-- Posted 21 March, 2011 | | Source: SilverSeek.com

The Metals:

Gold climbed to as high as $1434.84 in early New York trade before it fell back off a bit into the close, but it still ended with a gain of 0.7%.  Silver surged to as high as $36.17 before it also fell back off, but it still ended with a gain of 2.71%.

Euro gold climbed above €1003, platinum gained $24 to $1739.75, and copper fell 6 cents to about $4.28.

Gold and silver equities rose about 2% at the open and remained near that level for the rest of the day.

The Economy:

Treasury to Sell Mortgage-Backed Holdings at Up to $10 Billion Per Month  Bloomberg

Tomorrow at 10AM EST brings the FHFA Housing Price Index for January.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil rose on supply concerns in Libya and the Middle East.

The U.S. dollar index fell as the euro rose on expectations for an interest rate hike from the European Central Bank as early as next month.

Treasuries fell as the Dow, Nasdaq, and S&P rose on deal making news and easing worries over Japan.

Among the big names making news in the market today were Citigroup, Charles Schwab and OptionsXpress, AT&T and T-Mobile, SunTrust, KeyCorp, and KNOC.

The Commentary:

“There were only 2 deliveries posted against the March Silver contract  today bringing the total deliveries for the month to 980. I should note however this is the first day since the delivery process began that the March Silver contract did not see a reduction in open interest. Interestingly enough, it witnessed an increase of 5 contracts on Friday of last week. Apparently some guys are planning on taking some silver and decided that the market was going to move higher with the return of the risk trades. A total of 898 contracts remain open in the March.

The spread between the March, May and July contracts for all practical purposes is zero with the March and May trading even. I would watch out if March goes to a premium to the May contract as that would portend that there are issues related to the delivery process which are bullish for the market. Such a development would indicate that the longs are getting ready to squeeze the shorts.

This is getting interesting as the battle to contain the metal below $36 is heating up. The shorts had better hope that they can push the market away from $36 convincingly or they are in trouble.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

“There are numerous fundamental and technical factors impacting a variety of markets.  Because of this, I continue to find comfort in my chicken coop until further notice.

The horrific events in Japan have been pushed to the side for now as Libya grabs the first headlines. As bad as these two events are, the straw that could break the back of even the “Don’t Worry, Be Happy” crowd’s spin control is the inevitable military battle between Israel and its enemies. The news of numerous rockets launched at Israel, IMHO, is going to take the numerous hotspots in the Middle East to a new and very dangerous level.

U.S. Stock Market – While Japan and the Middle East continue to sway the market, the inability of the U.S. economy to gain any real traction (despite Bernanke’s massive money creation out of thin air) is setting up a massive topping formation (And the bogeyman inflation is back no matter how much Bernanke says it isn’t.). Even though I’ve not pulled the trigger on going short, I’ve pared down to bare bones. My feathers may litter the chicken coup but I’m going to be a live chicken versus a dead duck.

U.S. Bonds – While suggesting no maturities of any type past 2 years for many moons now, I’m very tempted to actually short U.S. Treasuries. But again my feathers get in the way. The Fed is the only real buyer and they’re doing so with funny money.

U.S. Dollar – Of all the markets right now, this one offers, IMHO, the most interesting trade/gamble. I believe we’re either going to break down hard or rally off critical support in a major way. This is one of those rare times when a call and a put together offer some speculative appeal. Stay tuned.

Gold and Silver – Lots of bullish fundamentals but some early short term technical concerns. Not enough to want to sell any holdings but as noted late last week, I would sooner make any new purchases either at certain support levels noted or on a breakout to new highs. The “mother” of all bull markets remains fully intact.

Oil and Natural Gas – Hard to expect any significant pullback in oil when missiles and such are flying around the Middle East. As anticipated, natural gas is in the earliest stage of a new bull market.

Uranium – Unless the situation in Japan gets much worse, most of the damage in uranium prices and shares appears to have already been inflicted. However, any real thought of a V bottom is misguided in my mind. It’s too late to sell, and buying should be very nimble and best on pullbacks towards the recent lows.”- Peter Grandich, Grandich Letter

GATA Posts:

Fed must release loan data as Supreme Court rejects appeal

South Florida becomes center for dishonest gold sellers

GFMS chief belatedly acknowledges that official gold data is no good

GATA's Murphy, GoldMoney's Turk speak at Munich conference April 29

New York Sun: Von NotHaus is guilty but Bernanke is innocent?

Who's really undermining the currency, economic stability, and democracy?

Liberty Dollar founder convicted of counterfeiting; U.S. attorney calls him a terrorist

Was market-rigging computer program Goldman's or U.S. government's?

Ben Davies: We have forgotten what true money is

The Statistics:

Activity from: 3/18/2011

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR added 9.1 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 124.13: +1.16 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,960.39: +15.18 change from yesterday’s data.

The Miners:

Claude’s (CGR) drill results, Timberline’s (TLR) initial National Instrument 43-101 compliant gold resource estimate, and South American Silver’s (SAC.TO) year end results and project update were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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

All of today's gold and silver stock news:

Imperial Reports on 2010 Production and Update on Exploration - More
- March 21, 2011 | Item | ShareThis

Eurasian Minerals Announces Appointment of Mr. Brian K. Levet to the Board of Directors - More
- March 21, 2011 | Item | ShareThis

PBX Starts Drilling on the Copaquire Copper-Moly Porphyry Project, Chile - More
- March 21, 2011 | Item | ShareThis

Amex Closes $250,000 Private Placement - More
- March 21, 2011 | Item | ShareThis

Eurasian Minerals Completes Final Tranche of CAD $17.875 Million Private Placement - More
- March 21, 2011 | Item | ShareThis

Kaminak Announces Filing of National Instrument 43-101 Technical Report on Coffee Gold Project, Yukon - More
- March 21, 2011 | Item | ShareThis

Primero Purchases Silver Call Options - More
- March 21, 2011 | Item | ShareThis

Sparton and Osisko Mining Corporation Finalize Joint Venture Agreement for Atikokan Gold Area Properties - More
- March 21, 2011 | Item | ShareThis

Harvest Gold Corporation: Rosebud Gold Mine Project Drilling Underway in Nevada, USA - More
- March 21, 2011 | Item | ShareThis

Redhawk Appoints Buick Group Corp. as Investor Relations Consultant - More
- March 21, 2011 | Item | ShareThis

Sacre-Coeur Minerals: Drill Testing Targets for Expansion of Million Mountain Zone 1 Resource Body Begins - More
- March 21, 2011 | Item | ShareThis

Golden Goliath Resources Ltd.: News Release - More
- March 21, 2011 | Item | ShareThis

Dorato Resources Inc.: Multiple Copper-Gold Porphyry Targets Identified at Cobrecon & Cobrecon Sur - More
- March 21, 2011 | Item | ShareThis

Claude Resources Inc. Continues to Outline Gold Mineralization at Santoy Region - "Claude Resources Inc. (TSX-CRJ) (NYSE Amex-CGR) ("Claude" or the "Company") today reported exploration results from its underground and surface drill programs at the 100 percent owned Santoy 8 Gold Mine and from the Santoy Gap located north of the Santoy 8 Gold Mine." More
- March 21, 2011 | Item | ShareThis

NuLegacy Gold Begins 2011 Wood Hills South Exploration Program - More
- March 21, 2011 | Item | ShareThis

Great Quest Metals Mobilizes for Gold Drilling - More
- March 21, 2011 | Item | ShareThis

AuRo Resources Enters into LOI to Acquire La Argentina, La Alejandria and El Mulatos Mines - More
- March 21, 2011 | Item | ShareThis

Oremex Reports Additional Sampling Results at Chalchihuites Silver Project - More
- March 21, 2011 | Item | ShareThis

Laurion Intersects 15.30 g/t Gold Over 0.55 Meters in No. 3 Vein at Sturgeon River Project, Beardmore, ON - More
- March 21, 2011 | Item | ShareThis

Darren Lindsay Appointed CEO of Castle Peak Mining-Board Approves Phase One Exploration Budget - More
- March 21, 2011 | Item | ShareThis

Firebird Resources (FIX-V) Welcomes David Doherty and Nick Watters as Strategic Advisors to the Company - More
- March 21, 2011 | Item | ShareThis

Red Metal Purchases 2283-Hectare Perth Property, Region III Chile and Signs Joint Venture Earn-In Agreement on Perth Project - More
- March 21, 2011 | Item | ShareThis

Denison Announces Increase in 43-101 Estimated Resources at Hairhan Deposit in Mongolia - More
- March 21, 2011 | Item | ShareThis

Eloro Resources Announces Completion of Acquisition of Simkar Gold Property Near Val-d'Or, Quebec - More
- March 21, 2011 | Item | ShareThis

Hana Announces the Nomination of Three Highly Experienced Candidates to the Company's Board of Directors - More
- March 21, 2011 | Item | ShareThis

Sandspring's NI 43-101 Compliant Mineral Resource Update for the Toroparu Project shows 32% increase in Measured & Indicated and 40% increase in Inferred Gold - More
- March 21, 2011 | Item | ShareThis

Astral Commences Exploration Program at Los Crestones Gold-Silver Project, Sinaloa, Mexico - More
- March 21, 2011 | Item | ShareThis

NEVADO Drills Significant Oxides Over a 300 m Length at the Farrell-Taylor Occurrence From the La Blache Iron-Titanium-Vanadium Property (Quebec) - More
- March 21, 2011 | Item | ShareThis

Eagle Hill Engages SRK Consulting to Prepare Initial Mineral Resource Estimate for the Windfall Lake Property - More
- March 21, 2011 | Item | ShareThis

Cap-Ex Returns Tay LP Property to Canarc - More
- March 21, 2011 | Item | ShareThis

Inmet Mining Announces Postponement of Special Meeting of Shareholders - More
- March 21, 2011 | Item | ShareThis

China Gold International Resources is Added to S&P/TSX Composite Index - More
- March 21, 2011 | Item | ShareThis

Lundin Mining Announces New Revised Date for Special Meeting of Shareholders in Respect of Proposed Merger With Inmet - More
- March 21, 2011 | Item | ShareThis

Century Mining Corporation Announces Receipt of Deutsche Bank Consent to the Proposed Business Combination With White Tiger Gold - More
- March 21, 2011 | Item | ShareThis

East Asia Minerals Encounters 3.2 g/t Gold Over 34 Metres Within 172 Metres Grading 1.21 g/t Gold, Firmly Connecting Miwah Bluff and Block M - More
- March 21, 2011 | Item | ShareThis

Puget Ventures Announces New Proposed Board of Director Members - More
- March 21, 2011 | Item | ShareThis

First Diamond Drilling Assay at New Discovery on Barkerville Mountain Hits 2 Intercepts Gold-Including 12.1 g/T Gold Over 14.1 Meters - More
- March 21, 2011 | Item | ShareThis

Crocodile Gold Announces Appointment of Bill Nielsen. P. Geo as Vice President, Exploration - More
- March 21, 2011 | Item | ShareThis

Zincore Adds Measured Resources and Confidence in New NI 43-101 Estimate for Accha Zinc Deposit Peru - More
- March 21, 2011 | Item | ShareThis

Aura Minerals Inc. Announces Arrangement of US$25 Million Revolving Credit Facility and Completion of Debt Restructuring - More
- March 21, 2011 | Item | ShareThis

First Point Announces a Drill Program on the Decar Nickel-Iron Alloy Property, British Columbia - More
- March 21, 2011 | Item | ShareThis

Wildcat Initial Drill Results Support Extension of Mineralization - High Silver Grades Reported Over Extensive Intervals - More
- March 21, 2011 | Item | ShareThis

Orosur Mining Inc Announces First Blasting at Arenal Deeps following Grant of Permits to Commence Development - More
- March 21, 2011 | Item | ShareThis

South American Silver Year End Financial Results and Project Update - "The year 2010 proved to be a remarkable year of transition for South American Silver. Since joining the Company as President and CEO in April of 2010 and raising project funding, substantial progress has been made on the Malku Khota silver-indium project in Bolivia. In addition, we are preparing to launch a new exploration program at our promising Escalones copper-gold project in Chile. A key focus for 2010 was also to broaden market awareness of the exceptional investment value opportunity in South American Silver." More
- March 21, 2011 | Item | ShareThis

Timberline Announces Its Initial NI 43-101 Compliant Gold Resource at Lookout Mountain - "Timberline Resources Corporation (TSX-V:TBR - News)(AMEX:TLR - News) ("Timberline" or the "Company") today reported an initial National Instrument 43-101 compliant gold resource estimate at its Lookout Mountain Gold Project within the Company's South Eureka Property, which lies along the Battle Mountain - Eureka Trend of central Nevada." More
- March 21, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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