-mail

Crowflight Submits Reports for Full Project Permitting of Bucko Deposit - More
- April 12, 2006 | Item | E-mail

Globex Starts Drilling Raven River Property - More
- April 12, 2006 | Item | E-mail

StrataGold's C$6.2 million exploration and development program underway at Tassawini, Guyana - More
- April 12, 2006 | Item | E-mail

Robex to commence drilling on two Mali gold properties - More
- April 12, 2006 | Item | E-mail

Golden Arch Resources commences Phase II drill program at Mildred Peak gold/silver/copper property, AZ - More
- April 12, 2006 | Item | E-mail

Stellar continue its acquisition in gold play with land position in Vauquelin - More
- April 12, 2006 | Item | E-mail

Redcorp Ventures Ltd.: Tulsequah Project Exploration Program Commencing - More
- April 12, 2006 | Item | E-mail

Corumel Minerals Announces Asset Purchase Agreement to Develop Central African Gold and Diamond Holdings - More
- April 12, 2006 | Item | E-mail

Alexis Announces a $3.5 Million Firm Underwritten Private Placement Debenture Financing with Industrial Alliance Securities Inc. - More
- April 12, 2006 | Item | E-mail

Rosia Montana EIA Pending Submission - More
- April 12, 2006 | Item | E-mail

Chariot Encounters Copper Intercepts of 100 Meters at 5.35% Including 42 Metres at 10.54% and 98 Metres At 4.07% Including 44 Metres at 7.10% from Drilling at M - More
- April 12, 2006 | Item | E-mail

Pacific North West Capital Acquires Goodnews Bay Platinum Project, Alaska - More
- April 12, 2006 | Item | E-mail

Tao Minerals Inc. Pursuing Additional Colombian Property Acquisitions - More
- April 12, 2006 | Item | E-mail

Eastmain Subsidiary to be Granted 1.1 Million Shares of Western Uranium Corp - More
- April 12, 2006 | Item | E-mail

Exploration Update: EXMIN to Drill Three Projects This Year - More
- April 12, 2006 | Item | E-mail

Tribute Intersection Indicates Westward Continuation of Arrow Zone 3.12 Metres 'True Width' 6.2% Zinc, 1.17% Copper, 1.59 g/t Gold - More
- April 12, 2006 | Item | E-mail

Cancor to launch feasibility study of its Explo-Zinc deposit - More
- April 12, 2006 | Item | E-mail

Stroud Announces Financing - More
- April 12, 2006 | Item | E-mail

Birim Receives Approvals for Bui District Prospecting Licenses : Nine New Prospecting Licences Advance Birim's Property in Ghana - More
- April 12, 2006 | Item | E-mail

Oremex C$4,000,000 private placement financing - More
- April 12, 2006 | Item | E-mail

Azimut: Uranium Potential Modeling of Northern Quebec and Acquisition of 8 Large Properties Totalling 5,760 Claims - More
- April 12, 2006 | Item | E-mail

Further high grade gold values reported from Pelangio's Block A - More
- April 12, 2006 | Item | E-mail

Golconda Announces $1,000,000 Private Placement - More
- April 12, 2006 | Item | E-mail

Trade Winds Continues Reporting High Grade Gold at Detour Lake, Ontario - More
- April 12, 2006 | Item | E-mail

Wallbridge America Completes Financing and Changes Name to Duluth Metals Limited; Updates Drilling Progress - More
- April 12, 2006 | Item | E-mail

Candente Resource Corp. Adds to Mine Planning Team - More
- April 12, 2006 | Item | E-mail

Metallica Resources Announces New Vice President of Operations - "Metallica Resources Inc. is pleased to announce the appointment of Troy J. Fierro to the position of Vice President of Operations. Mr. Fierro will fill the operations position left vacant with the retirement of Fred Lightner, former Chief Operating Officer. Mr. Fierro has over 20 years experience in the mining industry including engineering, mine management, and corporate responsibilities. Previously, Mr. Fierro was Vice President of Mining Operations for Coeur d'Alene Mines Corporation." More
- April 12, 2006 | Item | E-mail

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