-- Posted 23 March, 2010 | | Source: SilverSeek.com

The Metals:

Gold saw a gain of $6.23 in Asia before it fell back off in London and saw a loss of $5.20 at as low as $1094.50 by a little after 8AM EST, but it then rose to a new session high of $1107.89 by early afternoon in New York and ended with a gain of 0.40%.  Silver fell over 1% to as low as $16.712 before it also climbed back higher in New York and ended near its noontime high of $17.125 with a gain of 0.41%.

Euro gold rose to about €817, platinum gained $5 to $1603, and copper fell to about $3.37.

Gold and silver equities fell over 1% in the first half hour of trade before they rebounded to see about 1% gains by midmorning and then fell back off a bit in afternoon trade, but they still ended with slight gains.

The Economy:

Tomorrow at 8:30AM EST brings Durable Goods Orders for February expected at 0.6%.  Excluding autos, orders are also expected at 0.6%.  At 10AM is the New Home Sales report for February expected at 315,000.

The Markets:

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

Oil edged higher on hopes for rising energy demand.

The U.S. dollar index rose as the euro fell on continued uncertainty over Greece.

Treasuries turned lower after today’s auction of $44 billion in 2-year notes drew a high yield of 1.00% with a bid to cover of 3.00.

The Dow, Nasdaq, and S&P rose almost 1% on decent economic data.

Among the big names making news in the market today were Fannie and Freddie, Lions Gate, Time Warner, Google, Walgreen, GMAC, and Delta.

The Commentary:

“Well, I'm still at a loss as to which way the precious metals prices will be allowed to go.  As I mentioned on Saturday, we have options expiry on Thursday... plus first notice day for April delivery in gold on Tuesday, March 30th.  The U.S. bullion banks have not shown much mercy over the last couple of trading days... and looking at what's happening in Far East action at the moment, it looks like there's still a little downwards pressure.  But, as is normal, what happens in either the Far East or London is virtually irrelevant, as 80-90% of all volume traded during any given day is done during trading on the Comex... or the Crimex as some people [including me] call it at times.

Gold is back under its 50-day moving average... and silver is currently sitting right at its 50-day moving average... which is just bounced off of as I edit this.  Nothing I've seen in trading action this month gives any indication that the U.S. bullion banks care one iota about these hearings on precious metals position limits this Thursday.  But it's only fair to see how they turn out before writing it off as a total loss.  As Ted Butler pointed out to me yesterday, the type of questions... and who asks them... will set the tone for this hearing.  I notice that there's no representative from JPMorgan to defend their grotesque short position in silver and gold.  It's my bet that they made sure they weren't invited.  I wonder if HSBC will be acting on their behalf... as they and JPM are the two biggest precious metals shorts on planet Earth.  Stay tuned.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

“Dear CIGAs,

A good commentary on the true state of the US economy is found in a quote by an executive of Home Depot. From Bloomberg:

“We are looking to continue to drive our traffic in the stores,” Craig Menear, executive vice president of merchandising, said in a telephone interview last week from Atlanta, where Home Depot is based. “Things are still difficult out there for customers.”

Wouldn’t know it listening to all the talk of “recovery” floating around out there. I still maintain that this so-called “jobless recovery” (by now I am nauseated every time I hear this oxymoronic term) is nothing more than an “L” shaped phenomenon, an economy that has reached a bottom but is crawling along sideways maintaining itself only by the continued infusion of massive amounts of liquidity. There is no sign of any serious job creation and as a result, retailers continue to slash prices in the hopes that they can attract the all-important but cash-strapped consumer into their stores.

I might add here that the continued growth in the size of Leviathan will suck in more and more capital that would otherwise be used for constructive purposes, furthering hampering growth in the private sector. This metastasizing tumor in Washington DC will be a drag on the economy for years unless the citizenry says, “Enough” and throws out those whose votes are feeding it.

As was the case yesterday, the Euro continues to hover precipitously above major chart support below the 13500 level. It has been holding with the result that the Dollar cannot muster enough upside strength to take out 81.50 on the USDX. This range bound activity in the Forex markets has been affecting gold which while higher today, is still effectively contained in a range as well.

It is a bit eerie seeing this sort of thing continuing day after day when the potential for a huge move in any of these markets exists at nearly any moment due to the tenuous condition of so many economies of the West. I am not sure what the catalyst might be but it is certain that there certainly is not lacking an abundance of possible events that could trigger a wave of buying or an avalanche of selling in the Forex arena that would impact the gold market. They have been relatively quiet as uncertainty and a lack of strong conviction hold sway but once a consensus is arrived at by the trading community, the next sharp trend will commence. For now, we wait and watch.

Euro gold remains very firm holding above the €800 level coming in at €814.177 for the afternoon Fix. Gold priced in British Pound terms is also strong holding above the €700 level coming in at £731.359 at the PM fix.

Copper cannot yet make it above $3.50 but does not want to stay down below $3.30 for any length of time either.

Crude oil is stuck between $83 on the upside and $79 on the downside.

These last two markets in particular should tell us quite a bit about where the consensus is shifting in regards to the overall economy. Lumber is also a key tell-tale market, but it too is in a range trade so it is not telling us anything either.

The HUI, while higher today, is still stuck in its range as well.

Even the Continuous Commodity Index, CCI, is mired in a trading range.

I am sure you are as tired of reading the word “range” as I am of writing it. What does all this mean – simple – uncertainty rules.

The only thing that does not seem to be in a range is the S&P 500. It is a mere 2 points from putting in another yearly high. Happy Days are apparently just around the corner for us all. With all the profits that the stock market has priced in for these companies, federal tax revenues should soon be soaring obliterating the deficit in record time. Before long the spending drunk politicians will be searching high and low for more ways to waste the new-found surplus.”- Dan Norcini, More at JSMineset.com

GATA Posts:

GATA board member Adrian Douglas' statement to the CFTC

James Turk: Debtor nation

Metals position limits don't yet have enough support on CFTC, Chilton says

NY Fed illegally warehoused junk for Lehman, examiner finds

The Statistics:

Activity from: 3/19/2010

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 76.96 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,278.18 - No change from yesterday’s data.

The Miners:

Timberline’s (TLR) agreement to acquire Staccato Gold (CAT.V), Gammon Gold’s (GRS) property acquisition, Exeter’s (XRA) closed spin-out, Minco Gold’s (MGH) sample results, Richmont’s (RIC) assay results, Midway’s (MDW) exploration program, and Impact’s (IPT.V) mill purchase 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:

Tiomin Completes Acquisition of Vaaldiam Resources - More
- March 23, 2010 | Item | ShareThis

Urex Energy Corporation Completes Purchase of Geothermal Leases - More
- March 23, 2010 | Item | ShareThis

Pure Nickel reports results for the three months ended February 28, 2010 - More
- March 23, 2010 | Item | ShareThis

Pebble Creek signs drilling contract with TDMA - More
- March 23, 2010 | Item | ShareThis

Tarsis Announces $500,000 Financing - More
- March 23, 2010 | Item | ShareThis

Catalyst Copper launches 2010 exploration program - More
- March 23, 2010 | Item | ShareThis

Nortec (TSX VENTURE: NVT)-Retraction of Target Price in Previous News Release - More
- March 23, 2010 | Item | ShareThis

IMPACT SILVER COMPLETES PURCHASE OF 200 TPD MILL AT ZACATECAS - "IMPACT Silver Corp. ("IMPACT") is pleased to announce it has completed the purchase of the 200-tonne-per-day Veta Grande processing plant in the Zacatecas Silver District of Mexico." More
- March 23, 2010 | Item | ShareThis

First Gold Prepares and Reports a Partial Closing of its Financing - More
- March 23, 2010 | Item | ShareThis

Treasury Metals Intersects 20.03 g/t Au at a Vertical Depth of 469 Metres on Goliath Gold Project and Accelerates Expiry Date of Warrants - More
- March 23, 2010 | Item | ShareThis

Mountain Boy Minerals Ltd.: Revised Preliminary Economic Assessment for the Silver Coin Gold Project - More
- March 23, 2010 | Item | ShareThis

Nortec (TSX VENTURE: NVT)-Corporate Update - More
- March 23, 2010 | Item | ShareThis

Extract Resources Comments on Recent Trading Activity - More
- March 23, 2010 | Item | ShareThis

Riverstone Commences Drilling at Nami Site - More
- March 23, 2010 | Item | ShareThis

Geologix Options La Joya Project, Peru to Empresa Minera Los Quenuales - More
- March 23, 2010 | Item | ShareThis

First Liberty Power Corp. Announces Exploration Agreement With Clayton Valley Specialist GeoXplor Corp. - More
- March 23, 2010 | Item | ShareThis

Rocmec Drills an Additional 2000 Metres at its Rocmec 1 Gold Property - More
- March 23, 2010 | Item | ShareThis

Pan American Silver Announces Filing of Audited 2009 Annual Financial Statements - "Pan American Silver Corp. (TSX:PAA - News)(NASDAQ:PAAS - News) (the "Company") today reported that it has filed with the applicable Canadian securities regulatory authorities on SEDAR its 2009 audited annual financial statements and management's discussion and analysis in relation thereto (the "Statements"). The Company will also file the Statements with the United States Securities and Exchange Commission ("SEC") on EDGAR." More
- March 23, 2010 | Item | ShareThis

Pediment Reports Final Drill Results for 2009 at La Colorada - More
- March 23, 2010 | Item | ShareThis

Gold World Resources Signs Memorandum of Understanding for the Jin Yin Dong Gold Mine in the Guizhou Province, China - More
- March 23, 2010 | Item | ShareThis

Golden Valley Mines: Significant New Gold Mineralization Intersected from the Malartic CHL Prospect Including 54 Metres Averaging 1.39 g/t Au - More
- March 23, 2010 | Item | ShareThis

Tiomin Reports 2009 Audited Financial Results - More
- March 23, 2010 | Item | ShareThis

Nevada Copper Continues to Intersect High Grade Copper in East Deposit Step Out Hole - More
- March 23, 2010 | Item | ShareThis

Nemaska Reports 87.5 M At 1.39% Li2O, 151 ppm Berrylium (Be) and 1244 Ppm Rubidium (Rb) From its Drilling Underway on its Lithium/Beryllium Project (Whabouchi) - More
- March 23, 2010 | Item | ShareThis

Stellar Pacific Ventures Announces Compilation of Monster Lake Previous Drilling and Beginning of New Infill Drilling Program - More
- March 23, 2010 | Item | ShareThis

Fire River Gold Corp. produces excellent gold results from geological re-assessment work at Nixon Fork Gold Mine, Alaska - More
- March 23, 2010 | Item | ShareThis

Galahad Completes Phase I Drilling on Montrose Lease, Matachewan - More
- March 23, 2010 | Item | ShareThis

Volcanic Conducts First Ever Airborne Geophysical Survey Over the Gjegjan District and Identifies Multiple New Exploration Targets - More
- March 23, 2010 | Item | ShareThis

Alexandria Announces $1,820,000 Equity Investment by Agnico-Eagle Mines Limited - More
- March 23, 2010 | Item | ShareThis

Tara Minerals Subsidiary Adit Resources Completes Initial Private Offering - More
- March 23, 2010 | Item | ShareThis

Guinness Exploration Reports on Nantawa Project Geological Analysis - More
- March 23, 2010 | Item | ShareThis

Strait Gold Samples 5.65% Cu, 0.95 g/t Au and 45.25 g/t Ag Over Six Metres to Expand Extension Zone at Alicia - More
- March 23, 2010 | Item | ShareThis

Source Gold Begins 2010 Spring Gold and Copper Exploration Program - More
- March 23, 2010 | Item | ShareThis

Bonanza Goldfields BRB trenching update - More
- March 23, 2010 | Item | ShareThis

Canaco Commences 10,000 Metre Drill Program at Handeni - More
- March 23, 2010 | Item | ShareThis

Sultan Minerals Announces 2010 Exploration Program for Its Kena Gold Property, BC - More
- March 23, 2010 | Item | ShareThis

Forum Uranium Corp.: Uranium Zone Intersected at Henday Property; Summer Drilling Planned - More
- March 23, 2010 | Item | ShareThis

Cartier Identifies New Exploration Targets on Dollier Gold Property - More
- March 23, 2010 | Item | ShareThis

Denarii Resources Announces New Appointment to Board of Directors - More
- March 23, 2010 | Item | ShareThis

Hathor Exploration Limited: Significant Alteration Intersected on Henday Property; A Follow-Up Summer Drill Program Is Planned - More
- March 23, 2010 | Item | ShareThis

Black Tusk Minerals Releases Plans for Development of Altococha Mineral Claims in Peru - More
- March 23, 2010 | Item | ShareThis

Mawson plans to drill at 4 uranium prospects at Hotagen, Sweden - More
- March 23, 2010 | Item | ShareThis

Everton Earns its 50% Interest From GlobeStar Dominican Republic Project - More
- March 23, 2010 | Item | ShareThis

Taku Acquires Dan Property in White Gold District of Yukon - More
- March 23, 2010 | Item | ShareThis

Radius Gold Reports Trench Results of 1.16g/t Gold over 90m from Trebol Project in Nicaragua - More
- March 23, 2010 | Item | ShareThis

Iron Creek Strengthens Management Team - Tim Beale to join as New Company President - More
- March 23, 2010 | Item | ShareThis

Harte Gold Corp.: Diamond Drilling Begins at Sugar Zone, White River, Ontario - More
- March 23, 2010 | Item | ShareThis

Strateco Resources Inc.: Appointment of a New Director - More
- March 23, 2010 | Item | ShareThis

Otis Announces Final Kilgore Drill Results Including 64.0 Metres Grading 1.89 g/t Au - More
- March 23, 2010 | Item | ShareThis

Drilling at Bayswater's Kilgore Gold Project Discovers Additional Significant Bulk-Tonnage Intercepts - More
- March 23, 2010 | Item | ShareThis

Canadian Shield Exploration & Corporate Update - More
- March 23, 2010 | Item | ShareThis

Quest Uranium Expands 2010 Exploration Plans for Its Misery Lake REE Project, Northeastern Quebec - More
- March 23, 2010 | Item | ShareThis

Tres-Or's Duparquet Property Expanded and Exploration Underway, Quebec - More
- March 23, 2010 | Item | ShareThis

Crowflight Appoints Stephen Davies as Chief Operating Officer - More
- March 23, 2010 | Item | ShareThis

Sulliden Advances the Shahuindo Gold Project-Awards Bankable Feasibility - More
- March 23, 2010 | Item | ShareThis

PC Gold Drills Record High Grade Gold Intersection, Cuts 43.28 g/t Gold Over 13.13 m (1.26 oz/ton Over 43.1 ft) in the New No. 19 Vein, Including 138.89 g/t - More
- March 23, 2010 | Item | ShareThis

Orocobre Limited Announces Appointment of Non-Executive Director - More
- March 23, 2010 | Item | ShareThis

Paget Minerals Options Logan Property - More
- March 23, 2010 | Item | ShareThis

Wallbridge Mining Acquires 15 Kilometer Trend of Porphyry Molybdenum Occurrences on Paget Minerals' Logan Property in South-western BC - More
- March 23, 2010 | Item | ShareThis

Pitchstone Completes Athabasca Uranium Drilling - More
- March 23, 2010 | Item | ShareThis

Black Hawk Exploration's Wholly Owned Subsidiary Announces a Successful Clayton Valley Lithium Brine Exploration Drill Program - More
- March 23, 2010 | Item | ShareThis

Champion Minerals Drilling at Harvey-Tuttle and Fire Lake North Claim Blocks on the Fermont Iron Property; Metallurgical Testing In-Progress - More
- March 23, 2010 | Item | ShareThis

Carpathian Receives a Positive Preliminary Economic Assessment for its Rovina Valley Gold-Copper Project, Romania - More
- March 23, 2010 | Item | ShareThis

African Queen Receives 43-101 Report on King Solomon Gold Project - More
- March 23, 2010 | Item | ShareThis

Novus Gold Corp.: 17.97 Metres Grading 2.22 Grams Per Ton Gold Sampled in New Zone on Ren Property - More
- March 23, 2010 | Item | ShareThis

Li3 Energy Executes Final Agreement to Acquire Puna Lithium Assets in Argentina - More
- March 23, 2010 | Item | ShareThis

First Uranium updates Ezulwini Mine technical report - More
- March 23, 2010 | Item | ShareThis

A25 Gold Producers Acquires 100% of the Past Gold Producing White Star Gold Property - More
- March 23, 2010 | Item | ShareThis

Barkerville Gold Begins Mining and Hauling Ore at QR Mine - More
- March 23, 2010 | Item | ShareThis

Gammon Gold Announces Option Agreement to Acquire the Mezquite Property in Zacatecas State, Mexico - "Gammon Gold Inc. ("Gammon") (TSX:GAM.to - News): Gammon is pleased to announce that it has signed definitive purchase option agreements on a group of properties called the Mezquite Project ("Mezquite") in Zacatecas State, Mexico." More
- March 23, 2010 | Item | ShareThis

Exeter and Extorre close spin-out and create two independent companies - "Exeter Resource Corporation (NYSE-AMEX: XRA, TSX: XRC, and Frankfurt: EXB) ("Exeter") and Extorre Gold Mines Limited (TSX:XG.to - News) ("Extorre") are pleased to announce that they have closed the previously announced spin-out transaction and that Extorre now trades as an independent company on the TSX under the symbol "XG". As a result of the closing, Extorre holds all of Exeter's former interest in the Argentine Cerro Moro and Don Sixto Projects as well as its Argentine Patagonian exploration projects and an initial $25 million from Exeter. Extorre's initial focus is on development of the Cerro Moro Project, while exploration drilling will continue to test for new high grade vein targets." More
- March 23, 2010 | Item | ShareThis

Minco Gold Defines Significant Poly-Metallic Mineralization at Yejiaba Property - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) is pleased to announce that a large poly-metallic and gold mineralization trend within a regional unconformity has been defined on its 100% owned Yejiaba property located in Gansu Province, P.R.C. The mineralized structural trend is over 10 kilometres in length with some portions of the trend located outside of Minco's property. In the southwest portion of the structural trend poly-metallic (iron - silver - lead - zinc) mineralization is located in the hanging wall while the gold mineralization is located in the footwall in the northeast portion of the structural trend. Please see to the property map with sample results on the Minco website." More
- March 23, 2010 | Item | ShareThis

Timberline Agrees to Acquire Staccato Gold With Potential Near-Term Nevada Gold Production at Lookout Mountain - "Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") and Staccato Gold Resources Ltd. (TSX-V:CAT - News) ("Staccato") are pleased to announce that they have entered into a definitive agreement (the "Agreement") whereby Timberline will acquire, through a court-approved plan of arrangement, all of the issued and outstanding common shares of Staccato by means of a share exchange (the "Arrangement"). Under the Agreement, Staccato shareholders will receive one share of common stock of Timberline and $0.0001 for every seven Staccato common shares held (the "Exchange Ratio"). This represents a value of approximately CND$0.17 per Staccato common share based on the closing price of Timberline shares on the NYSE Amex on March 22, 2010, an 82% premium to the closing price of Staccato shares on the date prior to announcement of the Arrangement and a 76% premium to Staccato's 20-day volume weighted average closing price." More
- March 23, 2010 | Item | ShareThis

Richmont Mines and Louvem Mines Announce Surface Drilling Results and Production Milestone of 1,000,000 Gold Ounces for the Beaufor Mine - "Richmont Mines Inc. (TSX:RIC - News)(AMEX:RIC - News), ("Richmont" or "the Company") and Louvem Mines Inc. (TSX-V:LOV - News), ("Louvem"), are pleased to announce assay results from the recently completed surface drilling program at the Beaufor Mine." More
- March 23, 2010 | Item | ShareThis

Midway Announces Commencement of $5M Exploration Program at Spring Valley by Barrick - "Midway Gold Corp. ("Midway") (TSX-V:MDW - News)(AMEX:MDW - News) is pleased to announce Barrick Gold Exploration Inc. ("Barrick") has commenced its 2010 drilling program at the Company's Spring Valley project, Nevada. Barrick has approved a budget of US$5,000,000 and a program to include both reverse circulation and core drilling. The focus of the program for 2010 will be continued expansion of the gold resource. Drilling is expected to last through the summer." More
- March 23, 2010 | Item | ShareThis

Great Basin Gold Files Audited Annual Financial Statements and MD&A for the Year Ended December 31, 2009 - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (GBG: TSX; GBG: NYSE Amex; GBG: JSE) announces that it has filed its audited financial results and Managements' Discussion and Analysis for the year ended December 31, 2009." More
- March 23, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

© Gold Seeker 2010

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

Latest Articles Gold Seeker Closing Report: Gold and Silver Fall Over 2% More 13 December, 2011 Gold Seeker Closing Report: Gold and Silver Fall Almost 3% 12 December, 2011 Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week 9 December, 2011 Gold Seeker Closing Report - Article Archive List