Gold Seeker Closing Report: Gold and Silver Rise With Stocks and Oil

	Close	Gain/Loss
Gold	$1158.70	+$6.80
Silver	$18.41	+$0.22
XAU	174.87	+0.67%
HUI	442.74	+0.90%
GDM	1327.53	+0.88%
JSE Gold	2312.66	+52.34
USD	80.18	-0.33
Euro	136.57	+0.52
Yen	107.31	+0.07
Oil	$85.95	+$1.90
10-Year	3.855%	+0.044
T-Bond	116.3125	-0.6875
Dow	11123.11	+0.94%
Nasdaq	2504.86	+1.58%
S&P	1210.65	+1.12%

Gold saw modest gains in Asia and rose almost $10 in London to as high as $1161.54 by about 9AM EST before it fell back off to almost unchanged at $1151.98 by late morning in New York, but it then stormed back to $1160.67 in the next hour of trade and ended with a gain of 0.59%. Silver rose 30 cents to as high as $18.49 by around 9AM EST before it pared its gain a bit in midmorning New York trade, but it still ended with a gain of 1.21%.

Euro gold remained at about €848, platinum gained $11.50 to $1722.50, and copper rose to about $3.61.

Gold and silver equities rose roughly 1% by late morning and stayed at about that level for the rest of trade.

Report	For	Reading	Expected	Previous
CPI	Mar	0.1%	0.1%	0.0%
Core CPI	Mar	0.0%	0.1%	0.1%
Retail Sales	Mar	1.6%	1.2%	0.5%
Retail Sales ex-auto	Mar	0.6%	0.5%	1.0%
Business Inventories	Feb	0.5%	0.4%	0.2%

In response to a question before the joint economic committee today, Bernanke, among other things, was reported to have said that the fed will not inflate its way out the massive amount of debt recently amassed. The fed’s Beige Book noted that the “economic recovery is spreading to most parts of the country. Merchants are seeing better sales and factories are boosting production, but many companies are still wary of ramping up hiring.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/10 expected at 440,000 and the Empire Manufacturing Index for April expected at 24.00. At 9AM are Net Long-Term TIC Flows for January expected at $38.9 billion, and at 9:15 is Capacity Utilization for March expected at 73.3% and Industrial Production expected at 0.7%.

Oil rose about 2% after the Energy Information Administration reported that crude inventories fell 2.2 million barrels (the first drop in eleven weeks), gasoline inventories fell 1.1 million barrels, and distillates rose 1.1 million barrels.

The U.S. dollar index and treasuries fell after better than expected earnings reports sent the Dow, Nasdaq, and S&P roughly 1% higher by the end of trade.

Among the big names making news in the market today were Daimler, Intel, JPMorgan, Morgan Stanley, and Apple.

Comments out of Fed Chairman Bernanke regarding the state of the economy and the consequent need for maintaining a low interest rate environment were enough to give the Dollar the kiss of death today. It fell through its recent floor of support near 80.20 on the USDX and is very close to confirming a topping formation. A pair of closes below 79.75 would get the attention of the hedge funds. Keep in mind that the last Commitment of Traders report shows a fairly large speculative long position in this market. If that key technical level gets taken out, an avalanche of sell orders are going to be activated.

The greenback is trying to claw its way higher as I put this commentary together but the bulls have some serious work to do if they are to avoid getting hammered. Perhaps the only thing keeping them from being swamped for now is lingering fears over the overall health of several nations in the Euro Zone. In other words, it is the same “The Dollar may be a piece of junk, but the Euro is hardly any better” thing that has been occurring in the Forex markets for some time now. The question is which one is least hated and despised.

None of the drama surrounding the Dollar was missed by gold which fought off bullion bank selling as the Dollar began falling upon Bernanke’s remarks. Overnight it pushed into that lap region I noted yesterday but was unable to push on through there and trigger enough buy stops to affect price in a consequent manner. If you note on the chart, the selling is appearing at the former resistance level which was taken out Friday and Monday of this week and is once again serving to cap the upside progress in the metal. The battle lines are clearly drawn therefore with bulls needing a strong push through that level again to take command of the market while bears are hoping that bullion bank price capping can hold down the charge of the bull brigade.

Strength in the mining shares as evidenced by the HUI is helping the cause of the gold bulls at the Comex. It took out yesterday’s high but thus far has not been able to garner any additional upside momentum. The bounce off the uptrending 10 day moving average is healthy.

Crude oil looks like it is getting ready to take a run back to $87 again. It is a bit tricky trying to read whether it is responding to the weakness in the Dollar or the seasonal tendency for stronger demand as we enter the warmer months. Either way, it looks as if the cheap gasoline prices we had been enjoying the last year are now an ancient relic of the past. I want to reiterate, rising energy prices as evidenced by crude oil are helpful to the cause of gold. Energy costs affect just about every sector of the economy that one can bring to mind whether it is food production (agriculture), manufacturing, transportation (shipping, airlines, etc) or even the costs incurred by the local contractor who has to drive from locale to locale. If crude oil pushes past $100 again, watch for more calls to have the “evil, vile speculators” curbed although those same “evil, vile speculators” are hypocritically adored by the feds when they turn their guns on the equity markets and goose them ever higher.

Speaking of being goosed ever higher, the S&P just made yet another new yearly high this time propelled by the earnings report of JP Morgan. It’s nice to know that 74% of their income came from trading revenue.

Bonds are lower today (making sense for the first time) with the potential for a double top forming near 116^ 22. With the yield on the Ten year back below 4.00%, near 3.83, the feds must be breathing a sigh of relief. We’ll have to watch the technical action in the long bond tomorrow to see if we get a clue to the next move.

A rather quiet move by the CCI (Continuous Commodity Index) seems to be going unnoticed by many but it did manage to thus far make a 3 month high in today’s session. Palladium has made a move of $150 in two months time and is trading at an astonishing $548/ounce price. Platinum, not to be outdone, has added $180 over the same time frame and is pushing up against $1,750. That may be partly responsible for the strong buying that we have also been seeing in silver which is acting like it wants to push up to $19. It certainly seems as if these metals are the recipients of substantial investment flows. Gold is not going to be left out of the party.”- 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 - No change from yesterday’s data.

ITH’s (THM) director appointments, Great Basin’s (GBG) operational update, Barrick’s (ABX) continued mine operations at Cortez Hills, Aurizon’s (AZK) drill results, Golden mineral’s (AUMN) drill results, Fronteer’s (FRG) drill results, Minco Silver’s (MSV.TO) closed private placement, ECU Silver’s (ECU.TO) monthly update, Endeavour’s (EXK) first quarter production, and Fresnillo’s (FRES.L) first quarter production 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.

International Tower Hill Mines Announces the Appointment of Timothy Haddon and Daniel Carriere as New Directors - "I am exceptionally pleased that we have been able to attract such high calibre individuals as Tim Haddon and Dan Carriere to our board. Mr. Haddon's extensive experience in developing and growing resource companies as well as in strategic transactions strengthens our ability to take ITH to its next level of value building. In addition Mr. Carriere's strong business development experience and his recent involvement with the Corriente Resources transaction will aid tremendously as the Company moves forward with its strategy of maximizing shareholder value." More
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Mineral Hill Industries Ltd. - News Release - More
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Search Controls New 120 km Long REE District in SE Labrador and Identifies Over 80 Rare Earth Element Targets; Dr. Randy Miller Appointed Vice President Explora - More
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Aurion Provides La Bandera Update - More
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Victory Nickel Receives Further Encouraging Results from Minago Drill Program - More
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Minco Silver Closes $3,372,975 in a Non-Brokered Private Placement - "Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV - News) is pleased to announce that it has closed a non-brokered private placement. The financing placed a total 1,972,500 Units at a price of $1.71 per Unit for gross proceeds of $3,372,975 (the "Offering")." More
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Aldridge Minerals Inc.: Progress of Metallurgical Testwork for Yenipazar Ore, Central Turkey - More
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Amarok Resources Selects Drill Contractor for Rodeo Creek Project - More
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Goldstake Provides First Default Status Report - More
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Molycor Review and Magnesium Exploration Plans - More
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Dagilev Capital and Lundin Mining Close Salave Gold Property Acquisition - More
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QP for Previous News Release-"Nortec Minerals Re-Sampling of GTK Core at Seinajoki-Expanded Drill Program Planned for Q2-2010" - More
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Volcanic Arranges $1.5-million Financing - More
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American Paramount Gold Corporation Announces the Appointment of Wayne Parsons as CEO - More
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Ecometals Announces Drilling Update on Third and Fourth Holes, Rio Zarza Gold Project, Ecuador - More
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Frontera Copper Announces Revised Terms for Consensual Note Restructuring - More
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ECU Silver Reports Best Operating Month in March 2010 - "Silver metal equivalent generated in March highlighted the best operating month for ECU since the acquisition of the oxide mill. We are gaining a better understanding of the metallurgy which has resulted in enhanced recoveries of gold and silver. The quantity of gold and silver recovered has increased substantially, primarily due to the cessation of feeding gold rich tailings to the oxide mill, which was having a negative impact on recoveries. We continue to expect that enhanced recoveries will be achieved through modifications of the oxide mill's Merrill-Crowe system. Merrill-Crowe is the separation technique for removing gold and silver from the solution." More
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Hellix Options Margarita Gold Property - More
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Golden Peaks Cuts 28 Meters of 4.88 g/t Gold - More
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Eastmain Mine Property Drill Program - More
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Avaranta Begins Trading on the CNSX - More
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Duran Ventures' Option on Double Jack Mine's Ichuna Property Shows Promising Copper and Silver Potential Near Major Discovery in Peru - More
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Acadian Mining concludes access agreement for drilling and an option to lease lands at its Fifteen Mile Stream gold property - More
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Lake Victoria Expands the Board of Directors - More
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Z-Gold Exploration Inc. (TSX-V: ZGG) Announces Completion of a $110,000 Financing - More
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Nevada Exploration Inc. and Northgate Minerals Corp. Sign Letter of Intent on the Awakening Gold Project, Nevada - More
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Lithium One Update on Sal de Vida Brine Project: NI 43-101 Technical Report, Ongoing Drilling and High Lithium and Potassium Over More Than 120 km(2) - More
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Highly Qualified Geologist Joins Mineral Hill's Exploration Team - More
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Nemaska Reports 92.1 m at 1.39% Li2O and 133 ppm Be From Its Drilling Underway on Its Lithium/Beryllium Project (Whabouchi) - More
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Treasury Metals Intersects 16.12 g/t Au at 700 Metres on Goliath Gold Project - More
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Geologix Explorations Inc.: Tepal Geophysical Survey Identifies Multiple High Priority Drill Targets - More
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TNR Gold Corp.: Drilling Commences at Mariana Lithium Brine Project, Argentina/Nevada Project Area Doubles in Size Through Staking - More
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Sparton Receives Final Payment for Sale of Luxi Gold Project, China - More
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Uranium International Corp. Enters Into a Definitive Option Agreement to Acquire the Guayabales Claims From Mercer Gold Corporation - More
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Copper One Drills 82 Metres of 0.37% Copper at Twin Peaks Copper Oxide Project, Arizona - More
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Extract Resources - Board and Management Appointments - More
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Romarco announces new drilling results - More
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Skyline Gold Announces Private Placement - More
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Victoria Gold Reports More Wide Gold Intercepts at Santa Fe: Hole BH-6 Hits 3.94 g/t over 157 m - More
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First Liberty Power Corp. Announces Exploration Program for Lida Valley Nevada Lithium Prospect - More
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Benton to Spin Out Copper-PGM Company to Shareholders - More
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Nortec Minerals Re-sampling of GTK Core at Seinajoki Reveals New High Grade Gold Zone-Expanded Drill Program Planned for Q2-2010 - More
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Rocky Mountain Engages Enviroscientists, Inc. to Prepare Environmental Assessment - More
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American Manganese Reports on the First Five Drill Holes - More
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Pacific Wildcat Appoints New Director - More
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New Pacific Metals Corp. Announces Management Changes - More
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New Dawn Reports Gold Sales from its Turk Mine in Zimbabwe for the Quarter ended March 31, 2010 - More
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Q-Gold announces closing of private placement financing - More
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Golden Valley Mines: Exploration Update on Its James Bay Lowlands "Ring of Fire" Joint Venture - More
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Premier Gold appoints Richard Hall as Chairman - More
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Baja Announces Boleo Debt Financing Progress and Appointment of Technical Agent - More
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Amarc Readies Field Programs for Newton Gold Discovery and Adjacent 2,800 Square Kilometre Plateau Gold-Copper Belt - More
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Cream Minerals Announces Roca Mines Drilling Results Highlighting 2.49 Metre Interval Grading 379.6 g/t Silver and 2.238 g/t Gold at Nuevo Milenio - More
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Newcastle Begins Drilling on Its Carscallen Property - More
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Arco Appoints New Chief Financial Officer - More
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Intrepid Discovers New Porphyry Zone Below Zone B Oxide Mineralisation - More
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Minatura Gold Appoints Chief Financial Officer - More
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Santa Fe Gold Provides Update to Shareholders - More
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Crocodile Gold Intersects 4.9 G/T Au Over 16 Metres at Cosmo Project 300 Metres North of Existing Resources - More
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Bonanza Goldfields announce very successful rock samples results - More
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Wallbridge Mining Announces Private Placement - More
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North American Palladium Restarts Palladium Production - More
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Black Hawk Receives Positive Geophysics Report on Dun Glen Gold Reserves - More
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Big Bear Mining Corp. Acquires the Sol d'or Mine and Additional Claims in the Red Lake District - More
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Medusa Mining Limited: Quarterly Activities Report Period Ended 31 March 2010 - More
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Great Basin Gold Provides Operational Update for the Quarter Ended March 2010 - "Continued trial mining at the Hollister project resulted in the extraction of 25,777 ore tons containing an estimated 27,707 gold equivalent ounces(1) (Au eqv oz) at a grade of 1.07 oz per ton Au eqv (34.8 g/t Au eqv). This is a 40% improvement on the previous (Dec 2009) quarter." More
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Endeavour Silver Reports Record Silver Production in Q1, 2010 Compared to Q1 2009; Produces 766,210 oz Silver (Up 34%) and 3,775 oz Gold (Up 62%) - "Endeavour Silver Corp. ("Endeavour") (TSX:EDR - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announced today that silver production for Q1, 2010 from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State, totalled 766,210 ounces (oz) silver, up 34% compared to Q1, 2009." More
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Fresnillo quarterly gold, silver production up - "Mexican-based mining firm Fresnillo said Wednesday that first-quarter silver production climbed 3% to 9.5 million ounces compared to the same period last year, while gold production jumped 31.5% to 85,097 ounces." More
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Barrick Gold Corporation: US Court Allows Continued Mining at Cortez Hills - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) welcomed today a U.S. District Court April 13 decision that mining operations can continue at its Cortez Hills Mine while the Bureau of Land Management (BLM) completes a study of three aspects of the project identified in a 2009 ruling by the United States 9th Circuit Court of Appeals. The court's order preserves hundreds of Nevada mining jobs and the many other community benefits resulting from Barrick's investment at Cortez Hills." More
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New Results Confirm Extensions of the Hosco Zone at Joanna - "Aurizon Mines Ltd. (TSX: ARZ; NYSE Amex: AZK) is pleased to announce results from its infill drilling program on the extensions of the pit contour of the Hosco Zone at its Joanna project, located 20 kilometres from Rouyn-Noranda, in north-western, Quebec." More
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Golden Minerals Extends High Grade Mineralization at El Quevar, Argentina and Drills High Grade Silver in Zacatecas, Mexico - "Golden Minerals Company ("Golden Minerals" or the "Company") (AMEX:AUMN - News) (TSX:AUM - News) is pleased to provide additional drill results for the El Quevar project in northwestern Argentina and results from an initial drilling program for the Panuco target at our Zacatecas project in Mexico." More
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Fronteer: Drilling Returns 308 Metres of 0.34 g/t Gold and 0.30% Copper at Growing Halilaga Gold-Copper Deposit - "Fronteer (TSX:FRG - News)(AMEX:FRG - News) announces that additional assay results from the Halilaga project in northwestern Turkey continue to demonstrate significant widths of gold-copper mineralization including near surface supergene enrichment." More
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