Gold Seeker Closing Report: Gold and Silver Rise To New Highs Again

	Close	Gain/Loss
Gold	$1436.30	+$6.55
Silver	$34.82	+$0.42
XAU	217.29	+0.01%
HUI	575.64	+0.17%
GDM	1689.73	+0.06%
JSE Gold	2578.38	-4.45
USD	76.65	-0.40
Euro	138.67	+0.92
Yen	122.11	+0.01
Oil	$102.23	+$2.60
10-Year	3.464%	+0.050
T-Bond	121.0625	-0.9375
Dow	12066.80	+0.07%
Nasdaq	2748.07	+0.39%
S&P	1308.44	+0.16%

Gold waffled near unchanged in Asia before it steadily rose in London and New York to a new all-time high of $1440.13 by about noon EST and then fell back off a bit in afternoon trade, but it still ended with a gain of 0.46%. Silver climbed to as high as $34.96 and ended with a gain of 1.22% at a new 30-year high.

Euro gold climbed to over €1036, platinum gained $15.25 to $1853.00, and copper fell slightly to about $4.48.

Gold and silver equities fell almost 1% about a half hour into trade before they rose to find slight gains by midday and then fell back near their lows by mid-afternoon, but they then rallied back higher in late trade and ended with slight gains.

Report	For	Reading	Expected	Previous
ADP Employment	Feb	217K	165K	189K

The fed’s Beige Book “said the labor market improved throughout the country early this year, driven by increasing retail sales and “solid growth” in manufacturing.”

“The survey hinted at some inflationary concerns. Costs are rising for manufacturers and retailers in most areas. Manufacturers in many districts said they are increasingly able to pass on those costs to customers. Retailers in some districts said they have or soon will raise prices.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 2/26 expected at 400,000, fourth quarter Productivity expected at 2.3%, and Unit Labor Costs expected at -0.4%. At 10AM is the ISM Services report for February expected at 59.0.

Oil added to early gains after the Energy Information Administration reported that crude inventories fell 364,000 barrels, gasoline inventories fell 3.6 million barrels, and distillates fell 751,000 barrels.

The U.S. dollar index fell as the euro rose on inflation worries that may influence the European Central Bank to raise rates sooner than the fed. “The European Central Bank meets on Thursday and is fully expected to leave its key lending rate unchanged at a record-low 1%. Some expect policy makers to take steps toward winding down its emergency funding programs, setting the stage for an interest-rate hike in coming months.”

The Dow, Nasdaq, and S&P shrugged off higher oil prices and rose on the better than expected ADP report, but gains were certainly limited by worries over inflation and unrest in the Middle East.

Among the big names making news in the market today were Staples, Costco, BJ’s Wholesale, and Apple.

“Speculators are pouring into gold based on the data we have from the exchange recapping yesterday's open interest readings. There was a very good increase of a bit over 6,000 contracts with the bulk of that coming in the June contract as apparently some of the newcomers have decided to forego buying the April and having to roll in a few weeks' time. These new additions were what drove gold past its all time yesterday. As long as this continues, gold will keep moving on to make new highs.

Silver on the other hand showed a drop of 412 contracts with the bulk of that coming out of the March contract which continues to dwindle and is now down to 2,251 contracts. March remains at a discount to the May continuing that pattern which lowers the odds of any short squeeze in that contract month before the March goes off the board. We are still monitoring that situation closely for any developments however. Deliveries were rather small yesterday with only 9 contracts issued and stopped.

Even without any fireworks in the March contract delivery process, silver continues soaring ahead. It is proving that it doesn't need any! I do find that drop in open interest yesterday when it pushed past the recent 30 year high noteworthy. There are obviously a large number of shorts who are in deep trouble in this market. They are continuing to get run over and are moving out as longs keep pressing them.

As a matter of fact the big silver shorts, the banks, have been steadily drawing down their short side exposure by 10,000 contracts since September of last year. Even at that however, the ground is littered with bleeding shorts. Interestingly enough, that last Commitment of Traders report showed all the speculative money, no matter from what category, managed money, general public or other large reportables, all on the long side on a net basis. The only group of traders on the short side on a net basis are the Commercial/Swap Dealers class and right now that class is getting run over.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 118.53: +0.98 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,693.68: +27.33 change from yesterday’s data.

Nevsun’s (NSU) drill results and Vista Gold’s (VGZ) warrant listing and mineral resource estimate 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.

Calibre Engages Endeavour Financial - More
- March 02, 2011 | Item | ShareThis

NV Gold Appoints Investor Relations Consultant - More
- March 02, 2011 | Item | ShareThis

Corvus Gold Provides Update on LMS, West Pogo and Terra Gold Projects in Alaska - More
- March 02, 2011 | Item | ShareThis

Bullion Monarch Mining Acquires Brazilian Exploration Company Dourave - More
- March 02, 2011 | Item | ShareThis

Ur-Energy Provides Update on Closing Date for Offering - More
- March 02, 2011 | Item | ShareThis

SAMEX Mining Corp.: Warrant Term Extension - More
- March 02, 2011 | Item | ShareThis

Harvest Gold Corporation: Phase II Drill Program at the Rosebud Mine Project to Begin - More
- March 02, 2011 | Item | ShareThis

THEMAC Receives Conditional Approval From the TSX Venture Exchange for Acquisition of Copper Flat - More
- March 02, 2011 | Item | ShareThis

Buenaventura Drilling at Focus's Minas Chanca Silver Project, Peru - More
- March 02, 2011 | Item | ShareThis

Bravo Retains Consulting Mining Engineer for Homestake Ridge Project - More
- March 02, 2011 | Item | ShareThis

Rae-Wallace Mining Company Strengthens Management Team, Raises CDN$723,250 in Brokered Private Placement - More
- March 02, 2011 | Item | ShareThis

UPDATE: Willow Creek Receives Positive Surface Samples - More
- March 02, 2011 | Item | ShareThis

Iron Creek Outlines New Geochemical Anomalies at Cerro Buenos Aires, Part of the Pampa Buenos Aires JV; Follow-up Program Planned - More
- March 02, 2011 | Item | ShareThis

Silver Quest Announces 43-101 Resource Estimate for Davidson Property - More
- March 02, 2011 | Item | ShareThis

Firestone Extends Expiry Date of Outstanding Warrants - More
- March 02, 2011 | Item | ShareThis

Great Western Minerals Group Completes Rareco Purchase - More
- March 02, 2011 | Item | ShareThis

Western Troy to Drill at Deborah Lake - More
- March 02, 2011 | Item | ShareThis

Alturas Signs Amendment to its Option Agreement for La Corina Copper-Gold Project in Northern Chile - More
- March 02, 2011 | Item | ShareThis

Corazon Provides Update on Drilling Program and Grants Options - More
- March 02, 2011 | Item | ShareThis

Canadian Orebodies Inc. Stakes Claims Contiguous to Haig Inlet Iron Ore Project - More
- March 02, 2011 | Item | ShareThis

Robex: Met-Chem Will Develop the Mine Plan for the Nampala Project in Mali - More
- March 02, 2011 | Item | ShareThis

Uranium Resources Inc. to Present at Roth Capital Partners’ 23rd Annual Growth Stock Conference - More
- March 02, 2011 | Item | ShareThis

Everett Resources Announces Drilling Contract and Mobilization on the Menarik Property, Quebec - More
- March 02, 2011 | Item | ShareThis

GoldQuest Announces Initial Resource Estimate for Toral Zinc-Lead-Silver Deposit, Spain - More
- March 02, 2011 | Item | ShareThis

Portage & Freewest JV to Resume Drilling for Gold at Golden Ridge, New Brunswick - More
- March 02, 2011 | Item | ShareThis

Tosca Mining to acquire the Red Hills Molybdenum-Copper project in Texas - More
- March 02, 2011 | Item | ShareThis

Gold Bag, Inc.'s Focus Gold Corp. Appoints Dorian L. Nicol as Director of Exploration - More
- March 02, 2011 | Item | ShareThis

United Reef Completes Drilling Program, Awaiting Assays on Nixon Bartleman Property, West Timmins Area - More
- March 02, 2011 | Item | ShareThis

Final Details of White Canyon Uranium Ore Processing - More
- March 02, 2011 | Item | ShareThis

Everton and Brigus Report More Positive Drill Results on the La Lechoza VMS Prospect in the Dominican Republic - More
- March 02, 2011 | Item | ShareThis

Talison Lithium Commences Expansion to Double Capacity at the Greenbushes Lithium Operations - More
- March 02, 2011 | Item | ShareThis

Prophecy Appoints Key Management Personnel - More
- March 02, 2011 | Item | ShareThis

Rye Patch Gold Drills More High-Grade Gold at Wilco - More
- March 02, 2011 | Item | ShareThis

Uranerz Treasury Increases to $47 Million from Exercised Warrants - More
- March 02, 2011 | Item | ShareThis

Pacific Ridge Plans $3.0 Million Exploration Program on the Mariposa Property, White Gold District - More
- March 02, 2011 | Item | ShareThis

White Tiger Gold Obtains Revolving Credit Facilities for Up to C$23.8 Million - More
- March 02, 2011 | Item | ShareThis

Westridge Appoints Richard Barclay as an Advisor - More
- March 02, 2011 | Item | ShareThis

Glen Eagle Intersects 1.09% Li2O Over 54 Meters - More
- March 02, 2011 | Item | ShareThis

Playfair Mining Closes Private Placement - More
- March 02, 2011 | Item | ShareThis

Cogitore Drilling on Central Lens Confirms Continuous Mineralization and Increases Tonnage Potential at Scott Lake - More
- March 02, 2011 | Item | ShareThis

General Moly Announces Fourth Quarter and Full Year 2010 Results - More
- March 02, 2011 | Item | ShareThis

HudBay Minerals Announces Take-up of Over 90% of Norsemont Mining Inc.'s Shares and Extends Offer Until March 15, 2011 - More
- March 02, 2011 | Item | ShareThis

Drilling Re-Commences on Stroud's Santo Domingo Silver Project - More
- March 02, 2011 | Item | ShareThis

Kilo Announces 2.0 Million Ounces Gold Initial Inferred Mineral Resource Estimate for the Adumbi Deposit, Somituri Project, DRC - More
- March 02, 2011 | Item | ShareThis

Inter-Citic Reports New Metallurgical Work at Dachang Exceeds Previous Results - More
- March 02, 2011 | Item | ShareThis

Continental Nickel Reports a Major Increase in Mineral Resources, Including the First Mineral Resource Estimate for the Sleeping Giant Nickel-Copper Sulphide - More
- March 02, 2011 | Item | ShareThis

Richfield Reports 1.83 Million oz Contained Gold in Preliminary Indicated Resource Estimate at Blackwater, Additional 2.34 Million oz Contained Gold in Inferred - More
- March 02, 2011 | Item | ShareThis

Balmoral Intersects 11.18 g/t Gold Over 12.00 Metres in First Hole on Martiniere Project, Quebec - More
- March 02, 2011 | Item | ShareThis

Redstar Options Nevada Project to Catalina Metals Corp. - More
- March 02, 2011 | Item | ShareThis

Gowest Extends High-Grade Gold Mineralization from Near Surface to a Depth of 920m at Its Frankfield East Gold Deposit in Timmins, Ontario - More
- March 02, 2011 | Item | ShareThis

Hunter Bay Minerals Plc Completes Due Diligence of Sela Creek - More
- March 02, 2011 | Item | ShareThis

Meadow Bay Acquires Atlanta Gold Mine in Nevada, Appoints Bill Reed to Board and Closes on US$9.25M Equity Financing - More
- March 02, 2011 | Item | ShareThis

Catalina Options Cooks Creek Project in Nevada - More
- March 02, 2011 | Item | ShareThis

Xtra Encounters Visible Gold in 9 of 12 Holes at Kibi - More
- March 02, 2011 | Item | ShareThis

Northwest Power Line Environmental Assessment Certificate Approval - More
- March 02, 2011 | Item | ShareThis

Virginia Mines Inc.: Update on the Eleonore Project - More
- March 02, 2011 | Item | ShareThis

Nature's Call Brands announces Name Change to Sonora Resources Corp. - More
- March 02, 2011 | Item | ShareThis

Valentine Lake Joint Venture Intersects High Grade Lens Grading 3.75 g/t Au over 37.5m Including 18.81 g/t Au over 4.5m (true widths) at the Leprechaun Gold - More
- March 02, 2011 | Item | ShareThis

Fjordland Exploration Inc.: Gold Fields Plans Major Drilling Programs at Woodjam Gold-Copper- Molybdenum Project in 2011 - More
- March 02, 2011 | Item | ShareThis

Willow Creek Receives Positive Surface Samples - More
- March 02, 2011 | Item | ShareThis

U3O8 Corp. Reports Positive Metallurgical Test Results From the Laguna Salada Project, Argentina - More
- March 02, 2011 | Item | ShareThis

Timmins Gold Corp Reports Q3 Operating and Financial Results San Francisco Mine Generates US$16 Million in Net Profits Before Taxes - More
- March 02, 2011 | Item | ShareThis

Rodinia Lithium Inc. Defines 4,959,000 Tonne Lithium Carbonate Equivalent Resource at Salar de Diablillos - More
- March 02, 2011 | Item | ShareThis

Yukon-Nevada Gold Corp. Closes Flow-Through Private Placement - More
- March 02, 2011 | Item | ShareThis

Earth Dragon Resources Undertaking New Technical Study of Chisu Gold Project, Tanzania - More
- March 02, 2011 | Item | ShareThis

Advanced Explorations Announces Shandong Fulun Steel Exercises Right to Off-take Agreement on Roche Bay Iron Project - More
- March 02, 2011 | Item | ShareThis

Habanero to Acquire Additional Acreage in Quebec - More
- March 02, 2011 | Item | ShareThis

Nevsun Drills 51M of 3.34 g/t Au at Harena Satellite Deposit - "Nevsun Resources Ltd. (TSX:NSU - News)(AMEX:NSU - News) is pleased to report the gold assays from the thirty-four infill diamond drill holes at the Harena deposit within its Bisha exploration license in Eritrea. Nevsun plans to use the infill drilling results to complete a resource estimate, mine plan and mining license application to process the material at its Bisha processing plant. Harena lies 9.5 km southwest of the Bisha Main deposit on an exploration license contiguous to the Bisha Mining license." More
- March 02, 2011 | Item | ShareThis

Vista Gold Corp. Announces Listing of Warrants - "Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) ("Vista" or the "Corporation") is pleased to announce that a total of 15,308,044 common share purchase warrants (the "Warrants") issued on December 15, 2010 (in connection with our previously announced private placement of special warrants) began trading March 1, 2011 on the Toronto Stock Exchange (the "TSX") under the symbol VGZ.WT.U. See our press releases dated September 30, 2010, October 12, 2010, October 22, 2010 and December 15, 2010 for additional information on the private placement and the Warrants." More
- March 02, 2011 | Item | ShareThis

Vista Gold Corp. Announces Combined Mineral Resource Estimate for the Yellow Pine - Golden Meadows Project in Valley County, Idaho - "Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) ("Vista" or the "Company") today announced that it has received from Midas Gold, Inc. ("Midas") the reports containing estimates of the gold mineral resources for the Hangar Flats and West End deposits. These two gold deposits are located close to Vista's Yellow Pine project. As previously announced, Vista and Midas have entered into a Combination Agreement pursuant to which Vista and Midas have agreed to combine Midas' Hangar Flats and West End deposits with Vista's Yellow Pine project (the "Combination") into a new company, Midas Gold Corp. ("Midas Gold"). Assuming the completion of the Combination, Vista will own 35% of the shares of Midas Gold. Completion of the Combination is subject to a number of conditions, including receipt of approval of the shareholders of Midas and other customary approvals and closing conditions. The completion of the Combination is expected to occur in April 2011, following the approval of Midas' shareholders. Key Midas shareholders and management have entered into voting support agreements pursuant to which they have agreed to vote in favor of the Combination." More
- March 02, 2011 | Item | ShareThis

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

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.