Gold Seeker Closing Report: Gold and Silver Fall Slightly

	Close	Gain/Loss
Gold	$1099.70	-$7.70
Silver	$16.91	-$0.09
XAU	166.49	+0.30%
HUI	416.28	-0.06%
GDM	1247.82	+0.06%
JSE Gold	2231.09	-12.64
USD	80.60	-0.14
Euro	135.52	+0.18
Yen	110.92	+0.49
Oil	$81.25	+$0.57
10-Year	3.663%	-0.024
T-Bond	117.96875	+0.0625
Dow	10785.89	+0.41%
Nasdaq	2395.40	+0.88%
S&P	1165.81	+0.51%

Gold fell as much as $14.96 to $1092.44 by a little after 10AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.70%. Silver followed a similar pattern and ended $0.313 off its midmorning low of $16.597 with a loss of just 0.53%.

Euro gold fell to about €812, platinum lost $11.50 to $1598, and copper remained at about $3.38.

Gold and silver equities fell over 2% at the open, but they then rallied back to about unchanged by early afternoon and ended mixed.

There were no major economic reports today. Tomorrow at 10AM EST brings Existing Home Sales for February expected at 4,990,000 and the FHFA Home Price Index for January expected at -0.9%.

Oil erased all of its early losses and ended decently higher while the U.S. dollar index reversed its early gains and closed modestly lower as the euro jumped around on continued uncertainty over Greece and sovereign debt problems.

Treasuries rose a bit ahead of this week’s $118 billion worth of note auctions that begin tomorrow with $44 billion in 2-year notes.

The Dow, Nasdaq, and S&P followed select health care companies higher after last night’s House approval of the health care bill.

Among the big names making news in the market today were E-Trade, Arrow, Google, Tiffany, Tenet, and Lennar.

“The Commitment of Traders report [for positions held at the close of trading on Tuesday, March 16th] was a disappointment in silver... as it showed that the bullion banks increased their net short position by another 2,209 contracts. The Commercial [bullion bank] net short position is currently 48,008 contracts... 240.0 million ounces of silver. The 'four or less' bullion banks [with JPMorgan and HSBC USA as ringleaders] are short that entire amount all by themselves... plus another 7.8 million ounces on top of that. The '8 or less' bullion banks [which includes the '4 or less'] are short 312.8 million ounces of silver. The '4 or less' bullion banks are short about 52% of the entire Comex silver market... and the '8 or less' traders are short about 68% of the entire Comex silver market. It isn't rocket science that the bullion banks can do just about anything they want with the silver price... and they proved that yesterday.

In gold, the bullion banks actually decreased their net short position by a pretty large amount... 9,492 contracts. The net short position in gold is a pretty chunky 242,295 contracts... 24.2 million ounces. The '4 or less' bullion banks are short 18.0 million ounces of that... and the '8 or less' traders [which includes the '4 or less'] are short 22.7 million ounces. This 22.7 million ounces represents 94% of the entire net short position.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

There is a fascinating article on Bloomberg’s website that I highly recommend that details the goings on in the bond market.

The gist of the piece is that the US under the spendaholic Obama is a higher risk than Berkshire Hathaway.

After last evening’s “tariff of abominations” was shoved down the throat of the American people, I am sure that the bond market situation is only going to get worse. Another new entitlement, more massive spending and more borrowing – it just keeps going and going and going.

Adam Smith once remarked to a friend that “there is a great deal of ruin in a nation”, by which he meant that government bureaucrats and inept, clumsy and ignorant politicians can dish out a great deal of harm to a nation by their foolish and stupid policies, but that in spite of that, the great nation has a vibrant economy that can absorb the blow and steady itself and then go on to recover in spite of the damage inflicted by their policies. That premise is going to be put to the test in the case of the US sooner rather than later with last evening’s monstrosity.

Health care stocks loved the news – why wouldn’t they? After all, they now have a guaranteed list of clients thanks to a federal mandate. Let’s call it a captive audience. Who said companies could not prosper under top-down socialism; it all depends on whether or not legislation is favorable to your business. Do you think we might be able to get these clowns in Washington to pass a “gold reform bill” that would mandate under the penalty of fine, that every citizen in the US be required to purchase a one ounce gold coin? That would do wonders for the mining sector and create lots of jobs. Why not – after all, we have now reached a new era in which the Feds can mandate that a private citizen purchase a private product (insurance) so what is to prevent us from lobbying for the passage of the “Gold Reform Bill”? Let’s wave the flag and pitch the bill as good for “life, liberty and pursuit of happiness” of all the citizenry, bring in some sob stories, concoct some “studies” that show how many mining sector jobs it will create and that should do the trick.

There were lingering concerns today in regards to Greece which brought more pressure on the Euro early in the session. It continues to hover very precipitously above 13445 – 13435 on the charts. Around mid morning however, it started moving up off its lows and that movement allowed Dollar bears to press the USDX below the 81.00 level again. For now the Dollar remains pinned under the 81.50 level on the USDX as the trading range dominates.

Gold was keying off this strength in the Dollar (or weakness in the Euro) and the raiders at the Comex were able to take it down below chart support at $1,100 as a result. With the recovery off its lows in the Euro, gold floated higher however and attempted to move back above the $1,100 level. Once the Euro moved into the plus column, gold recaptured $1,100 while the HUI simultaneously climbed well off its lowest levels. At least for today – gold and the Euro are moving almost tick for tick.

The short and sweet version is that many markets remain mired in range trades and gold is in that category.

Crude oil and copper were both weaker early in the session but with the Dollar moving into the negative column at midday, they also moved higher as once again the algos are controlling the price action.

The S&P 500 is 4 points from making another yearly high as I write this commentary.”- Dan Norcini, More at JSMineset.com

COMEX Gold Trust (IAU) Total Tonnes in Trust: 76.96: -0.61 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,278.18: -24.4 change from yesterday’s data.

NovaGold’s (NG) updated reserve/resource estimate, Ivanhoe’s (IVN) closed private placement, Northgate’s (NXG) addition to the S&P/TSX Composite Index, ITH’s (THM) drill results, Lihir’s (LIHR) addition to the FTSE All World Index, Fortuna’s (FVI.V) year end results, and First Majestic’s (FR.TO) year end and fourth quarter 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.

Vantex Reprices Stock Options - More
- March 22, 2010 | Item | ShareThis

Fortuna Reports Operating Income of US$ 14.38 Million and Net Income of US$ 0.62 Million on Revenue of US$ 51.43 Million for 2009 - "In 2009, Fortuna delivered its third consecutive year of production expansion and improved financial performance. 2010 is an even more exciting year for the Company as we are already working on pre-construction activities with the aim of commissioning our second underground mine at San Jose in Mexico in the third quarter of 2011. Management is focused on building Fortuna into a leading silver miner with a commitment to profitability, growth of silver reserves and annual production; all within a framework that fosters the well being of our workers, the environment and neighboring communities." More
- March 22, 2010 | Item | ShareThis

Duncastle Announces Oversubscribed Private Placements - More
- March 22, 2010 | Item | ShareThis

Ur-Energy Plans Additional Exploration on Targets Within its LC South Project - More
- March 22, 2010 | Item | ShareThis

IFC (member of The World Bank Group) closes C$4,000,000 investment in Volta Resources Inc. - More
- March 22, 2010 | Item | ShareThis

Millstream Mines Ltd.-Clarification of Nirek Resources and Guardians of Gold Joint Press Release RE: Silver Dragon Resources - More
- March 22, 2010 | Item | ShareThis

Galahad Metals Announces Private Placement - More
- March 22, 2010 | Item | ShareThis

Lincoln Mining reports on progress at its various properties - More
- March 22, 2010 | Item | ShareThis

SEMAFO Pours One Millionth Ounce of Gold - More
- March 22, 2010 | Item | ShareThis

Rio Alto Mining Limited: TSX Venture Exchange Approves Application to Extend the Expiry Date of Outstanding Warrants - More
- March 22, 2010 | Item | ShareThis

Focus Completes Formal Signing of Chucara Gold-Silver Project Option - More
- March 22, 2010 | Item | ShareThis

Canadian Mining Completes Drilling in Two Areas at Bullard Pass Gold Project - More
- March 22, 2010 | Item | ShareThis

Golden Peaks Cuts 30 Meters of 3 g/t Gold - More
- March 22, 2010 | Item | ShareThis

Belmont Receives Approval for Acquisition of Claims Contiguous to Brett Resources Inc. Northeast of the Hammond Reef Deposit, Drilling to Commence - More
- March 22, 2010 | Item | ShareThis

Orvana Announces NI 43-101 Resource Estimate at Copperwood - More
- March 22, 2010 | Item | ShareThis

USPR Announces Signature of Drilling Contract and Results of Interim Financing - More
- March 22, 2010 | Item | ShareThis

Helio Reports Discovery of New Gold Zone at the SMP Gold Project: The Tumbili Prospect - More
- March 22, 2010 | Item | ShareThis

Bison Gold Resources Announces Appointment of George E. Pirie to Board - More
- March 22, 2010 | Item | ShareThis

Mineral Hill Industries Ltd. Retains Senergy to Provide Investor Relations - More
- March 22, 2010 | Item | ShareThis

Canadian Mining Company Inc. Sets the Record Straight - More
- March 22, 2010 | Item | ShareThis

Mexoro Minerals Ltd announces operations update at the Cieneguita Gold Project - More
- March 22, 2010 | Item | ShareThis

Appleton Commences 2010 Drill Program at Manalo and Grants Stock Options - More
- March 22, 2010 | Item | ShareThis

Grayd Raises $4 Million Through Exercised Warrants - More
- March 22, 2010 | Item | ShareThis

Fission Energy Hits "Off-Scale" Radioactivity on 3 More Vertical Step-Out Holes to Extend J-Zone 40 x 80 Metres - More
- March 22, 2010 | Item | ShareThis

AmeriLithium Acquires 43,000+ Acre Lithium Asset in Western Australia - More
- March 22, 2010 | Item | ShareThis

Bonanza Goldfields half way through trenching program - More
- March 22, 2010 | Item | ShareThis

International Samuel Awards Drill Contract For Reed Lake Project - More
- March 22, 2010 | Item | ShareThis

Luna Gold renegotiates earn-in terms for the Cachoeira project and commences work on a NI 43-101 compliant resource and technical report - More
- March 22, 2010 | Item | ShareThis

Aura Silver Appoints Union Securities Ltd. as Agent for Brokered Flow-Through Private Placement for Proceeds of Up to $1.0 Million - More
- March 22, 2010 | Item | ShareThis

Midlands Announces VTEM Airborne Survey to Accelerate Drilling on Sian and Praso-Ghana - More
- March 22, 2010 | Item | ShareThis

Mansfield Minerals Announces Positive Pre-Feasibility Results: 161,000 oz Average Annual Production in Years 1-5 at US$373/oz Cash Cost - More
- March 22, 2010 | Item | ShareThis

Western Uranium Finalizes Agreement With Kenai Resources for Continued Gold Exploration at Albisu Gold Project, Kings Valley, Nevada - More
- March 22, 2010 | Item | ShareThis

Kiska Continues 2009-2010 Drill Program at Whistler Project, Alaska - More
- March 22, 2010 | Item | ShareThis

White Canyon Expands Uranium Portfolio in Utah, USA - More
- March 22, 2010 | Item | ShareThis

Intrepid Mines Limited: Tujuh Bukit Indonesia-Katak Drilling Confirms New Mineralised Porphyry System in Production Forest - More
- March 22, 2010 | Item | ShareThis

Mustang Updates Project Economics at Makwa Nickel Project - More
- March 22, 2010 | Item | ShareThis

Oro Gold Reports 97% Gold Recovery From Preliminary Metallurgical Testwork at Trinidad Project, Mexico - More
- March 22, 2010 | Item | ShareThis

Crescent Resources Plans Financing - More
- March 22, 2010 | Item | ShareThis

Drill Program to Commence at Northair's La Cigarra Silver Project, Mexico - More
- March 22, 2010 | Item | ShareThis

Nirek Resources Inc. and Guardians of Gold Inc. Commences Exchange Offer for a Maximum of 20% of Silver Dragon Resources Inc. - More
- March 22, 2010 | Item | ShareThis

Crocodile Gold Provides 2010 Production Guidance and Announces Major Exploration Program - More
- March 22, 2010 | Item | ShareThis

Crowflight Resumes Nickel Concentrate Shipments from Bucko Mine - More
- March 22, 2010 | Item | ShareThis

Equinox Reaches Settlement with ZESCO - More
- March 22, 2010 | Item | ShareThis

Duluth Metals announces higher grade assays in first hole from Nokomis Winter Drilling Program - More
- March 22, 2010 | Item | ShareThis

Avion's Exploration Drilling Returns Strong Results-Djambaye II Gold Zone - More
- March 22, 2010 | Item | ShareThis

Marathon PGM Corporation - Excellent Geordie Lake Drill Results - More
- March 22, 2010 | Item | ShareThis

First Uranium updates MWS technical report - More
- March 22, 2010 | Item | ShareThis

CanAlaska Uranium Sends 6th Drill to Helmer Uranium Project - More
- March 22, 2010 | Item | ShareThis

Bolero Acquires Largest Rare Earth Property Surrounding Spectrum Mining's Discovery in BC - More
- March 22, 2010 | Item | ShareThis

International PBX Ventures Ltd.: Drilling Begins on Sulfato Copper Zone - More
- March 22, 2010 | Item | ShareThis

Osisko to buy Brett Resources for $367 million - More
- March 22, 2010 | Item | ShareThis

Nevada Exploration Inc. Proposed Amalgamation With Wholly-Owned Subsidiary - More
- March 22, 2010 | Item | ShareThis

First Majestic Silver Corp.: Year End & Fourth Quarter Financial Results - "First Majestic's year ended on a very positive note, with the fourth quarter results being the strongest in the Company's history. It is noteworthy that the strong results in 2009 can be primarily credited to the La Parrilla and San Martin operations as the La Encantada expansion project was commissioned in November and had not delivered significant production increases to year end." More
- March 22, 2010 | Item | ShareThis

NovaGold Resources Inc.: Donlin Creek Gold Reserves Increased by 4.3 Million Ounces - "NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) today released an updated reserve/resource estimate for its Donlin Creek gold project. Donlin Creek is owned equally by NovaGold and Barrick Gold U.S. Inc. and managed by the Donlin Creek LLC." More
- March 22, 2010 | Item | ShareThis

Ivanhoe Mines Closes US$241 Million Private Placement With Rio Tinto - "Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News), announced today that the company has closed its private placement with Rio Tinto that was announced on March 1, 2010." More
- March 22, 2010 | Item | ShareThis

Northgate Minerals Added to S&P/TSX Composite Index - "Northgate Minerals Corporation ("Northgate") (TSX: NGX, NYSE Amex: NXG) is pleased to announce that it will be added to the S&P/TSX Composite Index (the "Index") effective when trading begins today, Monday, March 22, 2010. The Index is the premier indicator of market activity for the Canadian equity markets. In addition to the inclusion on the Index, Northgate has also been added to the S&P/TSX Global Gold Index as well as the S&P/TSX Global Mining Index, both leading benchmarks of gold and mining portfolios and investment vehicles." More
- March 22, 2010 | Item | ShareThis

International Tower Hill Expands Livengood Deposit With First Results of Winter Drilling Program - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce the results for the first 10 holes of the 20,000 metre winter drilling campaign at the Livengood gold project, Alaska. The gap area between the Sunshine and Core Zones was targeted with grid drilling during this initial phase of work (Figure 1). The four drills have subsequently been moved to the SW Zone to complete infill and step out drilling of this large target area, which has returned some of the highest grade intercepts in the deposit to date." More
- March 22, 2010 | Item | ShareThis

LGL Shares Included in FTSE Index - "Lihir Gold Ltd (LGL) (TSX:LGG - News)(NASDAQ:LIHR - News)(ASX:LGL - News) shares have been included in key FTSE indices from the start of business today.

The company's stock has been added to the FTSE All World Index, as well as sub-indices including the FTSE Asia Pacific Index and the FTSE Australia Index." More
- March 22, 2010 | Item | ShareThis

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