-- Posted 17 February, 2010 | | Source: SilverSeek.com

The Metals:

Gold rose as much as $7.70 to $1127.05 by about 8AM EST in London before it fell for most of the morning in New York and saw a loss of $6.95 at as low as $1112.40 by about noon, but it then rallied back higher in afternoon trade and ended with a loss of just 0.013%.  Silver climbed over 1% to $16.31 in Asia before it fell to see an almost 2% loss at as low as $15.869 by midday in New York, but it also rallied back higher into the close and ended with a loss of just 0.43%.

Euro gold rose to a new all-time high at about €822, platinum lost $3.50 to $1531.50, and copper gained a couple of cents to about $3.24.

Gold and silver equities saw slight gains at the open before they fell roughly 1% by midday and remained at about that level for the rest of the day.

Pension funds, central banks to boost gold in 2010  Reuters

Diversity of Global Gold Market Keeps 2009 Demand Above $US100 Billion Mark  World Gold Council

2010 Gold Demand Trends  TheStreet TV

The Economy:

Fed: Unemployment will stay high over next 2 years  Yahoo

Federal deficit at $430.69 billion through January  Yahoo

Obama Administration Marks Anniversary of Stimulus Legislation  Bloomberg

Obama says stimulus bill saved troubled economy  Yahoo

FOMC minutes from the fed’s January 28^th meeting showed that fed members “were unanimous in the view that it will be appropriate to shrink the supply of reserve balances and the size of the balance sheet substantially over time.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 2/13 expected at 430,000, PPI for January expected at 0.8%, and Core PPI expected at 0.1%.  At 10AM is the Philadelphia Fed survey for February expected at 17.0 and Leading Economic Indicators for January expected at 0.5%.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil waffled on either side of $77 and ended with a slight gain as traders looked ahead to tomorrow’s delayed inventory data.

The U.S. dollar index rose and treasuries fell on better than expected economic data that support higher interest rates sometime in the future.

The Dow, Nasdaq, and S&P mostly rose on decent earnings and economic data.

Among the big names making news in the market today were Humana, Deere, Toyota, Reader’s Digest, Campbell, and Walgreen and Duane Reade.

The Commentary:

• “While I’m quite pleased with gold’s performance, I believe we need two consecutive closes above $1,125 to truly feel the correction is now fully behind us. Because you could find a needle in a haystack faster than a true gold bull (up until today anyway), the overwhelming number of gold bears and weak-knee bulls are not likely to throw in the towel just yet. The next few days’ worth of trading should be a good two-way battle. Trading between $1,100 and $1,125 for several days or a couple of weeks won’t be a bad thing. Stay tuned.
• As noted repeatedly, I ‘m not looking for a collapse (or anything like one) in the U.S. stock market but rather a market that goes no where’s fast up or down “net” over time. Many people have questioned why although outright bearish on U.S. equities, why I’m not going short? I believe the action the last couple of weeks is what we can expect for months and years to come. Unless one is literally an hour or day trader, there’s just not going to be many lengthy and large scale moves up or down that one can profit from being short or long. In fact, I think spread traders stand the best chance for the foreseeable future.”- Peter Grandich, Grandich Letter

“Dear CIGAs,

Gold was strong throughout overnight Asian trade but as it approached the opening of New York pit session trade, it ran into selling pressure (Gee – where have we seen this act before) which continued throughout the majority of the session. Even at that, it was holding relatively well until the Euro gave up the ghost, sinking more than a point and half against the Dollar. That allowed additional selling to emerge in gold but dip buyers were lurking in the wings and took it up off its worst levels and back into the plus column as the pit session entered its last 30 minutes of trade. Chart painters came in on the close to and attempted to push it back to unchanged.

It is interesting to note that gold’s recovery coincided with that of copper’s, which also experienced selling pressure as the Dollar gathered upside strength, but it too moved off its session lows as the morning wore on and eventually popped into positive territory.

Crude oil also experienced a similar bout of buying which lifted it into positive territory at one point. One can see the flow of managed money moving into and out of these markets as the algorithms do their thing. Any weakness in the Dollar immediately generates buying in the commodity sector even though prices may be down on the day. As the Dollar works higher, the buying dries up and the selling pressure dominates. Back and forth it goes as the struggle between the inflationists and the deflationists goes on.

You have to hand it to the Dollar bulls – they are trying to put up one helluva fight to defend those downside support levels on the technical price charts. They pushed price back off the 20 day moving average and above the 10 day completely erasing the losses from yesterday. Even at that however, the technical momentum indicators continue to flash bearish divergences. Only a closing push above the recent high in the Dollar near 80.85 is going to be able to negate those. Bulls will attempt to do just that while bears will first attempt to take price below yesterday’s low and then preferably 79.00 to kick off a wave of long liquidation.

Considering the fact that the Dollar erased all of yesterday’s losses, gold’s stubborn reluctance to break sharply lower, especially with the Euro surrendering as much ground as it did, is further confirmation that the metal is functioning more like the currency of choice for nervous investors.

Gold will need to see additional buying strength to generate an upside crossover of the 20 day moving average by the 10 day. Resistance is first at today’s high near $1,128 followed by $1,140 – $1,144.

Initial support for the metal lies at yesterday’s low which also coincides with the 20 day MA. Below that is support between $1,080 – $1,074.

The HUI is acting like it is unsure of what to do next. Its technical picture continues to improve but it will need to clear the 420 level to generate stronger buying enthusiasm and spark increased activity on the volume front of things. On the downside, a closing break below 390 will damage the fledging uptrend and perhaps allow for a retest of the strong support region near 370.”- Dan Norcini, More at JSMineset.com

GATA Posts:

The 'ultimate bubble' meets the ultimate speculator

Ron Paul: Are U.S. taxpayers bailing out Greece? Audit Fed to find out

Goldman Sachs may have helped fool Greek bond buyers

Adrian Douglas: The forensic clues of a manipulated market

Ted Butler explains why he's hopeful about the CFTC

The Statistics:

Activity from: 2/16/2010

COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.44 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,446.40 - No change from yesterday’s data.

The Miners:

AngloGold’s (AU) fourth-quarter results, Claude’s (CGR) exploration results, Goldcorp’s (GG) increase in gold reserves, Apollo Gold’s (AGT) drill results, IAMGOLD’s (IAG) fourth-quarter results, Entree’s (EGI) exploration budgets, Scorpio’s (SPM.TO) country manager appointment, and Hecla’s (HL) year end results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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

All of today's gold and silver stock news:

Sniper Adds New Director and Officer; Termination of Linka/Pete's Summit Option - More
- February 17, 2010 | Item | ShareThis

Lomiko Metals Retains MarketSmart Communications Inc. for Investor Relations, Seeks Further Acquisitions and Joint Ventures - More
- February 17, 2010 | Item | ShareThis

Amseco Exploration Ltd.: Gold Property Acquisition in the Urban-Barry Gold Mining Camp, Quebec - More
- February 17, 2010 | Item | ShareThis

Geodex Provides Corporate Update and Strategic Direction - More
- February 17, 2010 | Item | ShareThis

Lake Shore Gold Reports Results of Underground Exploration at Timmins Mine 650-Level Test Block - More
- February 17, 2010 | Item | ShareThis

Pebble Creek reviewing bids for drilling - More
- February 17, 2010 | Item | ShareThis

American Manganese Completes Private Placement - More
- February 17, 2010 | Item | ShareThis

Galway reports high grade gold channel sample results from its recently acquired Vetas property in Colombia - More
- February 17, 2010 | Item | ShareThis

Unico, Inc. Announces Settlement of Derivative Action - More
- February 17, 2010 | Item | ShareThis

Yale Starts Field Work on Five Targets at Urique Project - More
- February 17, 2010 | Item | ShareThis

A25 Gold Acquires 100% of Past Gold Producing Golden Peak Mineral Property - More
- February 17, 2010 | Item | ShareThis

North Atlantic Resources Ltd.: Brighton Energy Limited Completes Acquisition of Permits - More
- February 17, 2010 | Item | ShareThis

Rainy River Grants Stock Options - More
- February 17, 2010 | Item | ShareThis

Mukuba Announces the Completion of Airborne Magnetic and Radiometric Survey - More
- February 17, 2010 | Item | ShareThis

USCorp Junior Gold and Silver Exploration Company Announces an Update Regarding Financing Negotiations - More
- February 17, 2010 | Item | ShareThis

Solid announces Max Hare as new president - More
- February 17, 2010 | Item | ShareThis

Alexandria Expands High Grade Gold Zone at Akasaba, Val d'Or, Quebec - More
- February 17, 2010 | Item | ShareThis

Niocan Files Ni 43-101 Technical Report on Mineral Resources for its Oka Niobium Property - More
- February 17, 2010 | Item | ShareThis

Threegold Resources Inc.: New Gold Trend Extended Using Final Results From The Adanac Project - More
- February 17, 2010 | Item | ShareThis

Bingo gold deposit: Expanded underground exploration development is underway - More
- February 17, 2010 | Item | ShareThis

Oromin Explorations Ltd.: Government of Senegal Grants 15 Year Renewable Mining License for OJVG's Sabodala Gold Project - More
- February 17, 2010 | Item | ShareThis

Bison Gold Announces Stock Option Grants - More
- February 17, 2010 | Item | ShareThis

Source Awards Drilling Contract for Additional Drilling at San Acacio Project, Zacatecas, Mexico - More
- February 17, 2010 | Item | ShareThis

Patriot Gold Expands Moss Mine Gold Project; Largest Gold Resource in Arizona - More
- February 17, 2010 | Item | ShareThis

Typhoon Exploration Inc.: The Fayolle Deposit in the Heart of Abitibi's Mining Projects - More
- February 17, 2010 | Item | ShareThis

Vangold Announces $6 Million Financing - More
- February 17, 2010 | Item | ShareThis

Li3 Energy Executes Final Agreement to Acquire Next Lithium Assets in Big Smoky Valley, Nevada - More
- February 17, 2010 | Item | ShareThis

Brett Resources Inc.: Underwriters Complete Exercise of Over-Allotment Option - More
- February 17, 2010 | Item | ShareThis

Orezone Gold Corporation: Brighton Energy Limited Receives Niger Uranium Permit Approvals - More
- February 17, 2010 | Item | ShareThis

Alturas Earns 100% in Huajoto Project in Central Peru, Confirms Extensive Rare Earth Element (REE) Potential - More
- February 17, 2010 | Item | ShareThis

Skeena Proposes $3.0 Million Private Placement Financing - More
- February 17, 2010 | Item | ShareThis

War Eagle Announces Tres Marias Assay Results - More
- February 17, 2010 | Item | ShareThis

Nanika Announces Investor Relations Agreement with CHF - More
- February 17, 2010 | Item | ShareThis

Dana Resources in Negotiations to Purchase Producing Silver Mine - More
- February 17, 2010 | Item | ShareThis

Freegold Ventures Limited and Western Standard Metals Ltd. Announce Proposed Amalgamation - More
- February 17, 2010 | Item | ShareThis

Mustang Minerals Corp. Makwa Nickel Project Update - More
- February 17, 2010 | Item | ShareThis

Playfair Mining Ltd.: Rare Earth Option Agreement - More
- February 17, 2010 | Item | ShareThis

East Asia Minerals Drills 9.29 g/t Gold Over 21 Metres Within 81 Metres Grading 4.08 g/t Gold; Miwah Main Zone Extended Further to the North - More
- February 17, 2010 | Item | ShareThis

Alexis Discovers Potential Eastern Extension of Snow Lake Mine - More
- February 17, 2010 | Item | ShareThis

Quaterra In-Fill Drilling Confirms Continuity of High-Grade and Bulk Mineable Mineralization at Nieves - More
- February 17, 2010 | Item | ShareThis

Vena Intersects Several High-Grade Polymetallic Veins at Esquilache - More
- February 17, 2010 | Item | ShareThis

Orvana Provides Update on El Valle-Boinas/Carles Project in Northern Spain - More
- February 17, 2010 | Item | ShareThis

Wesdome 2009 year end reserves and resources - More
- February 17, 2010 | Item | ShareThis

High Gold Grades Trench Results (104 g/t Au over 1 m) and Soil Samples (up to 2 g/t Au) Expand New Gold Trend to 11 Km at Paso Yobai, Paraguay - More
- February 17, 2010 | Item | ShareThis

Champion Minerals Update From the Attikamagen Iron Property, Schefferville Mining District - More
- February 17, 2010 | Item | ShareThis

VG Gold Commences Drilling at Davidson Tisdale Joint Venture with San Gold, Timmins, Ontario - More
- February 17, 2010 | Item | ShareThis

Malbex Intercepts 35 Metres Grading 2.2 g/t Gold and 42.9 g/t Silver at Del Carmen Norte, Including 16 Metres of 4.03 g/t Gold and 81.8 g/t Silver - More
- February 17, 2010 | Item | ShareThis

Claude Resources Inc. Intercepts 44.38 Grams of Gold per Tonne Over 2.0 Meters at Madsen in Red Lake, Ontario - "Claude Resources Inc. ("Claude" or the "Company") today reported exploration results from its 100 percent owned and operated Madsen project in the prolific gold camp of Red Lake, Ontario. The drill holes are from the Company's 2009 surface program that tested a near-surface extension of the Austin Tuff. The intercepts are within 100 meters of Madsen Mine infrastructure." More
- February 17, 2010 | Item | ShareThis

Goldcorp Announces Sixth Consecutive Annual Increase in Gold Reserves - "GOLDCORP INC. (TSX:G - News)(NYSE:GG - News) today announced that as of December 31, 2009 proven and probable gold reserves increased 5.3% to 48.8 million ounces and proven and probable silver reserves increased 4.2% to 1,300.0 million ounces. Measured and indicated gold resources increased 3.2% to 22.7 million ounces in 2009 and measured and indicated silver resources increased 38.3% to 598.1 million ounces. All increases are the result of Goldcorp's successful organic growth programs and do not include any ounces acquired during the year." More
- February 17, 2010 | Item | ShareThis

Apollo Gold's Grey Fox Project Drill Results Show One of Best Gold Intercepts to Date of 18 Meters at 14 gpt - "Apollo Gold Corporation (“Apollo”) (NYSE Amex: AGT) (TSX: APG - News) announces additional assay results from nine drill holes at its Grey Fox Project, including one of the best drill intersections to date of 17.9 meters (“m”) at an average gold grade of 14.3 grams per tonne (“gpt”) located on the boundary of Grey Fox and the Pike River properties with indication that the mineralization is open towards Pike River to the north." More
- February 17, 2010 | Item | ShareThis

Scorpio Appoints Mexico Country Manager - "With John's expertise in both underground and open pit mining and his ability not only as a planner but a project generator, he is the perfect fit for the Company to advance to the next level as an intermediate-sized producer. John will be overseeing all aspects of the current Nuestra Senora operations, but more importantly, will be one of the key figures within the Company to help put the Platte River Gold deposits on line for 2011. With his experience and planning abilities, I am sure we will meet the goals set by the Company within the time frame and budgets set." More
- February 17, 2010 | Item | ShareThis

IAMGOLD Reports Fourth Quarter and 2009 Year End Results - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today reported its unaudited financial and operating results for the fourth quarter ending December 31, 2009. The Company reported adjusted net earnings(1) of $41.4 million or $0.11 per share for the fourth quarter, and $212.2 million or $0.60 per share for the year. Production in 2009 reached 939,000 ounces with an average cash cost(2) of $461 per ounce." More
- February 17, 2010 | Item | ShareThis

Hecla Reports Net Income of $54.2 Million and Record Operating Cash Flow of $115 Million in 2009 - "Hecla reported net income of $67.8 million, or 24 cents per share (23 cents per fully diluted share) in 2009, compared with a net loss of $66.6 million, or 57 cents per share in 2008. Including dividends to holders of its preferred shares, Hecla reported net income of $54.2 million in 2009, compared to a loss of $80.2 million in 2008. Record cash flow of $115 million was generated from operating activities in 2009." More
- February 17, 2010 | Item | ShareThis

Entree Gold Ready to Explore Shivee West - "Entree Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA - "Entree" or the "Company") announces 2010 exploration budgets for initial work programs in Mongolia, the USA and Canada totaling approximately US$7 million. The Company treasury currently stands at over US$38 million." More
- February 17, 2010 | Item | ShareThis

AngloGold Ashanti Posts Record Fourth Quarter Profit, Boosts Dividend - "AngloGold Ashanti said it would increase its final dividend after fourth-quarter adjusted headline earnings rose to a record $228m on a higher gold price and increased production from Continental Africa and South America." More
- February 17, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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