Gold Seeker Closing Report: Gold and Silver End With Gains

	Close	Gain/Loss
Gold	$1107.70	+$0.05
Silver	$17.14	+$0.15
XAU	167.24	+0.85%
HUI	420.08	+1.07%
GDM	1251.70	+0.99%
JSE Gold	2172.65	-32.47
USD	80.27	-0.15
Euro	136.81	+0.24
Yen	110.44	-0.07
Oil	$81.11	+$0.02
10-Year	3.720%	UNCH
T-Bond	118.25	+0.28125
Dow	10611.84	+0.42%
Nasdaq	2368.46	+0.40%
S&P	1150.24	+0.40%

Gold saw a gain of $2.29 at its session high of $1109.94 as this morning’s economic data was released before it quickly fell to see a loss of $7.10 at $1100.55 shortly afterwards, but it then climbed back higher for most of the rest of trade and ended near its earlier high with a gain of 0.005%. Silver dropped to see a loss of $0.16 at as low as $16.83 before it also climbed back higher and ended near its late session high of $17.153 with a gain of 0.88%.

Euro gold fell to about €810, platinum gained $21 to $1603, and copper rose a penny to about $3.37.

Gold and silver equities fell about 1.5% in the first half hour of trade, but they soon rallied back to about unchanged and ended with about 1% gains on the day.

Report	For	Reading	Expected	Previous
Initial Claims	3/06	462K	460K	468K
Trade Balance	Jan	-$37.3B	-$41.0B	-$39.9B

Tomorrow at 8:30AM EST brings Retail Sales for February expected at -0.2%. Excluding autos, sales are expected at 0.1%. At 9:55 is Michigan Sentiment for March expected at 74.0, and at 10AM is the Business Inventories report for January expected at 0.1%.

Oil remained near unchanged and the U.S. dollar index turned slightly lower “after a spike in Chinese inflation sparked concerns that interest rates in China and elsewhere may head higher sooner than later and crimp economic recovery.”

Treasuries rose after today’s $13 billion 30-year note auction drew a yield of just 4.679% with a strong bid to cover of 2.89, but that was mostly due to a surprising surge in demand from the mysterious direct bidders group. “Indirect bidders, a class of investor that includes foreign central banks, bought 23.9%, versus 40.5% of the last four, on average. Direct bidders, which include domestic money managers, purchased another 29.6%, the highest since 2006 and compared to 5.6% on average.”

The Dow, Nasdaq, and S&P ended at their highs of the session with modest gains on mixed economic data from around the globe.

Among the big names making news in the market today were BP and Devon, JP Morgan, and Exxon.

“…Anyway, here's what the 6-month gold graph looks like two days later. Yesterday we closed slightly below the 50-day moving average... and if we don't recover well above it either today or Friday, it's my bet that the gold price may re-test the 200-day moving average, which has now snuck up to $1,039 spot.

One thing that you must remember looking at this chart is that it's 100% made in the U.S.A. by the Fed, the Treasury and the PPT... with the bullion banks doing the dirty work. There is no free market price to be seen on this graph anywhere.

Ted Butler feels strongly that we are in the final stages of the bullion banks covering as many of their short positions as they can... and this final push to the downside [if it comes] fits right into the grand scheme of things... but a couple of more days of market activity will be needed to confirm this one way or another, so we'll have to wait for the bullion banks' next trick.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

1. A curtailment of bank trading department’s activities will not impair the price of gold as the gold banks are not on the long side.

You can forget that foolish rumor. It is more likely if any bank regulation is passed that it will require short covering.

China

already said the contrary but who listens to China when Reuters quotes some unknown as saying the opposite.”- Jim Sinclair, More at JSMineset.com

“•Gold Stocks have greatly underperformed gold bullion for quite sometime. While I’m very bullish on both, I do think this scenario can continue to play out through this summer. After that, we could see the shares start to outperform into 2011.

•Once again the magical hour of 11AM EST saw a sell-off in gold futures on the CrimeNex yesterday. This is of course when physical trading of gold bullion ends in Europe. Not surprisingly, gold was moving nicely higher while the physical market was open.

There’s no sense crying over this even though it’s very frustrating to see this time and time again. It has put gold back on the defensive as “technicians” will have short-term sell signals. It doesn’t change anything longer term and could be happening to allow a buyer or buyers of the remaining IMF gold sale to step up. Remember, despite the paper hangers on the Comex, the physical market has managed to win out for almost a decade now. There’s no reason to believe this time will be any different. Risk in gold is back to $1,075. A green light will be flashed again on two consecutive closes above $1,125.”- Peter Grandich, Grandich Letter

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.609 tonnes and the JSE subtracted 0.48 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.57 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,351.40 - No change from yesterday’s data.

Northgate’s (NXG) two millionth ounce of gold production, Kinross Gold’s (KGC) proposed acquisition of Underworld (UW.V), NovaGold’s (NG) completed financing, and Coeur’s (CDE) expanded mining operations 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.

Sunergy Advances Due Diligence on Proposed Acquisition of 57 sq. km. Full Prospecting Licensed Mining Concession in Ghana, West Africa - More
- March 11, 2010 | Item | ShareThis

Acquisition of Two Gold Exploration Properties in the Urban-Barry Mining Camp, Quebec - More
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Northern Gold Announces New Investor Relations Consultant and Company Auditor, Grants Stock Options - More
- March 11, 2010 | Item | ShareThis

Loncor stock option grants - More
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IBC Advanced Alloys Corp. Approved to File Final Short Form Prospectus for C$9,000,000 Unit Offering - More
- March 11, 2010 | Item | ShareThis

Lomiko Metals Inc. Lithium Property Information Available to 100,000 US Investment Advisors Through S&P Listing - More
- March 11, 2010 | Item | ShareThis

USW Local 689 Membership Ratifies Five-Year Contract with USEC - More
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Century Mining Reduces Debt - More
- March 11, 2010 | Item | ShareThis

Aldrin Announces $5 Million Private Placement - More
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Hinterland Resumes Drilling at Lockout Gold Project, Quebec - More
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Gold Bullion More Than Doubles Land Position at Granada, Prepares for Major New Drill Program - More
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Kinross to acquire Underworld for C$139.2 mln - "Gold miner Kinross (K.TO) said on Thursday it has agreed to acquire exploration company Underworld Resources (UW.V) in a deal worth C$139.2 million ($135.3 million), expanding its asset base in northwest North America." More
- March 11, 2010 | Item | ShareThis

Amarok Resources Reviews Drilling Bids - More
- March 11, 2010 | Item | ShareThis

Andina Grants Options - More
- March 11, 2010 | Item | ShareThis

Eagle Plains/Excelsior Execute Option Agreement on Wildhorse Gold/Copper Property, South-eastern British Columbia - More
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Millrock Finalizes Option Agreement With Inmet for Exploration of San Jose and Dry Mountain Porphyry Copper Prospects in Arizona - More
- March 11, 2010 | Item | ShareThis

Silver Falcon Mining, Inc. (SFMI) Reports on Its Meeting With GoldCorp Holdings, Co. - More
- March 11, 2010 | Item | ShareThis

El Nino Ventures Inc. reports soil geochemistry sampling results on the Kasala Copper Project - DRC - More
- March 11, 2010 | Item | ShareThis

NWM Announces New 43-101 Technical Report - More
- March 11, 2010 | Item | ShareThis

Canadian Orebodies Samples Up to 3.66% Li20 and Other High Grade Lithium/Rare Metals - More
- March 11, 2010 | Item | ShareThis

Strathmore Minerals Corp.: Roca Honda Bankable Feasibility Study Underway - More
- March 11, 2010 | Item | ShareThis

Excelsior Mining Corp. Announces Details of Qualifying Transaction - More
- March 11, 2010 | Item | ShareThis

Ashburton Obtains Historical Data and Increases Its Land Position at the Deep Creek Gold Project, Nevada - More
- March 11, 2010 | Item | ShareThis

Ironwood Gold Corp. Receives Favorable Independent 43-101 Report of Rock Creek Property Located in the Carlin Trend, Nevada - More
- March 11, 2010 | Item | ShareThis

Everton Resources Inc. Announces $3.0 Million Non-brokered Financing - More
- March 11, 2010 | Item | ShareThis

Silver America, Inc. Announces Name and Symbol Change, Stock Cancellation and Forward-Split - More
- March 11, 2010 | Item | ShareThis

American Sierra Gold Samples 123.52 G/T Gold at Discovery Day Project - More
- March 11, 2010 | Item | ShareThis

Glen Eagle Sells 60% Interest in Souart - More
- March 11, 2010 | Item | ShareThis

Duncan Park Announces Proposed Private Placement - More
- March 11, 2010 | Item | ShareThis

Prophecy Reports Inferred Resource of 259 Million Lbs of Vanadium at Titan Deposit in Ontario - More
- March 11, 2010 | Item | ShareThis

Gold Wheaton Reports Earnings for 2009 - More
- March 11, 2010 | Item | ShareThis

Rockcliff Resources Inc. Appoints Glenn M. Bowman as Director - More
- March 11, 2010 | Item | ShareThis

Colorado Goldfields' Pride of the West Mill Permit Application Complete - More
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Prophecy Appoints Mr. Rob McEwen to Advisory Board - More
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Uranium Resources, Inc. Reports 2009 Fourth Quarter and Full Year Results - More
- March 11, 2010 | Item | ShareThis

Gabriel Resources Ltd.: Fourth Quarter 2009 Report - More
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Northgate's Stawell Gold Mine Produces its Two Millionth Gold Ounce - "Northgate Minerals is pleased to announce that the Stawell Gold mine produced its two millionth ounce of gold in the first week of March 2010. The mine hosted a special ceremony that was held at site, where local dignitaries and business representatives stood alongside past and present personnel at Stawell to celebrate this historic achievement." More
- March 11, 2010 | Item | ShareThis

Kinross Gold Corporation Announces Proposed Acquisition of Underworld Resources Inc. - "Underworld Resources Inc. (TSX-V:UW - News) and Kinross Gold Corporation (TSX:K - News)(NYSE:KGC - News) announced today that their respective Boards of Directors have approved a business combination by way of a friendly offer (the "Offer") by Kinross to acquire 100% of the outstanding common shares of Underworld (the "Common Shares") not already owned by Kinross." More
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SAfrica gold output down 18.2 pct yr/yr in Jan - "South African gold output fell 18.2 percent in volume terms and total mineral production rose 7.7 percent in January compared with the same month in the previous year, official data showed on Thursday." More
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Kinross Announces Proposed Acquisition of Underworld Resources - "Kinross Gold Corporation (TSX:K - News)(NYSE:KGC - News) and Underworld Resources Inc. ("Underworld") (TSX-V:UW - News) announced today that they have entered into a letter agreement whereby Kinross would offer to acquire 100% of the outstanding common shares of Underworld (the "Common Shares") by way of a friendly take-over bid, other than the 8.5% of the Common Shares already owned by Kinross (on a fully-diluted basis). Subject to the execution of definitive agreements, the board of directors of Underworld unanimously recommends the offer to its shareholders and the directors and management team have agreed to tender their shares to the offer. Pursuant to the terms of the letter agreement, Underworld has agreed to work exclusively with Kinross toward the conclusion of a definitive support agreement which is anticipated to be executed and delivered by the parties by March 15, 2010." More
- March 11, 2010 | Item | ShareThis

NovaGold Announces Completion of US$75 Million Financing - "NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) today announced that it has closed its non-brokered offering of 13,636,364 common shares of the Company at a price of US$5.50 per common share for gross proceeds of US$75,000,002 (the "Offering"), as announced on March 8, 2010. The Offering was made to Quantum Partners Ltd. ("Quantum"), a private investment fund managed by Soros Fund Management LLC, pursuant to a subscription agreement between the Company and Quantum. The Offering is in addition to the Company's US$100 million equity financing that closed on March 9, 2010, for total gross proceeds raised under the two financings of US$175 million." More
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Coeur Expands Current Mining Activities at San Bartolomé to Higher Grade Area - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced that its San Bartolomé silver mine in Bolivia has begun mining operations in a higher grade material located in the Huacajchi deposit above the 4400 meter level under its agreement with the Cooperative Reserva Fiscal." More
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