Gold Seeker Closing Report: Gold and Silver Fall Less Than 1%

	Close	Gain/Loss
Gold	$1151.90	-$9.95
Silver	$18.19	-$0.16
XAU	173.71	-0.71%
HUI	438.85	-1.02%
GDM	1316.02	-0.96%
JSE Gold	2260.32	-71.03
USD	80.51	-0.08
Euro	135.92	+0.07
Yen	107.34	+0.13
Oil	$84.05	-$0.29
10-Year	3.811%	-0.035
T-Bond	116.1875	+0.375
Dow	11019.42	+0.12%
Nasdaq	2465.98	+0.33%
S&P	1197.30	+0.07%

Gold dropped $14.40 to $1147.45 in late Asian trade before it rallied to see a loss of just $4.60 at $1157.25 by about 9AM EST and next fell to a new session low of $1144.90 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended with a loss of just 0.86%. Silver rebounded from nearly 2% losses in Asia and came within 5 cents of the unchanged level at $18.30 in early New York trade before it fell to a new session low of $17.938 by a little after 11AM EST, but it also rallied back higher into the close and ended with a loss of just 0.87%.

Euro gold fell to about €848, platinum lost $19 to $1711, and copper fell a couple of cents to about $3.56.

Gold and silver equities fell over 2% by midmorning before they rallied back higher in afternoon trade, but they still ended with about 1% losses.

Report	For	Reading	Expected	Previous
Trade Balance	Feb	-$39.7B	-$38.5B	-$37.3B
Import Prices	Mar	0.7%	1.0%	-0.2%
Import Prices ex-oil	Mar	-0.2%	-	0.2%
Export Prices	Mar	0.7%	-	-0.4%
Export Prices ex-ag.	Mar	0.6%	-	-0.2%

Tomorrow at 8:30AM EST brings CPI for March expected at 0.1%, Core CPI expected at 0.1%, and Retail Sales for March expected at 1.2%. Excluding autos, sales are expected at 0.5%. At 10AM is the Business Inventories report for February expected at 0.4%, and at 2PM is the release of the fed’s Beige Book from April.

Oil fell after mostly disappointing earnings reports increased worries about energy demand.

The U.S. dollar index was mixed and ended slightly lower as the euro remained firm after a successful Greek debt auction.

Treasuries rose as the Dow, Nasdaq, and S&P struggled to find gains after a disappointing earnings report from Alcoa.

Among the big names making news in the market today were Lehman Brothers, JPMorgan, Toyota, CVS, Starbucks, Twitter, and Alcoa.

“Well, I certainly wasn't happy with Monday's turn of events. As you know, dear reader, the open interest has been skyrocketing over the last four business days... and if you tack that deterioration onto last Friday's Commitment of Traders report... we'll, it doesn't look very pretty.

However, there's still more room for upside price appreciation... if the bullion banks allow it... so we'll just have to wait it out. But maybe it really will be different this time... if the short squeeze in gold that James Turk speaks of... along with Ted Butler's short squeeze in silver... all pan out.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

Yesterday’s retreat from technical chart resistance near $1170 induced some light long liquidation and some fresh short selling in gold during today’s session. A bit of stability in the US Dollar and long liquidation in the crude oil market added to the strength of the bear’s position in today’s battle over the yellow metal. It did not help matters any seeing the HUI moving lower as well.

Reasons for selling in gold were cited as fading concerns over the plight of Greece which undercut bullion buying across the Atlantic as Greek bonds sales seemed to have been reasonably successful now that the aid package is providing reassurance for nervous investors. Still, it must be kept in mind that sovereign debt concerns do not disappear overnight. Greece’s problems are emblematic of not only other nations in the Euro zone but also many individual states here in the US – it spent too much money for too long and ran itself hopelessly into debt. No bailout package is going to deal with the underlying issues that led to the crisis in the first place. I said all this merely to emphasize that gold will continue to be well supported on these dips in price. Those fundamental issues remain solidly in place. However, from a purely technical perspective, when you get a run up in price of some $90 in three week’s time, a setback is not unexpected particularly after a technical chart resistance level could not be taken out.

The bullion banks are not running as some are suggesting as evidenced by the continued rise in open interest during the price ascent but are instead selling into the influx of managed money flows. Only when we see a fall off in open interest during a price rise will it be able to be correctly argued that they are being squeezed out. We will be on the alert for that.

In the meantime gold has dropped down into the first level of chart support noted on yesterday’s and today’s chart and was able to attract some buying there. There is stronger support near the $1130 level should dip buying be unable to push it back up from $1,145 and into the lap on the chart above today’s session high and yesterday’s closing price ($1,158 – $1,162). That will be the first order for the bulls. Should they be able to pull that off and take price back up above $1165 within the next day or so, it will be a display of quite remarkable internal strength in the market. That would indeed spark some strong short covering were it to occur.

Price is remaining above the rising 10 day moving average which is a plus for the near term. All of the moving averages are trending upwards.

The broader equity markets are having some difficulty at current levels (1200 in the S&P) as some technical indicators are signaling a loss of upside momentum. This market is so richly valued and has priced in near flawless earnings that companies had better perform and at the very least, meet expectations, or we are going to see a sharp sell off in there. Alcoa’s report was a warning shot across the bow of the bull ship. Whether it gets heeded is another matter entirely. This market has not been kind to shorts the last two months.

The weakness in the broader equity markets probably exaggerated the selling in the HUI today. It did manage to find buyers at the session low which is where the rising 10 day moving average came in today. Some of the short term technical indicators are rolling over on the daily chart but the weekly charts still have those same indicators in a bullish posture. That should work to bring in buying as long as those longer term indicators stay friendly.

Bonds look like they ran into technical chart resistance near the 40 day moving average. Today’s range was sandwiched between that and the 20 day on the downside. They appear to be at a crossroads here so the action tomorrow will be a key as to which way they are most likely headed.”- Dan Norcini, More at JSMineset.com

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

Silver Trust (SLV) Total Tonnes in Trust: 9,132.52: -45.75 change from yesterday’s data.

Entree’s (EGI) exploration update, Claude’s (CGR) exploration program, Aurizon’s (AZK) drilling program, New Gold’s (NGD) closed mine sale, and Pan American’s (PAAS) mine strike 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.

Compass Gold Announces Resignation of Director - More
- April 13, 2010 | Item | ShareThis

Calypso Signs Letter of Intent With Cameco for a Joint Venture on Calypso's Argentine Uranium Properties - More
- April 13, 2010 | Item | ShareThis

ValGold Completes Oversubscribed Financing - More
- April 13, 2010 | Item | ShareThis

Mineral Hill Industries Acquires Brine Lithium Mineral Claims in Nevada - More
- April 13, 2010 | Item | ShareThis

Arco Retains Ascenta Capital Partners for Investor Relations - More
- April 13, 2010 | Item | ShareThis

Jiminex Inc. updates on Manitoba and Ontario properties - More
- April 13, 2010 | Item | ShareThis

Coro Provides Update on San Jorge Project - More
- April 13, 2010 | Item | ShareThis

Entrée Gold Provides Exploration Update for 2010 - "A field crew has been mobilized to commence the 2010 Lookout Hill exploration program on Entrée's 100%-owned western portion of the Shivee Tolgoi mining licence ("Shivee West"), adjacent to the Oyu Tolgoi mine development project. Previous deep penetrating geophysical work has been re-evaluated over the 2009-2010 winter period. The surveys cover a belt of prospective Devonian rocks identified in earlier programs which are geologically similar to the Devonian-aged setting of the Entree-Ivanhoe Mines joint venture deposits, Hugo North Extension and Heruga, and Ivanhoe Mines' nearby Oyu Tolgoi deposits. The geophysical re-evaluation will be combined with further geochemical and geological surface work to generate new drill targets. Approximately 5,000 metres of follow-up drill testing is planned for later in 2010." More
- April 13, 2010 | Item | ShareThis

Pan American Silver's Huaron Mine on Strike - "Pan American Silver Corp. ("Pan American" or the "Company"), (TSX:PAA - News)(NASDAQ:PAAS - News) today announced that an illegal strike declared by the union of mine workers has resulted in a work stoppage at the Company's Huaron mine in Peru. The illegal strike started on Saturday April 10, 2010 and all production activities at the mine have now been shut down." More
- April 13, 2010 | Item | ShareThis

Rare Element Closes $8.8 Million Financing - More
- April 13, 2010 | Item | ShareThis

Abitex Resources begins drill program on Epsilon property and announces a private placement in the maximum amount of $2,500,000 - More
- April 13, 2010 | Item | ShareThis

Petaquilla Finances the Redemption of its Senior Secured Notes - More
- April 13, 2010 | Item | ShareThis

Orosur Mining Inc. Announces 2010 Third Quarter Conference Call and Web cast 11:00 AM Eastern and 16:00 UK time, Thursday, 15 April, 2010 - More
- April 13, 2010 | Item | ShareThis

Trelawney Appoints Chairman - More
- April 13, 2010 | Item | ShareThis

Premium Exploration Initiates Phase-Three Drill Program for Resource Growth at Friday-Petsite Gold Project - More
- April 13, 2010 | Item | ShareThis

Cancor Resumes its Gold Exploration Activities in Algeria - More
- April 13, 2010 | Item | ShareThis

GobiMin Signs Framework Agreement To Sell Yanxi Copper Deposit for CAD 9 million - More
- April 13, 2010 | Item | ShareThis

Pershimco Resources Announces Its Intent to Proceed With a Private Placement - More
- April 13, 2010 | Item | ShareThis

Mirasol Confirms High-Grade Silver Results through Infill Channels at the Julia Vein, Argentina - More
- April 13, 2010 | Item | ShareThis

Velocity Minerals Ltd. Announces Option of Potential Banded Iron Gold Prospect - More
- April 13, 2010 | Item | ShareThis

NQ Exploration Options Brouillan Property to the Northeast of Carheil and Stakes 80 New Claims - More
- April 13, 2010 | Item | ShareThis

Unico, Inc. Announces Appointment of Nova Dean Pack to the Company's Board of Directors - More
- April 13, 2010 | Item | ShareThis

St. Eugene Mining Corporation Announces $1.1M Exploration Program on Amisk Gold Project, Saskatchewan - More
- April 13, 2010 | Item | ShareThis

Terra Ventures Inc.: Roughrider Continues to Grow with Massive Uranium Mineralization and Off-Scale Radioactivity - More
- April 13, 2010 | Item | ShareThis

Vulcan Minerals Inc. Announces $4,210,000 Financing - More
- April 13, 2010 | Item | ShareThis

TerraX adds to Sunbeam-Pettigrew Property, Completes Geophysics on all Atikokan Properties - More
- April 13, 2010 | Item | ShareThis

Paragon Intersects Massive Sulphides in North Target Area at South Tally Pond - More
- April 13, 2010 | Item | ShareThis

Bear Lake Gold: Update on Settlement of Class Action Lawsuit - More
- April 13, 2010 | Item | ShareThis

Fire River Gold Corp.: Continued High Grade Gold Results Including 1.8 opt (60.55 g/t) Gold Over 13.7 ft (4.2 m) Nixon Fork Gold Mine, Alaska - More
- April 13, 2010 | Item | ShareThis

Liberty Star Receives First Phase ZTEM Data from Geotech Ltd. on Big Chunk Super Project AK, S Block - More
- April 13, 2010 | Item | ShareThis

TintinaGold Outlines Plans for 2010 Exploration Program - More
- April 13, 2010 | Item | ShareThis

Colt Resources Inc. Continues to intersect high grade gold on its Penedono Gold Project in Northern Portugal - More
- April 13, 2010 | Item | ShareThis

Century Mining Employees Ratify Terms of Collective Agreement at Lamaque Gold Mine-Pushing Forward to First Gold Pour - More
- April 13, 2010 | Item | ShareThis

Favorable Preliminary Economic Assessment for Fortune River's Wind Mtn - More
- April 13, 2010 | Item | ShareThis

Oromin Explorations Ltd.: Drilling Extends Kourouloulou Gold Deposit to 300 Metre Depth and Expands Maki Medina Deposit - More
- April 13, 2010 | Item | ShareThis

Full Metal Acquires Grizzly Butte Copper-Gold Property, Alaska - More
- April 13, 2010 | Item | ShareThis

Source Announces NI 43-101 Indicated and Inferred Mineral Resource for San Acacio Silver Project, Mexico - More
- April 13, 2010 | Item | ShareThis

Empire Mining Commences Drilling at Its Bulqiza Chromite Project, Albania - More
- April 13, 2010 | Item | ShareThis

American Sierra Gold -- Discovery Day Operations Update - More
- April 13, 2010 | Item | ShareThis

Northern Star Announces Management Changes - More
- April 13, 2010 | Item | ShareThis

Rodeo Creek Gold seeks to unilaterally cancel agreement with Queenstake Resources USA - More
- April 13, 2010 | Item | ShareThis

Midlands Appoints New VP Exploration and Tightens VTEM Line Spacing - More
- April 13, 2010 | Item | ShareThis

Serengeti to Drill at Kwanika to Expand South Zone - More
- April 13, 2010 | Item | ShareThis

JOURDAN Reports Significant Drill Hole Intervals at the Prospective Baie Johann-Beetz Property in the Lower North Shore Uranium Belt (Quebec) - More
- April 13, 2010 | Item | ShareThis

Kaminak Strengthens Team and Grants Stock Options - More
- April 13, 2010 | Item | ShareThis

Explorator Resources Reports on Ongoing Drilling at the El Espino Project in Chile. Results Generally Validate Micon Resource Estimate - More
- April 13, 2010 | Item | ShareThis

Uranium Energy Corp Completes Sale of Interest in Cebolleta Uranium Project in New Mexico for $11 Million - More
- April 13, 2010 | Item | ShareThis

Golden Hope Announces Its First Phase 2010 Drill Campaign - More
- April 13, 2010 | Item | ShareThis

Ireland Inc. Announces Inferred Geologic Resources at Columbus Project - More
- April 13, 2010 | Item | ShareThis

American Lithium Minerals Announces the Appointment of Mr. William S. Deluce to the Board of Directors - More
- April 13, 2010 | Item | ShareThis

Probe Mines Provides Exploration Update for Its McFauld's Lake Projects; Options Granted - More
- April 13, 2010 | Item | ShareThis

Thundermin and Cornerstone Continue to Intersect Copper Mineralization Over Mineable Widths at Little Deer - More
- April 13, 2010 | Item | ShareThis

Alto Group Holdings Announces Status on Ghana Project - More
- April 13, 2010 | Item | ShareThis

Canadian Orebodies to Vend 100% Interest of Ring of Fire Properties - More
- April 13, 2010 | Item | ShareThis

Anglo Swiss Resources Retains St.Pierre GeoConsultant Inc. for Airborne Geophysical Survey Nelson Mining Camp - More
- April 13, 2010 | Item | ShareThis

Hathor Exploration Limited: Roughrider Continues to Grow with Massive Uranium Mineralization and Off-Scale Radioactivity - More
- April 13, 2010 | Item | ShareThis

Khan Receives Notice of License Invalidations - More
- April 13, 2010 | Item | ShareThis

Bellhaven Announces Start of Exploration Program at the Pitaloza High-Sulphidation Gold Project in Panama - More
- April 13, 2010 | Item | ShareThis

Marathon Hits Four Gold Intervals Over 65 g/t (1.90 oz/t) Within Broader 9 m Interval of 38.32 g/t (1.12 oz/t) at Leprechaun Deposit - More
- April 13, 2010 | Item | ShareThis

Mountain Lake: Leprechaun Delivers Again with High Grade Intervals Up to 506 g/t (14.76 oz/t) Within Broader 9 m Interval of 38.32 g/t (1.12 oz/t) Gold - More
- April 13, 2010 | Item | ShareThis

CanAlaska Uranium Reports Preliminary Cree East Project Drilling Results - More
- April 13, 2010 | Item | ShareThis

Northland Resources S.A.: Eva Kaijser Appointed Chief Financial Officer - More
- April 13, 2010 | Item | ShareThis

Firestone Ventures Identifies Zinc-Lead-Silver Soil Anomalies - More
- April 13, 2010 | Item | ShareThis

Claude Resources Inc. initiates exploration program on the Amisk Gold Project, Saskatchewan - "Claude Resources Inc. (TSX-CRJ; NYSE Amex-CGR) ("Claude" or the "Company") is pleased to announce the finalization of a 65:35 Joint Venture Agreement with St. Eugene Mining Corporation, "St. Eugene", on the Amisk Gold Project. The 12,000 hectare property is located 20 kilometres southwest of Flin Flon, Manitoba and hosts the Amisk-Laurel Gold Deposit." More
- April 13, 2010 | Item | ShareThis

Aurizon announces drilling program at Kipawa - "Aurizon Mines Ltd. (TSX: ARZ; NYSE Amex: AZK) is pleased to announce that a gold exploration drilling program will commence shortly on its 100 percent owned Kipawa Gold-Rare Earth project, in north-western Quebec, Canada. The work planned includes 6,500 metres of drilling, comprising twenty-six (26) holes, on three (3) different targets." More
- April 13, 2010 | Item | ShareThis

New Gold Announces Closing of Sale of Amapari Mine - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) today announces the closing of the previously disclosed sale of its Brazilian subsidiary Mineraçao Pedra Branca do Amapari Ltda. ("MPBA"), which holds the Amapari mine and related assets, to Beadell Resources Limited ("Beadell"). New Gold received $37 million in cash and $16 million in Beadell shares for total consideration of $53 million from the sale of MPBA, resulting in New Gold holding approximately 19.5% of Beadell's shares outstanding." More
- April 13, 2010 | Item | ShareThis

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