Gold Seeker Weekly Wrap-Up: Gold Gains Over 1% on the Week While Silver Surges Almost 7%

	Close	Gain/Loss	On Week
Gold	$1427.90	+$12.00	+1.33%
Silver	$35.28	+$0.97	+6.94%
XAU	215.86	+037%	+1.72%
HUI	573.44	+0.73%	+3.30%
GDM	1677.25	+0.66%	+2.54%
JSE Gold	2720.19	-47.60	-0.63%
USD	76.39	-0.09	+2.54%
Euro	139.82	+0.17	+1.67%
Yen	121.52	+0.15	-0.78%
Oil	$104.42	+$2.51	+6.68%
10-Year	3.492%	-0.080	+1.96%
Bond	120.8125	+0.84375	-0.74%
Dow	12169.88	-0.72%	+0.33%
Nasdaq	2784.67	-0.50%	+0.13%
S&P	1321.15	-0.74%	+0.10%

Gold traded mostly slightly higher in Asia and London before it jumped to as high as $1432.00 by midday in New York and then fell back off a bit in afternoon trade, but it still ended with a gain of 0.85%. Silver climbed to a new 30-year high of $35.388 and ended with a gain of 2.83%.

Euro gold climbed to about €1021, platinum gained $9.25 to $1832.50, and copper remained at about $4.48.

Gold and silver equities rose about 1% at the open and remained near that level for most of the morning, but they then fell back off a bit in afternoon trade and ended with only slight gains.

Report	For	Reading	Expected	Previous
Nonfarm Payrolls	Feb	92K	185K	63K
Unemployment Rate	Feb	8.9%	9.1%	9.0%
Average Workweek	Feb	34.2	34.3	34.2
Hourly Earnings	Feb	0.0%	0.2%	0.4%
Factory Orders	Jan	3.1%	2.1%	1.4%

Next week’s economic highlights include Consumer Credit on Monday, Wholesale Inventories on Wednesday, Initial Jobless Claims, the Trade Balance, and the Treasury Budget on Thursday, and Retail Sales, Michigan Sentiment, and Business Inventories on Friday.

Oil soared 2.5% higher to almost $105 a barrel on conflicts in Libya and on word of demonstrations in Saudi Arabia ahead of next Friday’s “Day of Rage.”

“The dollar fell to its lowest level in four months against the euro and gave up gains against the Japanese yen on Friday as oil prices topped $104 a barrel, raising investors worries that high energy prices will hurt growth.”

Treasuries rose as the Dow, Nasdaq, and S&P fell on worries over geopolitical unrest and rising oil prices, but a late day come back pared losses in the major indices quite a bit.

“Even with a safe haven bid seen in the markets today on account of a roaring crude oil price, the US Dollar cannot get any sort of decent bid - This fact, more than anything else, is telling us that the Dollar is very close to crashing through major chart support just north of 75. After all, if it cannot rally on the payrolls number in combination with a safe haven bid, what is it going to take to rally it??

The facts are nearly every other major nation, with the exception of Japan, are now fully engaged in the battle against the Kraken (inflation monster). Only the US Federal Reserve refuses to see the obvious. They will print, print some more, and keep on with their damn printing, until they succeed in driving King Dollar into the latrine.

We are back to trading crude oil once again in today's session with its rise higher derailing equities and "risk trades" and generating safe haven flows.

That can be seen in the gain by the CRB against the CCI, the move higher in the long bond and the resultant rush back into gold and silver particularly when compared to copper.

For the time being, everything is about crude - not even the payrolls number matters right now.

Yesterday gold and silver were both sold off as crude sank amid an easing of concerns over the events in North Africa and the Middle East. That combined with hawkish talk from ECB President Trichet was enough to send gold and silver buyers scurrying for cover. With crude setting a fresh 30 month high today, that was all forgotten.

Expect this very dangerous volatility to continue as long as crude is as volatile as it is. If it were to move lower, gold and silver will follow it down. If it continues moving higher, gold and silver and not going to break down and will keep setting fresh highs. It really is that simple.

The charts are going to reflect this volatility as they generate sell signals which will then promptly reverse into buy signals. Therefore do not put much faith in any predictions right now. The fact is no one knows what crude oil is going to do on any given day and no one can be sure how events associated with its rise are going to ultimately play out. That uncertainty is going to keep gold and silver well bid on dips in price but it will also make for quick drops lower if it looks as if crude oil is hitting some sort of temporary top.

I can say one thing with absolute certainty however, if you are a hedger of mortgage risk, you have got to be going nuts attempting to read the bond market in an attempt to implement your risk management program.

Both gold and silver saw open interest drops during yesterday's move lower. Longs were booking profits after crude moved lower but shorts who had been losing money recently also did not hang around long either but decided to cover some as well. March silver keeps losing interest as per the recent pattern. Also, as was the case the previous day, there were no deliveries against the March contract.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.34 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 118.96: +0.45 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,794.89: +30.37 change from yesterday’s data.

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Rockex Appoints New Director - More
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Argosy Minerals Limited: Bembeye Iron Ore Project - More
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Argosy Minerals Limited: Chromite Exploration Licences Granted - More
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Nemaska Exploration Closes $3.7 Million Private Placement With Chengdu Tianqi Industry Group - More
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Argosy Minerals Limited: Finalisation of Capital Raising - More
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Serengeti Files Kwanika 43-101 Report and Hires Paradox Public Relations - More
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Banro's Phase 1 Mining of the Oxide Cap at Twangiza Indicates Annual Gold Production of 119,303 Ounces at Total Cash Costs of Us$356 Per Ounce for First 5 Years - "Banro is fast tracking production at Twangiza by initially exploiting the oxide cap ahead of building the full scale facilities outlined in the July 17, 2009 Twangiza feasibility study report (which reported the Twangiza proven plus probable mineral reserves as 4.54 million ounces of gold). This first phase of development (referred to as Twangiza "Phase 1") is on track to deliver commercial production during the fourth quarter of 2011. Banro intends to use the Phase 1 cash flow to build the Company's Namoya heap leach gold project (reference is made to Banro's press release dated January 24, 2011 which outlined production for the Namoya heap leach project of 124,000 ounces per annum at an average total cash cost of US$359 per ounce over a 7 year mine life), thereby achieving in excess of 240,000 ounces per annum for the Company and enabling Twangiza to then be further expanded to its full production capacity. This staged development and internal financing plan will allow Banro management to continue to build on its positive experience at Twangiza in sourcing and installing plant and mining equipment in the eastern DRC in order to grow Banro's production profile along the Twangiza-Namoya gold belt." More
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Two Technical Reports Anticipated Soon - More
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Jayden Receives Updated Technical Report-Reports Increase in Grade and Ounces at Its Silver Coin Project, BC - More
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Bralorne Moves Forward to Start Milling - More
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Goldeye Commencement of Work on Chilean Epithermal Silver-Gold Veins - More
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U.S. Silver Announces Continued Exploration Success And Provides Key Updates in Advance of PDAC Participation - "The Company previously announced positive diamond drilling results from the 4000 and 5200 levels at the Galena mine (press release dated October 19, 2010). Drilling continues on both levels with 13,904 feet (4,238 meters) of drilling completed during the fourth quarter of 2010, and 7,031 feet (2,143 meters) completed during the first two months of 2011. Total exploration drilling footage for 2010 was 49,374 feet (15,048 meters)." More
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Quinton Hennigh, Ph.D., P.Geo., Joins Gold Canyon Board of Directors - More
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Iron Creek & Hochschild Mining Exercise Underlying Options over the Victoria JV Project - More
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TVI Pacific Inc. Announces Results of TG World Energy Corp. Special Meeting - More
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Adanac Comments Regarding Unusual Market Activity - More
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Trueclaim Exploration Inc. Intersects 15.78 Meters Averaging 5.36g/t at Scadding Gold Project - More
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Rockex Mining Corporation to Begin Trading on TSX - More
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NuLegacy Gold Increases Private Placement - More
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Petaquilla Minerals Ltd.: Repeal of Amendments to Mineral Resources Code of Panama - More
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Key Gold Holding Appoints Mr. Rick G. Bonner P.Geo to the Board of Directors and Retains Geologica Groupe-Conseil Inc. - More
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LIM Announces New Denault Resource Estimate of 6.4 Million Tonnes - More
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Maya Gold & Silver Closes First Tranche of Private Placement - More
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TerraX drills 2 m of 10.96 g/t Au at Blackfly; drilling ongoing on Sunbeam-Pettigrew property, Atikokan, Ontario - More
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Pelangio Exploration Intersects 4.18 g/t Gold Over 12 Metres at Pokukrom East on the Manfo Property - More
- March 04, 2011 | Item | ShareThis

Erdene Reports Additional Results from Mongolian Copper Discovery: Includes 34 Metres of 9.24 g/t Silver With 1.3% Copper, Drill Program to Commence in April - More
- March 04, 2011 | Item | ShareThis

Strateco Confirms the Presence of High-Grade Mineralization Between the MT-22 and MT-34 Lenses - More
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Strait Gold Fast-Tracks Drill-Permit Application for Alicia - More
- March 04, 2011 | Item | ShareThis

Valencia Terminates Option to Acquire Rare Earth Properties - More
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GFM Resources Limited: Mr. Roman Friedrich Resigns From Board - More
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Argentum Retains Investor Relations Advisor - More
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Canasil $2,000,000 Non-Brokered Private Placement - More
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Continental Precious Minerals Completes Resource Estimate On Lill-Juthatten Licence - More
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Papuan Precious Metals Corporation: Sampling Returns Copper Values Up to 1.16% at Araboro Creek Prospect, Mt Suckling - More
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Guyana Frontier Closes Private Placement and Guyana Properties Agreement - More
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Moly Mines Advises Utah Point Access Extended to 2015 - More
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Uranium Energy Corp Makes Appointments, Expands Management - More
- March 04, 2011 | Item | ShareThis

Abcourt Mines Inc.: Diamond Drilling at the West End of the Elder Mine Extends the Main Vein and Several Holes Intersects More Than One Zone of Mineralization - More
- March 04, 2011 | Item | ShareThis

Geo Minerals Plans Drill Program for the Upcoming Season at the West Blackwater Property, B.C. - More
- March 04, 2011 | Item | ShareThis

Marifil Signs Agreement for Its Toruel Silver Property - More
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Cap-Ex Receives TSX Approval on Acquisition of Schefferville Properties and Closing of Its $2,400,000 Private Placement - More
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AndeanGold Announces Closing of $3,856,810 Private Placement - More
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Rae-Wallace Mining Company Completes Geophysical Survey at Toro Blanco - More
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Lake Shore Gold Reports Wide Intersections With High-Grade Sections Within Porphyry Zone at Thunder Creek, Underground and Surface Drilling Highlight Potential - More
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Dawson Gold Expands Toro Gold Project With Additional Claim Staking - More
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Update on Niocan's Strategic Process - More
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Dynasty Metals & Mining Inc.: President's Update - More
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Superior Mining Announces Grant of Stock Options - More
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Crown Gold Intersects 77 g/t Gold Over 0.9 Metres (2.2 Ounces/Ton Over 3 Feet) at the McKenzie Island, Red Lake Project - More
- March 04, 2011 | Item | ShareThis

Cerro Resources Announces Closing of Placement - More
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Board Appointment Approved and Stock Options Issued - More
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San Gold Confirms High Grades with Bulk Sample of 007 Zone - More
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Golden Hope Mines Ltd. Announces Bulk Sample Results from Bellechasse-Timmins Including 6.49 g/t Over 6 Metres and 3.37 g/t Over 6 Metres at the 88 Zone - More
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Beatrix Acquires New Gold Property - More
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Positive Test Results from First Round of Metallurgical Testwork using AmmLeach(R) on Firestone's Torlon Hill Zinc-Lead-Silver Oxide Deposit - More
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Panamanian Government Indicates Intent to Repeal Modified Mineral Resources Code; Contract-Law 9 Unaffected - More
- March 04, 2011 | Item | ShareThis

First Uranium Announces Resignation of Non-Executive Director - More
- March 04, 2011 | Item | ShareThis

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