Gold Seeker Closing Report: Gold and Silver End Mixed; Miners Gain 5%

	Close	Gain/Loss
Gold	$925.15	+$2.55
Silver	$12.93	-$0.07
XAU	140.59	+4.54%
HUI	343.22	+5.69%
GDM	1064.50	+4.56%
JSE Gold	2850.93	+93.38
USD	85.49	+0.13
Euro	132.37	-0.12
Yen	101.38	+0.14
Oil	$48.39	-$1.27
10-Year	2.658%	-0.027
T-Bond	130.578125	+0.875
Dow	7761.60	+2.01%
Nasdaq	1551.60	+1.51%
S&P	811.08	+1.66%

Gold dropped $6.50 to $916.10 by late trade in Asia before it rebounded in London to as high as $932.65 by about 9AM EST in New York and then fell back to about unchanged in late morning trade, but it then climbed back higher in the last two hours of trade and ended with a gain of 0.28%. Silver fell 18 cents to $12.82 before it rose over 1% to as high as $13.17 and then fell back to under $12.90, but it also rebounded into the close and ended with a loss of just 0.54%.

Euro gold rose to about €700, platinum gained $14 to $1033.50, and copper rose slightly to about $1.85.

Gold and silver equities rose throughout most of trade and ended with about 5% gains.

Report	For	Reading	Expected	Previous
ADP Employment	Mar	-742K	-663K	-706K
Construction Spending	Feb	-0.9%	-1.9%	-3.5%
ISM Index	Mar	36.3	36.0	35.8
Pending Home Sales	Feb	2.1%	0.0%	-7.7%

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/28 expected at 650,000 and at 10AM is the Factory Orders report for February expected at 1.4%.

Oil fell as inventories rose and more poor economic data raised worries over demand.

The U.S. dollar index and treasuries rose slightly while the Dow, Nasdaq, and S&P erased early losses and ended over 1% higher on hopes the worst of the current crisis is behind us. A decision about the mark to market rule is also due out tomorrow morning and many were buying with expectations of a favorable change.

Among the big names making news in the market today were Fidelity National and Metavante, GM, and Chrysler.

There really is not a whole lot to say today about gold. It is like watching paint dry. Rangebound trade continues to be the order of the day with $940 the top and $920 the bottom within a broader range of $960 and $900.

The case is different for the mining shares however. They are attempting to push on up to test the recent swing highs in both the HUI and the XAU. Both indices are trading above their respective 10 day moving averages which is friendly with the 20 day making a bullish upside crossover of the longer term 40 and 50 day moving averages. AS I said yesterday, it is still unclear if the shares are leading the bullion price and portending a move higher in it or are moving in tandem with the broader equity markets which have rebounded into positive territory here as I write these comments. How they act near those recent swing highs will be critical to the future technical prospects. The HUI actually now has the stronger looking chart of the two.

Gold deliveries for April were pretty impressive today, the second day of the process, with a total of 1,441 contracts taken. That brings the total so far to 10,308 contracts or a bit over 1 million ounces so far. This is a nice pace and if it can be pushed on up to the 1.5 million mark, it will get the attention of the perma shorts. Open interest remaining in the April contract is a bit over 7,000 contracts so the potential exists to reach that mark but that would assume the majority of remaining longs will stand for delivery. I must admit the likelihood of such an event is rather low based on previous history. Perhaps some fresh buyers will enter that contract and take some gold much as what happened to the thinly traded March contract last week. What also needs to happen is for the Comex warehouse numbers to decline. We need to see both heavy stopping of deliveries and strong drawdowns of the warehouse stocks. Barring that, any talk of Comex default is rather premature.

The commodity currencies, the Loonie, Aussie and Kiwi, were all lower today as crude oil continued its sell off. That brought algorithm-generated selling into the entire commodity complex with even the grains unable to add to yesterday’s strong gains as soybeans struggled to add to that big move higher off yesterday’s plantings intentions report. Unleaded gasoline was hit for an $.08/gallon loss at its worst levels today. That chart is now showing a bearish turn lower in both the 10 day and 20 day moving averages. Price remains above the 40 and 50 day however so the bulls still have the intermediate term advantage as long as those moving averages hold any further moves lower in price.

It is evident from today’s price action that a great deal of yesterday’s move up across the commodity complex was related to end-of-month and end-of-quarter positioning by both hedge and index funds as many markets lacked any noteworthy upside follow through. Losses in the first quarter in the commodity indices occurred once again but those losses averaged 9% compared to much larger losses in the third and fourth quarters of last year. It still appears to me that the commodity markets as a whole have put in a bottom.

Copper however continues to show remarkable resilience and bears close monitoring. Lumber, another forward looking market also experienced a great deal of buying. I find that interesting given what has been occurring among the homebuilders.

“YAWN!” – sums up most of the market action today.”- Dan Norcini, More at JSMineset.com

“April Gold closed up 3.5 at 926.1. This was 6.6 up from the low and 6.4 off the high.

May Silver finished down 0.01 at 12.975, 0.195 off the high and 0.135 up from the low.

The gold market was able to claw its way back into positive territory after falling back in response to today's scheduled US economic releases. Initially, the gold market seemed to shrug off reports that the European Central Bank had sold 35.5 tonnes of the metal yesterday and news that India had not imported any gold over the last two months. The gold market reached session highs in the morning trade with prices being lifted by the ADP employment report showing a large decline in US job losses last month. But the flight to safety buying was short lived as selling interest in gold was prompted by slightly better than expected reading in the housing and manufacturing data and that in turn seemed to revive some economic optimism given the positive reaction seen in the equity markets. However, caution ahead of the G20 meeting kept gold prices underpinned and mostly on firmer footing despite a firmer Dollar although trading turned choppy during the afternoon.

After following a similar price pattern as gold in the early trade, silver settled into a choppy trading pattern for most of the session hovering around both sides of unchanged. While nearby silver saw a 33 cent slide from the morning highs with pressure likely coming from outside market influences, trading in silver remained confined within the previous session's range. Mixed economic signals seemed to contribute to silver's two sided trade. In the end, perhaps the uncertainty ahead of the G20 meeting left traders unwilling to drive silver significantly in either direction.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.12 tonnes.

Gold reserve’s (GRZ) litigation update, Ivanhoe’s (IVN) copper discovery, International Royalty’s (ROY) acquired royalty, Anatolia’s (ANO.TO) debt facility, Newmont’s (NEM) arbitration decision, Fortuna’s (FVI.V) financial results, Endeavour’s (EXK) financial and operating results, Bear Creek’s (BCM.V) project update, Pan American’s (PAAS) new silver production, First Majestic’s (FR.TO) year end financial results, and Oremex’s (ORM.V) CEO appointment 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.

Fortuna Reports Operating Cash Flow of $8.85 Million on Revenue of $26.34 Million - "The Company recorded an operating loss of $5.93 million for 2008 after deducting $1.43 million of stock based compensation charges. The effect of this operating loss on net income was partially offset by a gain on the Company's commodity hedging contracts of $4.52 million. Net loss for 2008 was $0.96 million." More
- April 01, 2009 | Item | E-mail

Stelmine Announces Results Obtained During its 2008 Opinaca Campaign - More
- April 01, 2009 | Item | E-mail

C2C's Gold Production to Increase in Ecuador - More
- April 01, 2009 | Item | E-mail

Dumont completes additional interim financing for Alberta polymetallic black shale projects - More
- April 01, 2009 | Item | E-mail

Capella Drills 261 Metres Grading .91 G/T Gold at Lajitas - More
- April 01, 2009 | Item | E-mail

Trilliant Exploration Files Audited Financial Statements for Muluncaygold Corp. S.A. - More
- April 01, 2009 | Item | E-mail

Gold Reserve Provides Litigation Update - "Gold Reserve Inc. (TSX:GRZ - News)(NYSE Amex:GRZ) announced today that Rusoro Mining Ltd. (TSX-V:RML - News) (“Rusoro”) has filed in the Ontario Superior Court of Justice a “Statement of Defence and Counterclaim” to an action filed December 16, 2008 by the Company against Rusoro and Endeavour Financial International Corporation." More
- April 01, 2009 | Item | E-mail

First Gold Partially Closes a $270,000 Financing - More
- April 01, 2009 | Item | E-mail

Caledonia Mining Fourth Quarter 2008 Results Filing Delayed - More
- April 01, 2009 | Item | E-mail

Metalline Mining Company Announces New Round of Block Models - More
- April 01, 2009 | Item | E-mail

Richview Files Year End Financial Statements - More
- April 01, 2009 | Item | E-mail

Hana Mining Appoints Union Securities Ltd. as Agent for Brokered Private Placement for Proceeds of $4MM - More
- April 01, 2009 | Item | E-mail

Endeavour Silver Reports Financial and Operating Results for 2008; Revenues Up 22%, Production Up 10%, Resources Up 47% from 2007 - "Endeavour delivered another year of record financial and operating results in 2008, setting new Company standards for mineral sales, mine operating cash-flow, silver production and silver-equivalent reserves and resources. Endeavour not only posted its fourth consecutive year of growing silver production, up 10% to 2.3 million oz, Endeavour also recorded four consecutive quarters of falling cash costs, down 26% to US$7.43 per oz in Q4, 2008." More
- April 01, 2009 | Item | E-mail

Gold Resource Corporation Appoints New Board Member - More
- April 01, 2009 | Item | E-mail

Copper Mesa announces agreement with Nortec Ventures - More
- April 01, 2009 | Item | E-mail

Norsemont Mining Completes Fourth Mitsui Payment - More
- April 01, 2009 | Item | E-mail

Adanac Appoints New Chairman and CEO - More
- April 01, 2009 | Item | E-mail

Ivanhoe Nickel & Platinum announces a major copper discovery at its Kamoa Project in Katanga Province, in the Democratic Republic of Congo - "Robert M. Friedland, Chairman of Ivanhoe Nickel & Platinum (Ivanplats) and Ivanhoe Capital Corporation, announced today in an opening keynote address at the 8th World Copper Conference that Ivanplats has made a major copper discovery of historic importance at its 100%-owned Kamoa Project, west of Kolwezi, in the Democratic Republic of Congo's Katanga province." More
- April 01, 2009 | Item | E-mail

Wesdome declares interim dividend of CDN $0.02 per share - More
- April 01, 2009 | Item | E-mail

Zaruma Resources Updates Project Activities and 2008 Results - More
- April 01, 2009 | Item | E-mail

Sunridge Advances Work on Gupo Gold Deposit & Medrizien Prospect Yields Grab Samples Up to 319 g/t Gold - More
- April 01, 2009 | Item | E-mail

International Royalty Acquires Royalty on Long-Life Johnson Camp Copper Mine, Arizona - "International Royalty Corporation (NYSE-A: ROY, TSX: IRC) reports today that it has invested US$5.0 million in Nord Resources Corporation's ("Nord") producing Johnson Camp copper mine, located in Cochise County, Arizona, in exchange for a 2.5% NSR royalty on the project. At a copper price of US$1.80 per pound and assuming 25 million pounds of annual production, the royalty should generate revenue in excess of US$1.1 million per year." More
- April 01, 2009 | Item | E-mail

Gemini Explorations, Inc. Entering Final Negotiations to Conclude Joint Venture Agreement and Additional Concessions Acquisition... - More
- April 01, 2009 | Item | E-mail

Erdene Reports Year End Financial Results and Provides Project Updates - More
- April 01, 2009 | Item | E-mail

Lions Gate Metals Quarterly Letter From the President - More
- April 01, 2009 | Item | E-mail

Nevada Sunrise Strengthens Gold-Silver Resource at Golden Arrow - More
- April 01, 2009 | Item | E-mail

Canadian Royalties Announces Financial Results Year Ended December 31st, 2008 - More
- April 01, 2009 | Item | E-mail

Acadian Mining reports $37 million loss in 2008 - More
- April 01, 2009 | Item | E-mail

Yukon-Nevada Gold Corp. reports 2008 year end results - More
- April 01, 2009 | Item | E-mail

Denison Files Annual Report on Form 40-F - More
- April 01, 2009 | Item | E-mail

Farallon Announces Year-End 2008 Financial Results - More
- April 01, 2009 | Item | E-mail

KDX 43-101 Shows 1.640 Million Ounces Gold Equivalent Indicated Mineral Resource Plus 508,799 Ounces Inferred at Its Fire Creek Project - More
- April 01, 2009 | Item | E-mail

Mercator Financial Results for the Year ended December 31, 2008 - More
- April 01, 2009 | Item | E-mail

Tiomin and Freegold Restructure Bridge Loan & Tiomin Notes North American Palladium-Cadiscor Transaction - More
- April 01, 2009 | Item | E-mail

Pure Nickel Reports Results for the Three Months Ended February 28, 2009 - More
- April 01, 2009 | Item | E-mail

Freegold Further Restructures Bridge Loans - More
- April 01, 2009 | Item | E-mail

Canasia Industries Corporation: Stock Work Feeder System Identified in First Phase of Exploration Program - More
- April 01, 2009 | Item | E-mail

Bear Creek provides project update: Engineering studies rapidly advancing to completion at Corani and Santa Ana silver deposits - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to provide an update on the status of project development work. Following successful renegotiation of its obligations with respect to the purchase of the remaining interest in the Corani silver project, the Company has sufficient funds to complete all needed development activities through 2010 while maintaining its aggressive generative exploration programs." More
- April 01, 2009 | Item | E-mail

Anatolia closes US$62.5 million debt facility - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO - News) announces that it has closed the US$62.5 million senior project debt (the "Debt Facility") with Bayerische Hypo- und Vereinsbank AG, a member of UniCredit Group ("HVB") (see press release dated January 12, 2009). Proceeds from the Debt Facility will be used toward development of the Copler Gold Project in Turkey." More
- April 01, 2009 | Item | E-mail

Pan American Silver Announces First Silver Concentrate Produced at San Vicente's New Processing Facility - "Pan American Silver Corp. ("Pan American" or the "Company") (Toronto:PAA.TO - News)(NasdaqGS:PAAS - News) is pleased to announce that the new processing facility at its San Vicente mine in Bolivia began producing silver and zinc concentrates on March 25, 2009." More
- April 01, 2009 | Item | E-mail

First Majestic Silver Corp.: 2008 Year End Financial Results - "Total annual production for 2008 increased by 18% to 4,229,998 ounces of silver equivalents, including 3,654,698 ounces of silver, 1,661 ounces of gold, 7,457,707 pounds of lead and 425,710 pounds of zinc. This compares to the 3,584,265 ounces of silver equivalents produced in 2007 consisting of 3,170,139 ounces of silver, 2,049 ounces of gold and 2,924,146 pounds of lead." More
- April 01, 2009 | Item | E-mail

International Arbitration Decision Issued Regarding Divestiture of Batu Hijau in Indonesia, Contract of Work Remains in Effect - "Newmont Mining Corporation (NYSE: NEM - News; "Newmont" or "the Company") today announced that the international arbitration panel delivered its decision pertaining to the dispute in regard to the divestiture of PT Newmont Nusa Tenggara's ("PTNNT's") shares. The Company, as a foreign shareholder in PTNNT, together with Nusa Tenggara Mining Corporation, an affiliate of Sumitomo Corporation of Japan, is required under the Contract of Work with the Government of the Republic of Indonesia (the "Government") to sell down a portion of its interest in PTNNT." More
- April 01, 2009 | Item | E-mail

Oremex Resources Appoints Michael R. Smith CEO - "Mr. Smith is a professional geologist with over 28 years of industry experience and a focus on mine development and production. His career highlights include being Chief Mine Geologist at Barrick Gold Corp's (TSX:ABX - News) Goldstrike Mine and a key member of the team that built the 2,000,000 oz per year, 500,000 TPD operation, and managed all design and operational aspects of its engineering geology." More
- April 01, 2009 | Item | E-mail

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