Gold Seeker Closing Report: Gold and Silver Rise Again

	Close	Gain/Loss
Gold	$1373.80	+$9.40
Silver	$30.74	+$0.21
XAU	209.79	+0.80%
HUI	540.05	+1.86%
GDM	1595.46	+1.88%
JSE Gold	2676.59	+39.44
USD	78.61	+0.01
Euro	134.86	+0.02
Yen	119.30	-0.70
Oil	$84.32	-$0.49
10-Year	3.616%	+0.002
T-Bond	118.96875	+0.03125
Dow	12226.64	-0.34%
Nasdaq	2804.35	-0.46%
S&P	1328.01	-0.32%

Gold fell $1.25 to $1363.15 in Asia before it rose to as high as $1376.49 by about 8:30AM EST and then fell back off a bit into the close, but it still ended with a gain of 0.69%. Silver fell to $30.47 and rose to $30.918 before it also fell back off a bit, but it still ended with a gain of 0.69%.

Euro gold climbed to over €1017, platinum gained $3.50 to $1824.50, and copper fell 9 cents to about $4.53.

Gold and silver equities rose over 1% at the open before they pared their gains a bit midmorning, but they then rose to new highs in afternoon trade and ended with almost 2% gains.

Report	For	Reading	Expected	Previous
Retail Sales	Jan	0.3%	0.5%	0.5%
Retail Sales ex-auto	Jan	0.3%	0.6%	0.3%
Empire Manufacturing	Feb	15.43	15.5	11.92
Export Prices	Jan	1.2%	-	0.6%
Export Prices ex-ag.	Jan	0.9%	-	0.6%
Import Prices	Jan	1.5%	-	1.2%
Import Prices ex-oil	Jan	0.8%	-	0.3%
Net Long-Term TIC Flows	Dec	$65.9B	-	$85.1B
Business Inventories	Dec	0.8%	0.6%	0.4%
NAHB Housing Market Index	Feb	16	17	16

Tomorrow brings Housing Starts, Building Permits, PPI, Industrial Production, and Capacity Utilization.

The U.S. dollar index reversed early losses and ended slightly higher on strength versus the yen that was driven by inflation concerns.

Treasuries rose as the Dow, Nasdaq, and S&P fell on mostly disappointing economic reports.

Among the big names making news in the market today were Barclays, Deutsche Boerse and NYSE, Google, and Home Depot.

“Both gold and silver got a kick start and jumped higher on news coming out of China last evening and then out of the UK early this morning. Inflation has been and continues to be a serious problem for the Chinese authorities but it now appears that the plague is spreading to the West (at least it is finally showing up in their “official” statistics). When you get a similar report showing a mounting concern over the same contagion in Japan, you get a trifecta which shored up both of the metals.

The news was enough to push gold above the capping point near $1365 allowing it to run up towards the next resistance level near $1380 before the sellers showed up again.

Silver broke through its overhead resistance centered near $30.50 and made a run towards $31 before it too ran into selling pressure.

It looks like we are getting a good build in the open interest for silver which shot up nearly 5,000 contracts on yesterday’s strong showing and push above $30. That is exactly what we need to get this market powering higher. Judging from what we say in today’s session, it looks like there was more in the way of fresh buying. If managed money wants back into this market in a big way, there is not much that is going to stop them considering the fact that they had been leaving it until about 2 weeks ago and had greatly reduced their long side exposure.

Gold too saw an increase in its open interest but that looks to have come mainly from spreaders coming in. Today’s move higher however is indicative of an influx of fresh buying from the managed money camp which is constructive.

On the charts, the yellow metal now has overhead resistance near $1380 which it must take out before an assault on $1400 can be mounted. Downside support exists first near $1360 and then again closer to $1350 - $1348. Upside momentum is good.

The price has pushed into the zone between the 40 day and 50 day moving averages and looks in good position to take them both out as it has now punched back above the 100 day moving average. That will get some the technicians interested in the long side.

Helping to confirm the strength in both metals is the fact that the HUI is putting in a good showing today. It was showing some signs of stalling out yesterday so today’s gap to the upside is a welcome development. I will still feel better about this sector if this index can clear 540 and hold its gains. It is early in the week but a weekly close above 540 would really help this sector. Downside support in the index comes in near the 520 level which it will continue to have to hold to keep the technical indicators friendly.

On the food front, the USDA magically increased the size of the nation’s corn crop and made all the shortage disappear by merely issuing a projection for increased corn acres for the next crop year plantings to 92Million acres yesterday. That made bushels and bushels of corn instantly appear out of nowhere solving the problem with the severe low levels of corn stocks. I never grow tired of watching the reaction of markets to official statistics. The crop is not even in the ground yet, nor have the fields even been plowed but suddenly the market is concerned that there is going to be too much corn. I am sure that the Mexican authorities are relieved to hear that the recent freeze which hit so much of their crop is nothing to be concerned about.

So let’s see now – we have the bullion banks selling what seems at times to be unlimited amounts of paper gold and paper silver. We have the Fed printing unlimited amounts of paper Dollars and we now have the USDA instantly creating millions more bushels of corn on paper. And to think, there is no need for fertilizer or seed! American ingenuity at its finest. And who the hell said we couldn’t compete with the world anymore? Personally I am waiting for the day when we can conjure up holographic images of corn filling our silos. I am sure my holographic digestive system will thrive on that. At least the environmentalists will be happy because there will be no stinky diesel tractors needed any more which might happen to put a little stink into that pristine farm air.

What makes this comical is that it should come as no surprise to anyone that we are going to see increased acreage for corn this crop year due to the lofty price levels on the board but the point in all this is that not one bushel of that corn is going to hit the market until very late this summer or very early in the fall which obviously does not do a single thing for dealing with the current problems of a shortage of supplies. Ah the hedge funds and their algorithms….

I bring this up because the sell off in the grains knocked the CCI down from near recent highs today. That combined with continued weakness in WTI crude and the liquid energies seemed to generate some selling pressure across the commodity complex as a whole. It seems to be that was partly responsible for silver fading from its best levels as copper was knocked down rather rudely today dragging on silver a bit. Were it not for the weakness in copper, I am fairly sure that silver would have closed up near $30.85 or so.

Considering the weakness in the Dollar, it was a bit odd to see such heavy selling pressure surface in so many of the commodity contracts.

Bonds are showing some signs of weakness after rallying back to nearly the precise point at which they suffered that massive technical chart breakdown 2 weeks ago. How they act here and what they do next will tell us a great deal about the future of interest rates in this nation.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 111.66 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,411.23: +22.78 change from yesterday’s data.

Gold Resource’s (GORO) project update, Allied Nevada’s (ANV) new Vice President of Project Development, Paramount’s (PZG) drill results, Kirkland’s (KGI.TO) drill results, ECU Silver’s (ECU.TO) silver and gold output for the fourth quarter, and SilverCrest’s (SVL.V) new Vice President of Operations 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.

SilverCrest Appoints Vice President, Operations - "SilverCrest Mines Inc. (the "Company") (TSX-V:SVL - News) is pleased to announce the appointment of Mr. Brent McFarlane to the newly created position of Vice President, Operations. Mr. McFarlane will operate out of Tucson, Arizona, and will report to N. Eric Fier, CPG, P.Eng, Chief Operating Officer of SilverCrest." More
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Papuan Precious Metals Announces New Director - More
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Another Globex Royalty Property to See Large Exploration Expenditures - More
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Bayfield Ranks Third Out of the Ten Mining Companies to Make the TSX Venture 50(R) - More
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Molycor Private Placement Update - More
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AM Gold to Exhibit at Phoenix Resource Investment Conference, February 18-19, 2011 - More
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Pretivm Reports on Market Activity - More
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Strategic Mining Corp (SMNG) Moves to OTC Bulletin Board From Pink Sheets - More
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Willow Creek Sends Geologist to Hercules Gold & Silver Property - More
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Red Metal Resources Adds Ground to its Farellon Copper-Gold Project in Chile's IOCG Belt - More
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NGEx Announces Major Exploration Programs Underway in South America and Africa - More
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Fission Energy Named One of TSX Venture Exchange's Top 50 Companies - More
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Timmins-Gowest Continues to Demonstrate Excellent Continuity While Expanding the Resource at the Frankfield East Gold Deposit - More
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Providence/Eagle Plains Add Second Drill Rig to Iron Range Project and Provide Update on Current Drill Program - More
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Callinan Receives Fourth Quarter Royalty Payment from HudBay Minerals - More
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Eagle Plains/Providence Add Second Drill Rig to Iron Range Project and Provide Update on Current Drill Program - More
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Gold Finder Ltd. Retains Acqua Capital Group. for Investor Relations Service - More
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AXMIN's Closes Its Acquisition of the Minority Interest in Its Komahun Gold Project, Sierra Leone - More
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First Point Appoints Rob Robertson Vice President Corporate Development - More
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Lithium One Finalizes James Bay Earn-In Agreement With Galaxy - More
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Typhoon Exploration Has Begun a Drilling Campaign on the Aiguebelle-Goldfields Property - More
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Benton and Partner Glory Acquire Rio Tinto Claims Adding to Onion Lake JV - More
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Drilling at Abcourt-Barvue Continues to Intersect Two Bands of Mineralization With Excellent Values in Silver and Zinc Over Good Widths - More
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Redhill Resources Corp.: Mutiny Gold Releases Positive Scoping Study for Deflector Gold Deposit - More
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Ventana and AUX Execute Support Agreement for Increased Offer of $13.06 in Cash per Ventana Share - More
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Gold Bullion Continues to Expand Mineralized Zones at Granada Property - More
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Montero Mining and Exploration Ltd Common Shares Listed on TSX Venture Exchange - More
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LIM Reports Third Quarter Results and Outlook for First Year of Production - More
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Renforth Completes Winter Diamond Drill Program at New Alger Gold Project - More
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Klondex Discovers High-Grade Gold Vein in Nevada with 0.31 oz/ton Gold over 20 feet, Including 1.21 oz/ton over 4 feet - More
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Ucore Completes Washington Meetings & Sets Out Strategy for Heavy REE Production in U.S. - More
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Adriana Announces Signing $28 Million Private Placement With WISCO - More
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Pershimco Appoints Serge Cotes as CFO and Grants Options - More
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Edgewater Receives 90 Year Mining Leases for Corcoesto Gold Project, Galicia, Spain - More
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First Mexican Updates Exploration Program in Sonoro, Mexico - More
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South American Gold Appoints VP of Exploration and VP of Operations - More
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Curlew Lake Resources Inc. Announces It Has Increased Its Land Position to 776,740 Acres of Metallic & Industrial Minerals Rights on the Peace River Arch - More
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Seafield to Host Open Conference Call - More
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Golden Hope Announces Drill Results From the 88 Zone Including 2.72 g/t Over 3 Metres, 1.54 g/t Au Over 8 Metres and 1.69 g/t Au Over 5 Metres - More
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American Bonanza Receives Air Quality Control Permit for the Copperstone Gold Mine - More
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Yale Continues to Expand Silver Target at Los Amoles - More
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Touchdown Resources Appoints Hockey Hall of Fame's Denis Potvin to the Board of Directors - More
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Laurion Identifies Additional Mineralized East Ridge Zone on Bell Mountain Project - More
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Eaglecrest Changes Name to Colombia Crest Gold Corp. - More
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GTSO and Rare Earth Exporters of Mongolia Engage New Director of Operations - More
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Brazil Gold Taps Director Leigh Freeman for CEO & Chairman; Sees "Accelerated Pace" in the Months Ahead - More
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Selwyn Intercepts Thick High-Grade Mineralization in XY Central Deposit - More
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North Bay Resources Inc. (NBRI) Expands Tulameen Platinum Project; New Claims Include Recent Discovery of Vanadium and Rare Earths (REE) - More
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Glen Eagle Resources Inc.: New Authier Lithium NI 43-101 Compliant Resource Estimate 40% Above Historic - More
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Quadra FNX to Take-Over Mining Operations at Franke - More
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Estrella Gold and Cliffs Natural Resources Sign Formal Exploration Alliance Agreement - More
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Crosshair Announces Change of Chief Financial Officer - More
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First Liberty Power Corp. Commences Next Exploration Phase - More
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Peregrine Announces 2011 Diamond and Metals Exploration Programmes for Qilaq and Cumberland and Confirms Precious and Base Metal Anomalies - More
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Nature's Call Samples High Grade Silver at Los Amoles, Including 1,027.5 g/t - More
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Champion Minerals Initiates 5,000 m Diamond Drilling Campaign on Moire Lake Iron Project in the Fermont Iron Property - More
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Charles Vollmer Named to Liberty Star's Board of Directors - More
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Crocodile Gold Initiates Drill Program at Union Reefs Project Area Targeting High Grade Zones Below Historical Open Pits Adjacent to the Operating Mill - More
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Kivalliq Announces 35,000 Metres of Drilling for Angilak Property - More
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Bold Ventures Inc. Establishes Advisory Board - More
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Geovic Awarded New Caledonian Licenses to Explore Chromite Deposits - More
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Virgin Metals Inc.: Confirms Resource Estimate for Los Verdes Project - More
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Alto Group Holdings Announces Acquisition of Mineral Rights in 24 Gold & Diamond Concessions Within Sierra Leone, West Africa - More
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Goldrush Announces Exploration Program for Newly Acquired Burkina Faso Permits - More
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Belo Sun Mobilizes a Sixth Drill Rig and Initiates Drilling on the South Block of the Volta Grande Gold Project Brazil - More
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Paladin Energy Ltd-Correction to Share Information-Half Year Accounts - More
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Candente Gold Earns 50% Interest in the El Oro Gold Project - More
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California Gold Corp. Signs Property Option Agreement to Acquire up to an Eighty Percent Interest in Mexivada's AuroTellurio Gold-Tellurium Property in Sonora - More
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Bellhaven Identifies Three New Geophysical Targets at the La Mina Porphyry Gold-(Copper) Project, Colombia - More
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ECU Silver Reports Gold and Silver Shipments and Production in Fourth Quarter - "Shipments for Q4 2010 consisted of 81,071 ounces of silver; 5,983 ounces of gold; 146,985 pounds of lead; and 190,220 pounds of zinc. Expressed in terms of silver equivalent ounces, and based on commodity prices averaged over the quarter, the Company shipped 404,195 silver equivalent ounces ("AgEq oz") during this period. Compared to the third quarter of 2010 (Q3 2010), silver shipments increase by 12%, gold shipments were unchanged, lead shipments increased by 4% and zinc shipments increased by 190%. Shipments for Q4 2010, on a silver equivalent basis, using equivalent commodity price ratios for Q4 2010 and Q3 2010, was up 4% versus Q3 2010." More
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Gold Resource Corporation El Aguila Project Update - "Development of the high-grade La Arista underground vein system is progressing on an accelerated basis. The Company is focused on this underground development so it can begin processing, as soon as possible, the La Arista polymetallic deposit. This ore contains high-grade gold and silver mineralization along with base metals copper, lead and zinc. The Company targets a "zero" cash cost to produce its gold and silver by using industry standard base metal by-product credits. Stockpiles of Arista ore continue to build on the crusher pad in preparation for the switch from processing El Aguila open pit ore to processing Arista underground ore." More
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Allied Nevada Announces Appointment of Michael Moran as Vice President, Project Development - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased announce that Mr. Michael Moran has been appointed to the newly created position of Vice President, Project Development effective immediately. Mr. Moran's primary responsibility will be to lead the engineering design, feasibility studies and mine construction at the Company's wholly owned Hycroft mine, located near Winnemucca, Nevada. Mr. Moran will also be responsible for managing other projects as they reach the feasibility stage." More
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Paramount Gold Announces Positive Drill Results From Sleeper Gold Project in Nevada - "Paramount Gold and Silver Corp. (AMEX:PZG - News)(TSX:PZG - News)(Frankfurt:P6G - News)(WKN: A0HGKQ) ("Paramount") announced today assay results from the first four core holes drilled on the West Wood target at its 100% owned Sleeper Gold Mine Project in Nevada have returned gold values consistent with past production from the project and confirmed the resource model developed by the previous owner. Assay results from a further 14 holes completed at the Sleeper project are expected shortly." More
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Kirkland Lake Gold Inc.: Two New Exploration Programs Intersect High-Grade Mineralization; West Macassa Drill Hole 53-1725 Returns 6.05 Ounces of Gold Per Ton - "Kirkland Lake Gold Inc. (TSX:KGI - News)(AIM: KGI) (the Company), an operating and exploration gold company, is pleased to announce drilling results from two new underground exploration programs on the Company's 100% owned Macassa property. The programs were designed to test a previously unexplored area of the property from the 5300 foot level of the Macassa Mine and to further explore the South Mine Complex (SMC) and have produced encouraging initial results. The SMC consists of 25 or more mineralized zones, some of which are now in production while others are being explored and developed under the Company's aggressive exploration and ore-body definition programs." More
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