Gold Seeker Closing Report: Gold and Silver Gain Over 1.5%

	Close	Gain/Loss
Gold	$1152.65	+$17.75
Silver	$18.20	+$0.28
XAU	176.05	+2.01%
HUI	444.03	+3.12%
GDM	1331.10	+3.05%
JSE Gold	2326.55	+3.81
USD	81.55	+0.22
Euro	133.53	-0.45
Yen	107.13	+0.48
Oil	$85.88	-$0.96
10-Year	3.863%	-0.105
T-Bond	114.625	+1.28125
Dow	10897.52	-0.66%
Nasdaq	2431.16	-0.23%
S&P	1182.44	-0.59%

Gold saw a $2.60 loss at as low as $1132.90 in late Asian trade and held near unchanged in London, but it then rose throughout most of trade in New York and ended near its early afternoon high of $1153.00 with a gain of 1.56%. Silver followed a similar pattern and climbed from its late Asian low of $17.906 to close near its late session high of $18.237 with a gain of 1.56%.

Euro gold rose to a new all-time high at over €862, platinum gained $18 to $1712.50, and copper fell a couple of cents to about $3.59.

Gold and silver equities rose throughout most of trade and end with roughly 3% gains.

Report	For	Reading	Expected	Previous
Consumer Credit	Feb	-$11.5B	-$0.7B	$10.6B

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/03 expected at 435,000.

Oil remained lower after the EIA announced that crude inventories rose 2.0 million barrels (the 10^th straight weekly increase), gasoline inventories fell 2.5 million barrels, and distillates rose 1.1 million barrels.

The U.S. dollar index found slight gains as the euro fell again on continued uncertainty over Greece.

Treasuries added to early gains after today’s $21 billion 10-year note auction drew a high yield of 3.9% with a strong bid to cover of 3.72.

Among the big names making news in the market today were GM, Family Dollar, Ford, DirecTV, Monsanto, Google, Skype, and UBS.

“U.S. Stock Market – My long standing belief we shall see DJIA 11,000+ is upon us. Any weakness in the market is likely to be short-lived as the “Don’t Worry, Be Happy” crowd knows how much they can milk such a feat.

As you know, I continue to look for economic growth at least through June/July and that should put a floor under any stock market correction. The “fantasy” in all this is to see several more hundred points added on into summer and then put on my growling bear suit again (which by then may may need to be taken in a little please God).

U.S.

Interest Rates – Going substantially higher over time. I continue to suggest avoidance of any bond maturities over two years.

Gold and Silver – Going substantially higher over time (where have we heard that before?). Love them!

U.S. Dollar – The feeble countertrend rally continues and my target remains 83-84 on the U.S. Dollar Index. Anyone notice the Loonie at parity? From below 80, I’ve said it’s by far my favorite currency. Now will the Canucks have me eating crow this summer? Stay tuned.

Oil and Gas – At $90+, oil could become a tempting short but for now I remain on the sidelines. Natural gas could see below $3 this summer so continue to avoid.”- Peter Grandich, Grandich Letter

The disconnect between the Dollar and the commodity world continues today with gold, silver, grains and the meats all ignoring the strength in the greenback. Again, what this means is that the commodity markets are beginning a transition from trading as “anti-dollar” plays to trading on the merits of their own respective demand and supply fundamentals. The link is not going to disappear, as I mentioned yesterday, but the tic by tic relation is fading.

For gold to be completely ignoring the move higher in the Dollar, it must now be trading as a currency on its own merits, a currency without any obligations attached to it. This new emphasis on its currency role will see it move higher and make all time highs across a wide variety of foreign currency terms. Already today it has put in another all time high when priced in terms of the Euro. Even in Yen terms it is very strong.

For technical purposes, what this means is that the bullion banks are going to have a much more difficult time attempting to force a lid on the metal in Dollar terms. Logically it is easy to grasp this – markets making all time highs are not candidates for bearish psychology. Bearish Elliot Wavers and their incessant claptrap about the yellow metal ignore at their own peril the price of the metal in foreign currencies. Their view is too narrowly focused to be of any good.

On the technical price charts, please see the charts I am sending up here at midday to look at the points. Both the HUI and the Comex Gold markets broke out to the upside today. That is very bullish as both the shares and the bullion are moving higher simultaneously. Rising open interest at the Comex indicates the return of Managed Money flows. Please refer to my recent post regarding the latest COT report to detail how significant this is. Managed Money speculative long side exposure is relatively modest in comparison to recent levels and this is occurring with gold less than $100 off of its all time high in nominal terms.

We also want to keep an eye on the crude oil price to watch that market for further strength. Rising energy prices will have a positive feedback into gold.

For you silver guys, its chart is bullish on the daily, weekly and monthly with a run to 19.40 – 19.50 looking likely. That level stands between it and another crack at 20.”- Dan Norcini, More at JSMineset.com

The euro is under pressure due to the liabilities of their states. The US dollar will come under severe pressure for the same reason.

Gold has NO LIABILITIES attached to it and has been a currency since the beginning of written history.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 76.94 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,178.27 - No change from yesterday’s data.

Agnico Eagle’s (AEM) closed note issuance, Randgold’s (GOLD) annual information update, Timberline’s (TLR) ramp advancement, Excellon’s (EXN.TO) first quarter production and sales volumes, and Scorpio’s (SPM.TO) completed acquisition of Platte River Gold 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.

12m at 42.15g/t gold in trench (including 4m at 118.5g/t gold) and 16m at 7.58g/t gold (including 2m at 42.9g/t gold) in drill hole at Sinivit Mine - More
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Apella Files for OTCQX Listing in USA - More
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Agnico-Eagle closes $600,000,000 issuance of long-term unsecured notes - "Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") announced today that the Company has closed its previously announced private placement of an aggregate of $600,000,000 of guaranteed senior unsecured notes due 2017, 2020 and 2022 (the "Notes") with a weighted average maturity of 9.84 years and weighted average yield of 6.59%. Net proceeds from the sale of the Notes will be used to reduce amounts outstanding under the Company's credit lines." More
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Pro Minerals Inc.: Disco (Discovery) Lake Project-Exploration Program Update - More
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Golden Band Resources - La Ronge Gold Project Development and Corporate Updates - More
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Randgold Resources - Annual Information Update - "In accordance with ProspectusRule 5.2, Randgold Resources Limited submits its Annual InformationUpdate, following the publication of our Annual Report in March 2010.This Annual Information Update refers to information that has beenpublished or made available to the public in Jersey, the UK, the USAand Canada." More
- April 07, 2010 | Item | ShareThis

First Gold and Blue Note to Drill Deep Gold at Croinor - More
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Sirios Resources Inc.: Gold Target Being Drilled on Phoenix Property - More
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Levon's Phase 2 Drilling at Cordero Project, Mexico Returns 260 Metres Grading 45.8 g/T Silver, 0.34 g/T Gold, 0.44% Zinc and 0.61% Lead - More
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Valley High Reports Drilling at Cordero Project, Mexico: 260 Metres Grading 45.8 g/T Silver, 0.34 g/T Gold, 0.44% Zinc and 0.61% Lead - More
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TAC Gold Corp.: News Release - More
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Taku Expands Dan Property in White Gold District of Yukon - More
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Supreme Resources Samples 9 Metres of 0.49% Cu at the Verde Project in the Copper Mountain Mining Camp of British Columbia - More
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SEMAFO Produces Record 65,800 Ounces of Gold in Q1 2010 - More
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Silver Quest's Partners Recommence Drilling at Davidson - More
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Fortune River Extends Warrant Expiry Date - More
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Azteca Gold Corp. and Liard Resources Ltd.: Plan to Drill Central Hinge of the Two-Mile Anticline for Silver-Lead-Zinc Sulfides, Updated 43-101 Report Filed - More
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Bonanza Goldfileds Corp update - More
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Medoro appoints new Chief Financial Officer - More
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Inspiration to Distribute Shares of Nitinat Minerals Corporation - More
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Fortress Receives Two Prestigious Awards for Excellence in Exploration in Russia - More
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Dia Bras Drills More High-Grade Silver Mineralization at its Cusi Project - More
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Equinox Publishes Preliminary Lumwana Production Results for 1st Quarter 2010 - More
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Orosur Mining Inc. Issue of Ordinary Shares upon Exercise of Stock Options - More
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Britannica Announces Appointment of Mr. Michel David as President and CEO and Mr. Jeffrey Cocks as Chairman - More
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Update on Proposed Reverse Takeover of Christopher James by Chesapeake Gold - More
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Ansell Capital Corp. Receives Positive Assays and Commences Drilling - More
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111.3 Metre Wide Zone Averaging 1.12 g/t Gold Intersected by Foundation at Coldstream - More
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Liberty Silver Corp. Appoints Tafuri as Vice-President of Exploration - More
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Magellan Provides Update on Coringa Project, Brazil - More
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MAX begins drilling at Table Top gold project in Nevada. - More
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Goldrush Appoints Vice-President of Corporate Development - More
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Thelon Capital Ltd.: Corporate Update to Shareholders - More
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Eagle Hill Receives Proceeds From Early Warrant Exercises and Announces Stock Option Grants - More
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Kalahari Resources Intersects Multiple High-Grade Veins including New Discovery of 24.52 g/t Gold over 0.65m and 7.97 g/t over 2.6m, including 29.91 g/t over 0. - More
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Phosphates 2010-Brussels: Arianne Attracts the Attention of International Producers - More
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111.3 Metres Wide Zone Averaging 1.12 g/t Gold Drilled on Alto Ventures Coldstream Property - More
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Trimax Corporation Announces Extension to Its Property Option Agreement to Acquire Controlling Interest in Newmont's Former Zeibright Mine Project - More
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Iberian Minerals Welcomes New General Manager at Aguas Tenidas - More
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Inmet Mining Confirms Ok Tedi Illegal Work Action - More
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BE Resources Provides Update on Permitting on Outlying Hydrothermal Areas of New Mexico Beryllium Project - More
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Entourage Mining Provides Brazil Update, Commences Drilling - More
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Expanding Gold Discovery and New Gold Target Zones at Riverside's Tajitos Gold Project in Sonora, Mexico - More
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Lumina Copper Initiates Comprehensive Exploration Program at Taca Taca Copper/Gold/Molybdenum Project - More
- April 07, 2010 | Item | ShareThis

Superior Mining International Corporation: Acquisition of New Alluvial Property-Ross South - More
- April 07, 2010 | Item | ShareThis

Mercator Signs Amending Agreement with Silver Wheaton - More
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New Dawn Completes Commissioning of Deepened 2nd Shaft at Turk Mine in Zimbabwe - More
- April 07, 2010 | Item | ShareThis

JNR Announces Results of Airborne Surveys on the Snowbird-South Dufferin Projects - More
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Quest's B-Zone REE Deposit Confirmed as a Large Inferred Resource, Strange Lake Project, Quebec - More
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North Atlantic Resources Files Year End Audited Financial Statements and MD&A and Announces 2010 Exploration Plans - More
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Purepoint Uranium Group Inc: Completes Drill Program on Osprey Conductor at Red Willow Project - More
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El Capitan Reports Recovery Results of .355 Oz/Ton Gold Equivalent - More
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Elray Resources Ecuador Property Report Confirms 15 Important Veins - More
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Vena and Trafigura Improve Tailings Recovery Process at Azulcocha - More
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Excellon Reports Record Q1 2010 Volumes - "Investments in operating efficiency and reliability continue to pay off for the Company as we produced and shipped record levels of concentrate in the quarter and have now operated for over a year without a significant or unplanned production interruption," stated Peter Crossgrove, Excellon's Chairman and CEO. "This operational performance and the resulting cash generation allows Excellon to aggressively pursue its near-term growth objectives through two high-quality exploration plays at Platosa and now Miguel Auza." More
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Scorpio Mining Corporation Completes Acquisition of Platte River Gold Inc. - "Scorpio Mining Corporation ("Scorpio", or the "Company") (TSX: SPM - News), is pleased to announce that effective April 1, 2010, it has closed the transaction to acquire all of the outstanding shares of Platte River Gold Inc. ("Platte River") by way of a statutory plan of arrangement (the "Acquisition"). The Acquisition was previously announced in the Company's news releases dated October 15, 2009 and January 13, 2010." More
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Timberline Advances Toward Underground Drilling at Butte Highlands - "Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") is pleased to announce steady advancement in the underground ramp toward the intended location of its initial drill stations at its Butte Highlands Gold Project. The ramp has been advanced approximately 630 feet from the surface, and the sumps and underground explosives storage area are complete. The definition drilling, which is expected to begin in June, will be a combination of core and reverse circulation (RC) drilling. The core drilling will be performed by Timberline's wholly-owned core drilling subsidiary, Timberline Drilling, Inc. (TDI), while the RC drilling will be done internally by Timberline's JV partner, Small Mine Development (SMD)." More
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