Gold Seeker Closing Report: Gold and Silver Gain With Stocks, Oil, and Treasuries

	Close	Gain/Loss
Gold	$922.70	+$13.00
Silver	$12.935	+$0.125
XAU	120.44	+3.88%
HUI	284.03	+4.48%
GDM	896.54	+4.35%
JSE Gold	2946.92	+165.57
USD	87.35	-0.24
Euro	129.38	+1.06
Yen	102.38	-0.45
Oil	$47.03	+$4.70
10-Year	2.892%	-0.024
T-Bond	127.765625	+0.640625
Dow	7170.06	+3.46%
Nasdaq	1426.10	+3.97%
S&P	750.74	+4.07%

Gold and silver traded slightly higher in Asia and London and rose to as high as $917.60 and $12.952 by around 8AM EST before they briefly dropped to see marginal losses at $907.00 and $12.64 by about 9AM, but they then spiked back higher in New York and ended near their highs of $930.45 and $13.083 with gains of 1.43% and 0.98%.

Euro gold rose to about €720, platinum lost $4 to $1043.50, and copper remained at about $1.62.

Gold and silver equities rose over 3% at the open and remained near their highs into the close.

Report	For	Reading	Expected	Previous
Initial Claims	3/07	654K	644K	645K
Retail Sales	Feb	-0.1%	-0.5%	1.8%
Retail Sales ex-auto	Feb	0.7%	-0.1%	1.6%
Business Inventories	Jan	-1.1%	-1.0%	-1.6%

Tomorrow at 8:30AM EST brings Import and Export Prices for February and the Trade Balance for January expected at -$38.2 billion. At 10AM is Michigan Sentiment for March expected at 56.3.

Oil rose over 10% as rumors surfaced that Russia may join OPEC in cutting production. Speculation that OPEC will cut is production further at their meeting this weekend also helped add to gains.

The U.S. dollar index rose versus the Swiss franc after the Swiss National Bank surprised the market with a rate cut and an intention to buy foreign currencies and bonds, but the dollar index fell overall as the euro found even larger gains in reaction to the policy shift.

Treasuries rose after today’s auction of $11 billion of reopened 30-year bonds went well.

The Dow, Nasdaq, and S&P also found decent gains as it became more likely that accounting rules will be eased to help out the financial institutions.

Among the big names making news in the market today were Gilead and CV Therapeutics, Smithfield Foods, Roche and Genentech, Berkshire Hathaway, and Citigroup.

The big stunner of today was massive intervention by the Swiss National Bank into the Forex markets which absolutely obliterated the Franc. They caught everyone flatfooted and achieved maximum shock value. I had to double check my price quotes and the charts to make sure that they were correct as the currency simply evaporated… The last time the SNB had intervened in these markets was all the way back to 1995 or 14 years ago.

The Swiss cut their 3 month Libor target by 25 basis points but they also stepped into the bond market and purchased substantial amounts of Swiss franc bonds. That in combination with them buying large amounts of foreign currency is in my view what shoved gold up so sharply today. The strategy of the Swiss is pretty clear – undercut their own currency to remain export competitive especially against the Euro and the US Dollar and provide substantial amounts of liquidity in the process. While I have not yet had a chance to calculate the gold price in terms of the Swiss Franc, there is no doubt whatsoever that it shot sharply higher today. After all, it is evident that the Swiss have decided to play the “beggar thy neighbor” policy in terms of the foreign exchange arena. All of this serves to remind investors why it is an imperative in today’s environment to own gold – after all, if your Central Bank is determined to debauch your native currency, you have to protect yourself. It is that simple!

I can well remember when the Swissie was once the “go-to” currency when it came to a safe haven during times of economic or geo-political crisis. Obviously that is no longer the case. My how times have changed! It is going to be interesting now to watch the contest between the SNB and the speculators to see how the game is played out. Will the specs leave them alone or will they play the cat and mouse game and bid it back up to see what kind of reaction they get from the Swiss monetary authorities...”- Dan Norcini, More at JSMineset.com

“April Gold closed up 13.3 at 924. This was 15 up from the low and 5.5 off the high.

May Silver finished up 0.143 at 12.943, 0.047 off the high and 0.093 up from the low.

The gold market didn't seem to be discouraged by the latest rise in the Dollar or by another day of strength in the US equity markets. Apparently seeing a reduced credit rating for GE added some support to the gold trade but the biggest event of the trading session was talk that some foreign central banks might resort to lower exchange rates in an effort to help their economies. If a number of central banks decide to push their exchange rates lower that could launch the Dollar sharply higher but at least during the action Thursday the gold market wasn't that concerned about a persistent rise in the Dollar. On the other hand, the gold market might see a sustained bounce in equity prices as a shift back toward inflationary prospects and away from recent deflationary concerns.

Like the gold market, the silver market seemed to draw favor from another day of strength in the equity markets. Also like gold, the silver market seemed to discount the rise in the Dollar and periodic weakness in copper and platinum prices. However, a noted upside extension in equity prices and a sharp rise in energy prices probably fanned inflation expectations and that in turn probably inspired some silver buyers.”- The Hightower Report, Futures Analysis and Forecasting

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	Product name	Total Tonnes	Total Ounces	Total Value
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx)	SPDR® Gold Shares	1,038.17	33,378,089	US$ 30,020m
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )	Gold Bullion Securities	128.20	4,121,689	US$ 3,819m
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Deutsche Börse AND Euronext Amsterdam	PHAU	awaited	awaited	awaited
Australian Stock Exchange (ASX)	Gold Bullion Securities	12.49	400,422	US$ 372m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	29.11	935,869	US$ 841m
NASDAQ Dubai	Dubai Gold Securities	0.16	5,000	US$ 5m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 9.18 tonnes to a new record high holding, the LSE added 0.39 tonnes, and the JSE added 0.49 tonnes.

Profile as of 3/11/2009
Total Net Assets	$1,983,688,430	Ounces of Gold in Trust	2,179,187.377
Shares Outstanding	22,150,000	Tonnes of Gold in Trust	67.78

Profile as of 3/11/2009
Total Net Assets	$3,204,196,507	Ounces of Silver in Trust	253,938,438.700
Shares Outstanding	257,550,000	Tonnes of Silver in Trust	7,898.37

Minefinders’ (MFN) increasing production and financial results, ITH’s (THM) new board member, South American Silver’s (SAC.TO) new board member, and Silver Wheaton’s (SLW) acquisition of Silverstone (SST.V) 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.

Crowflight Reports Updated Reserves and Resources at Bucko - More
- March 12, 2009 | Item | E-mail

Sirios Acquires Magmax Exploration Inc. and Regains Full Control of the ESCALE Gold Property - More
- March 12, 2009 | Item | E-mail

VMS Identifies a Two km Long Geophysical Target At Reed Lake Project Near Snow Lake Manitoba - More
- March 12, 2009 | Item | E-mail

Duluth Metals Receives Additional Higher Grade Assays on the Nokomis Base and Precious Metal Deposit - More
- March 12, 2009 | Item | E-mail

North American Gem Inc. Announces the Mobilization of Drill Rigs to the Saffle and Dalton Tracts in West Virginia - More
- March 12, 2009 | Item | E-mail

Duluth Metals receives additional higher grade assays on the Nokomis base and precious metal deposit - More
- March 12, 2009 | Item | E-mail

Pure Nickel Reports Recent Work on its Fond du Lac Property - More
- March 12, 2009 | Item | E-mail

Andina Strengthens Board of Directors - More
- March 12, 2009 | Item | E-mail

Pro Minerals Inc. - Cairo Project exploration results - More
- March 12, 2009 | Item | E-mail

RJK Explorations Acquires Claims in the Magma Metals Platinum-Paladium-Copper-Nickel Discovery Camp, Thunder Bay North - More
- March 12, 2009 | Item | E-mail

ASA Limited Reports Results for the Three Months Ended February 28, 2009 - "Gold mining shares and gold bullion performed well over the last quarter despite the negative news regarding the global economic environment. Since the end of November 2008, gold prices have risen from $814.50 per ounce to $952.00 per ounce at the end of February 2009. During this same period, the Company’s total return, including reinvested dividends, was 18.2% based on the NAV per share and 22.4% based on the share price." More
- March 12, 2009 | Item | E-mail

Houston Lake Mining Begins Phase III Drilling at Dubenski Property - More
- March 12, 2009 | Item | E-mail

Trading Update: Galantas Reports Continued Progress at Omagh Gold-Mine - More
- March 12, 2009 | Item | E-mail

Silver Wheaton to buy Silverstone Resources - "Canada's Silver Wheaton Corp (SLW.TO) said on Thursday it will acquire miner Silverstone Resources Corp (SST.V) in an all-stock deal valued at C$190 million ($147 million) to strengthen its position as the world's largest silver reseller.

Vancouver, British Columbia-based Silver Wheaton said the transaction would give Silverstone shareholders 0.185 of a Silver Wheaton share for each Silverstone share they own." More
- March 12, 2009 | Item | E-mail

Capstone Agrees to Support Silver Wheaton's Premium Offer for Silverstone - More
- March 12, 2009 | Item | E-mail

Duran Ventures and Centurion Minerals Sign Property Option Letter Agreement - More
- March 12, 2009 | Item | E-mail

Freewest Discovers Significant Vanadium Mineralization on Its Dalhousie Mountain Property, Abitibi Region, Quebec - More
- March 12, 2009 | Item | E-mail

Largo's Updated Mineral Resource Estimate Defines Higher-Grade Zone at Northern Dancer Project, Yukon - More
- March 12, 2009 | Item | E-mail

AXMIN Announces Komahun Gold Project Scoping Study; New Gold Annomaly West and Parallel to Main Structure - More
- March 12, 2009 | Item | E-mail

Trevali Discovers and Re-Assays Historic Drill-Core Confirming Puajanca as Fourth Silver-Lead-Zinc Mineralized Body at Santander Project in Peru - More
- March 12, 2009 | Item | E-mail

Harte Gold Corp. Corporate Update - More
- March 12, 2009 | Item | E-mail

Golden Hope Mines Limited-Exploration and Development Plan: 2009 - More
- March 12, 2009 | Item | E-mail

First Gold Initiates Winter Program on Matchi-Manitou - More
- March 12, 2009 | Item | E-mail

Oremex Establishes Mexican Advisory Committee - More
- March 12, 2009 | Item | E-mail

Sage Gold Exploration Update: Prospecting Results from the Beardmore-Geraldton Gold Camp - More
- March 12, 2009 | Item | E-mail

Klondex Arranges Non-Brokered Private Placement - More
- March 12, 2009 | Item | E-mail

Denison Announces NI 43-101 Resource Estimate on Mutanga Project, Zambia - More
- March 12, 2009 | Item | E-mail

Vantex Initiates Drilling on Galloway - More
- March 12, 2009 | Item | E-mail

GBS Gold Directors and Officers Resign - More
- March 12, 2009 | Item | E-mail

Thompson Creek schedules 2008 financial results conference call/webcast for March 20 at 8:30 a.m. Eastern - More
- March 12, 2009 | Item | E-mail

Minefinders Announces Increasing Production, Start of Positive Operating Cash Flow and Fiscal 2008 Results - "Minefinders Corporation Ltd. (Toronto:MFL.TO - News)(AMEX:MFN - News) announced increased production in February 2009, compared to January 2009 and the commencement of positive operating cash flow at the Dolores open pit mine in Chihuahua, Mexico. The Company also reported its financial results for the year ended December 31, 2008." More
- March 12, 2009 | Item | E-mail

South American Silver Corp. Announces the Addition of a New Board Member - "South American Silver Corp. ("SASC" or the "Company") (TSX:SAC - News) announced today that William Murray has joined its board of directors, effective immediately. Mr. Murray is an engineer in the mining industry with over 33 years of experience in construction management and project evaluation in North America and Africa." More
- March 12, 2009 | Item | E-mail

Steve Aaker Joins the Board of Directors of International Tower Hill Mines Ltd. - "International Tower Hill Mines Ltd. ("ITH" or "the Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce that Steve K. Aaker, Chief of U.S. Operations, Franco-Nevada Corporation, has joined the Company's Board of Directors, effective March 12, 2009. Over his long and distinguished career Mr. Aaker has been involved in numerous strategic business transactions and royalty acquisitions as well as merger and acquisitions reviews." More
- March 12, 2009 | Item | E-mail

Silverstone Resources to Be Acquired by Silver Wheaton Corp. - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) and Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(NYSE:SLW - News) today announced that they have entered into a definitive agreement pursuant to which Silver Wheaton will acquire by way of a plan of arrangement all of the outstanding common shares of Silverstone in exchange for 0.185 common shares of Silver Wheaton for each common share of Silverstone." More
- March 12, 2009 | Item | E-mail

Silver Wheaton to Acquire Silverstone Resources Corp., Solidifying Its Position as the Largest Silver Streaming Company - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(NYSE:SLW - News) today announced that they have entered into a definitive agreement with Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) pursuant to which Silver Wheaton will acquire by way of a plan of arrangement all of the outstanding common shares of Silverstone in exchange for 0.185 common shares of Silver Wheaton for each common share of Silverstone." More
- March 12, 2009 | Item | E-mail

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