Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2% While Stocks Hold Yesterday’s Gains

	Close	Gain/Loss
Gold	$909.70	+$13.90
Silver	$12.81	+$0.30
XAU	115.94	+5.43%
HUI	271.84	+4.75%
GDM	859.16	+4.81%
JSE Gold	2781.35	+64.69
USD	87.59	-1.18
Euro	128.48	+1.77
Yen	102.85	+1.54
Oil	$42.33	$3.38
10-Year	2.916%	-0.066
T-Bond	127.125	+0.875
Dow	6930.40	+0.06%
Nasdaq	1371.64	+0.98%
S&P	721.36	+0.24%

Gold traded mostly slightly higher in Asia and London before it briefly fell as much as $2.90 to $892.90 by about 10AM EST in New York, but it then soared back higher in the last three and a half hours of trade and the yellow metal ended near its high of $913.15 with a gain of 1.55%. Silver dropped to as low as $12.568 a little after 8AM EST after it had traded roughly 1% higher in Asia and London, but it also surged back higher in late New York trade and it ended near its high of $12.885 with a gain of 2.4%.

Euro gold rose to about €712, platinum gained $14.50 to $1047.50, and copper fell nearly 6 cents to about $1.62.

Gold and silver equities rose over 3% in the first hour of trade and over 6% by late morning before they fell back off a bit in afternoon trade, but they still ended with about 5% gains on the day.

Report	For	Reading	Expected	Previous
Treasury Budget	Feb	-$192.8B	-$205.7B	-$175.6B

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/07 expected at 640,000 and Retail Sales for February expected at -0.4%. Excluding autos, sales are expected at -0.2%. At 10AM is the Business Inventories report for January expected at -1.1%.

Oil fell back below $43 as China cut back on its imports and inventories grew rather than an expected decline. Crude inventories rose 700,000 barrels, gasoline inventories fell 3 million barrels, and distillates fell 2.1 million barrels.

Treasuries rose on safe haven buying while the Dow, Nasdaq, and S&P ended barely higher as traders digested yesterday’s huge gains.

Among the big names making news in the market today were UBS, Staples, AIG, and Neiman Marcus.

The recent nature of these very difficult to read markets make dogmatic assertions out of the question but it appears that gold is resuming its linkage to the Dollar, only this time in the inverse, which is what we have witnessed the vast majority of times since the bull market in gold began back in 2001. Only yesterday gold and the Dollar were moving in lockstep together with both moving lower on the recovery rally in stocks which undercut the need for safe havens in the mind of many traders. It is harder to call today because the equity markets are higher which recently has been resulting in selling pressure surfacing in gold; however, equities are backing down as I write this which usually brings buying back into gold so things are a bit cloudy. Today, the Dollar is sharply lower while bonds are also lower but gold is moving higher. That has Euro gold stabilizing over the 700 level and gold priced in British Pound terms holding above the 650 level. It would be constructive for gold in US Dollar terms if Euro gold and British Pound gold can maintain those respective levels. Keep in mind that it has been gold priced in terms of assorted major currencies, particularly those two, that has been leading the charge higher in the yellow metal.

Technically, gold bounced right off of major support in the $890-$880 level with the upper boundary of that region serving to entice dip buyers. That level also corresponds with the 38.2% Fibonacci retracement level calculated off the November high and the recent low. The 50 day moving average also comes in near that region so as you can see, technically it is a logical level from which to see a bounce higher after the recent selling.

We have the shorter term 10 day and 20 day moving averages headed lower so the bears are still in command until those are taken out and turn back higher. Gold will need to achieve a closing pit session price above $942 to bring back the momentum chasers and give it a shot at trending. For now the range trade looks more likely with support holding. We have to wait to see where resistance surfaces but a look at the charts shows that yesterday’s high and then $930 are reasonable targets to watch.

Back to the Dollar – if the USDX manages to close below yesterday’s low 87.80 it would accomplish two things – it would take out the 20 day closing average and turn the 10 day moving average down. Both are short term bearish signals. The Dollar would still have to close down below the 86.00 level to seriously threaten the longer term uptrend however which still is pointed up.”- Dan Norcini, More at JSMineset.com

“April Gold closed up 14.8 at 910.7. This was 15.2 up from the low and 1.3 off the high.

May Silver finished up 0.26 at 12.8, 0.05 off the high and 0.01 up from the low.

The gold market came back alive after a retest of the vicinity of the prior session's lows. With a reversal in the equity market and a noted slide in the Dollar perhaps the gold bulls are regaining some sway. Given the periodic retest of the 88.00 level in the March Dollar Index recently, that level might be considered a key point for the gold bulls in the coming trading sessions. Clearly the gold market was emboldened by the weaker Dollar, especially since the gold market managed the gains in the face of a serious setback in energy prices. Some traders suspect that comments from the US Treasury Secretary that the global recession was deepening rekindled some flight to quality buying of gold. Perhaps seeing talk of implementing mark to market accounting the second quarter increased concerns that even more financial sector problems would be found.

The silver market also retested its recent lows but managed an impressive recovery off those lows. With copper and oil prices down, the silver market was obviously tracking the gold market, the weak Dollar or perhaps the setback in the equity markets. In short the silver market was clearly not tracking physical commodity market fundamentals during the trade Wednesday. However, there was some "reflation" talk in the morning action and perhaps that laid the foundation for the silver recovery.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.57 tonnes.

Banro’s (BAA) updated mineral resource, Aurizon’s (AZK) financial results and updated mineral resource, Seabridge’s (SA) updated mineral resource, Midway’s finalized JV with Barrick (ABX), Gold Fields (GFI) board appointments, Fortuna’s (FVI.V) drill results, Sabina’s (SBB.V) updated mineral resource, and Silver Standard’s (SSRI) financial results were among the big stories in the gold and silver mining industry making headlines today.

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Mining Summit-Cameco could make $2 bln deal-CEO - More
- March 11, 2009 | Item | E-mail

Azteca Gold Corp. Announces Private Placement, Resignation of Director - More
- March 11, 2009 | Item | E-mail

VVC Exploration Signs Option to Acquire the Santa Valeria Property, a Silver Prospect in Chihuahua State, Mexico - More
- March 11, 2009 | Item | E-mail

Denison Mines Corp. Year End 2008 Results - More
- March 11, 2009 | Item | E-mail

Anooraq Advises of Ongoing Discussions Relating to the Empowerment Transaction With Anglo Platinum - More
- March 11, 2009 | Item | E-mail

GoldSpring Modifies Permit to Process Gold and Silver at the Lucerne / Hartford Complex - More
- March 11, 2009 | Item | E-mail

Khan Resources sees $333 mln capital cost for Mongolian project - More
- March 11, 2009 | Item | E-mail

Dia Bras Announces Private Placement and Rights Offering - More
- March 11, 2009 | Item | E-mail

Gossan's JV Partner Intersects 2.8 m of 2.66% Nickel, 2.10% Copper, 15.25 gpt Silver and 2.03 gpt PGM & Gold on Bird River Project - More
- March 11, 2009 | Item | E-mail

Hawk Acquires Additional Uranium Claims in Northern Saskatchewan - More
- March 11, 2009 | Item | E-mail

Update on DIOS U2 Uranium Project, Laguiche Basin, Quebec - More
- March 11, 2009 | Item | E-mail

Nuinsco Announces Rights Offering to Shareholders - More
- March 11, 2009 | Item | E-mail

NWT Uranium announces appointment of advisory committee head - More
- March 11, 2009 | Item | E-mail

Altai Announces Extension of Warrant Term - More
- March 11, 2009 | Item | E-mail

Moneta increases and upgrades NI 43-101 resources on Windjammer South zone - More
- March 11, 2009 | Item | E-mail

Khan Resources Releases Definitive Feasibility Study Results for Dornod Uranium Project in Mongolia - More
- March 11, 2009 | Item | E-mail

QRS Capital Corp. announces qualifying transaction - More
- March 11, 2009 | Item | E-mail

JAG Is Presently Completing the Third Year of Its Oil and Gas Research Program on the Lac St-Jean - More
- March 11, 2009 | Item | E-mail

Pacific North West Capital commences drilling on the Fiedmont PGM Property, Quebec - More
- March 11, 2009 | Item | E-mail

Guyana Goldfields Announces the Award of Two Key Feasibility Studies for the Aurora Project - More
- March 11, 2009 | Item | E-mail

Aquila Files Technical Report for Back Forty Project - More
- March 11, 2009 | Item | E-mail

Radisson Mining Grants Incentive Options - More
- March 11, 2009 | Item | E-mail

Boxxer extends mineralized gold shear zone by 1.5 km at Gordon Lake gold project - More
- March 11, 2009 | Item | E-mail

Frontera Gives Formal Notice of Debt Ratings to Note Holders - More
- March 11, 2009 | Item | E-mail

Fortuna Releases Final Results From 2008 Drill Program, San Jose Project, Mexico - "Fortuna Silver Mines Inc. (CDNX:FVI.V - News)(BVLAC: FVI) is pleased to announce the completion of the 2008/2009 in-fill drill program on the Trinidad Zone of the San Jose silver-gold project located in Oaxaca, Mexico. The program has confirmed the presence and consistency of high-grade silver-gold mineralization in association with hydrothermal breccias, crackle breccias, quartz-carbonate veins and zones of sheeted and stockworked quartz-carbonate veinlets." More
- March 11, 2009 | Item | E-mail

Banro Announces Updated Independent Mineral Resource for the Namoya Gold Project of 1.124 Million Ounces of Measured and Indicated Resources and 407,700 Oz Inf. - "The Namoya project, which is wholly-owned by Banro, is situated at the southern end of the Twangiza-Namoya gold belt in Maniema Province of the eastern DRC and covers an area of 174 square kilometres. Exploration commenced in December 2004. To date, 210 diamond drill holes (and 82 historical underground drillholes) have been completed together with extensive re-sampling of old mine adits along the 2.5 kilometre long, northwest trending mineralized zone which hosts the four main deposits of Mwendamboko, Muviringu, Kakula and Namoya Summit. Exploration is continuing to assess a number of other prospects, namely Kakula West, Seketi, Matongo and Filon B, all within two kilometres of the four main deposits, to further increase oxide ounces for the heap leach project." More
- March 11, 2009 | Item | E-mail

Sabina Silver Announces New Hackett River Mineral Resource Update - "Open pit portion of the resource increases 40% from 29.0M tonnes to 40.6M tonnes as improved geological model provides for expanded open pit portion while maintaining overall resource grades. Indicated resource tonnes have increased by 2% with grades for silver and zinc remaining in line with expectations. Overall Inferred resources have increased by 30% in tonnes, 18% in zinc grade, and 15% in copper grade with a 4% decrease in silver grade." More
- March 11, 2009 | Item | E-mail

Aurizon Reports 2008 Financial Results - "In the fourth quarter of 2008, Aurizon incurred a net loss of $4.1 million, or ($0.03) per share, compared to a net loss of $6.5 million, or ($0.04) per share, in the fourth quarter of 2007. Fourth quarter results in 2008 were impacted by non-cash derivative losses of $5.8 million, non-cash income and resources taxes of $1.5 million, stock based compensation charges of $1.7 million, and increased exploration activity of $3.0 million at Joanna. In the fourth quarter of 2007, non-cash charges associated with derivative instruments totalled $10.3 million, partially offset by a non-cash future income tax recovery of $2.4 million." More
- March 11, 2009 | Item | E-mail

Seabridge Gold Reports Major Expansion of Mitchell Resource - "Measured and indicated gold resources at Mitchell have increased by 89% over the previous estimate to more than 30 million ounces. Measured and indicated copper resources increased by 105% to nearly 6.0 billion pounds. Updated resource estimates for the Sulphurets and Kerr zones will be announced shortly and a new NI-43-101 Technical Report covering all three zones will be filed on SEDAR within 45 days." More
- March 11, 2009 | Item | E-mail

Midway Gold Finalizes Joint Venture with Barrick at Spring Valley Project, Nevada - "Midway Gold Corp. ("Midway") (CDNX:MDW.V - News)(AMEX:MDW - News) is pleased to announce that it has signed a definitive agreement with Barrick Gold Exploration Inc., a wholly owned subsidiary of Barrick Gold Corporation (Toronto:ABX.TO - News)(NYSE:ABX - News) for an exploration agreement and option to joint venture Midway's Spring Valley gold project, Pershing County, Nevada." More
- March 11, 2009 | Item | E-mail

Infill drilling increases mineral resources at Joanna - "The updated measured and indicated mineral resource estimate integrates results of the 2008 infill drilling program completed within the limit of the proposed pit outline of the Hosco Block and the results of all exploration drilling performed outside of that pit contour above 300 metres. The inferred mineral resources are estimated down to 600 metres." More
- March 11, 2009 | Item | E-mail

Appointment of Ms. Cheryl Carolus and Mr. Roberto Danino to the Gold Fields Board - "Ms. Carolus, a South African born in Silvertown in Cape Town, became involved in politics while still at school and as an activist after joining the United Democratic Front (UDF) in 1983. She was National Co-coordinator of the UDF from 1985 to 1990. In May 1990, Ms. Carolus was elected to be part of the African National Congress' (ANC) delegation which held talks with the apartheid government, and in July 1991, she was elected to the ANC's National Executive Committee." More
- March 11, 2009 | Item | E-mail

Silver Standard Reports Fourth Quarter and Year-End 2008 Results - "Silver Standard recorded a net loss of $17.4 million or $0.28 per share for the three months ended December 31, 2008, compared to a net loss of $14.2 million or $0.23 per share for the same period in the prior year. Silver Standard recorded a net loss $10.5 million or $0.17 per share for the year ended December 31, 2008, compared to a loss of $35.2 million or $0.57 per share in 2007. Part of the loss in 2008 is a $6.0 million write-down as a result of a mark-to-market of share investments." More
- March 11, 2009 | Item | E-mail

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