-- Posted 23 March, 2011 | | Source: SilverSeek.com

The Metals:

Gold climbed $13.74 to as high as $1440.94 by late morning in New York before it fell back off a bit in the last few hours of trade, but it still ended with a gain of 0.74% and made a new record closing high.  Silver climbed to a new 31-year high of $37.243 at about 1:15PM EST and ended with a gain of 2.29%.

Euro gold climbed to over €1018, platinum gained $22 to $1758, and copper gained 12 cents to about $4.42.

Gold and silver equities rose throughout most of the day and ended with about 3.5% gains.

The Economy:

“The number of people buying new homes plunged in February to the fewest on records dating back nearly half a century, a dismal sign for an already-weak housing market.”

Four Attorneys General Say Foreclosure Deal Terms May Cause `Moral Hazard'  Bloomberg

Fed’s Fisher Sees ‘Extraordinary Speculative Activity’ in U.S.  Bloomberg

Mortgage applications rose last week: MBA  Reuters

The Markets:

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

Oil rose on increased geopolitical worries after a bomb attack in Jerusalem.  The Energy Information Administration reported that crude inventories rose 2.1 million barrels, gasoline inventories fell 5.3 million barrels, and distillates were unchanged.

The U.S. dollar index rose as the euro fell on debt problems in Portugal and Ireland that may delay the ECB’s interest rate hike.

Treasuries fell “after the Federal Reserve purchased $7.56 billion in government bonds.”

The Dow, Nasdaq, and S&P shrugged of this morning’s dismal housing report and rose in afternoon trade on strength in the mining and energy shares.

Among the big names making news in the market today were Apple, BofA, Barnes & Noble, Adobe Systems, and AT&T.

The Commentary:

“To demonstrate just how fickle hedge fund sentiment has become, gold and silver are both the recipients of safe haven flows in today's session.

As you are aware, of late they have both been considered "risk trades". When risk was in, gold and silver were generally up. When risk was out, gold and silver were generally down. Of course that is a complete contradiction to their historical role as safe havens but that is how the hedgies have been treating them.

Over the course of the past week, gold has been basically trading in lockstep with the Nikkei as that has been a gauge of investor sentiment towards risk. Today the Nikkei is lower alongside of the S&P 500, but that now has gold going in the opposite direction, namely up.

Bonds are also higher today as is the US Dollar and even the Yen as once again the "risk aversion" trades are coming on. If that were not enough to totally baffle you, copper is moving higher on - guess what we are told - a general move TOWARDS risk! Confused? Join the crowd.

Some of this is due to the fact that crude oil is now trading above $105/bbl with  Brent trading near $116. That is creating all manner of worries for the equity side of things and shoving bonds higher on fears of a hit to the global economy. Yet, the precious metals markets are viewing the surge in price as inflationary and that is drawing buying into this sector. Heck, even the HUI is joining in on the precious metals rally for a change.

So let's put in into perspective - the US Dollar is higher, bonds are higher, equities are lower, risk is out but gold and silver are moving higher on safe haven plays and copper is moving higher as a risk trade. Yep - I think I have it figured out - for today. Tomorrow? Who knows?

Regardless, even with the Dollar moving higher, both gold and silver have breached overhead resistance levels on their respective price charts as the bulls performed just when they needed to in order to avoid a round of long side liquidation.

For gold, the breach of $1430 in very convincing fashion is significant. Unlike yesterday, when it took out the level but could not maintain its footing above it, the longs are driving hard this morning and have shoved back the bullion banks to $1440, a mere whisker away from the all time high.

In the case of silver, it has breached $36.50, the barrier that had checked it yesterday. It has now posted a fresh 30 year high in the process.

The key to both metals is whether they can maintain these gains going into the close of the session. If they do, they appear poised to run higher. Stay tuned.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

GATA Posts:

GATA commemorative gold and silver coins available from AmsterdamGold

Rob Kirby describes his journey of discovery of gold market manipulation

The Statistics:

Activity from: 3/22/2011

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.91 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 124.40: +0.27 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,960.39 - No change from yesterday’s data.

The Miners:

Barrick’s (ABX) role as an engine of economic development, Seabridge’s (SA) optioned project, Great Basin’s (GBG) federal safety watch list removal, Gammon Gold’s (GRS) financial results from the fourth quarter and year-ended December 31, 2010, Timmins Gold’s (TMM.TO) letter to the shareholders of Capital Gold (CGC), Pan American’s (PAAS) filed financial statements, ECU Silver’s (ECU.TO) drill arrival, and Sabina’s (SBB.V) MOU with NRC 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:

Nortec Minerals Corp.: NI 43-101 Technical Report for LK Project Filed on SEDAR - More
- March 23, 2011 | Item | ShareThis

Timmins Gold Mails Letter to Capital Gold Shareholders - "The Special Meeting of the shareholders of Capital Gold Corporation will resume shortly and we urge you to carefully consider what's at stake: The Capital Gold Board of Directors is asking you to surrender your shares of Capital Gold to Gammon Gold in a transaction that still delivers significantly less value than Timmins' proposal. Timmins Gold has a superior offer on the table that both attractively rewards your investment in Capital Gold and allows you to participate in the growth and value creation of the combined company going forward." More
- March 23, 2011 | Item | ShareThis

La Quinta Closes First Tranche of a Non-Brokered Private Placement - More
- March 23, 2011 | Item | ShareThis

Hard Creek Nickel Corporation: Stock Options Granted - More
- March 23, 2011 | Item | ShareThis

New Guinea: Kavursuki Mineralised Zone at Sinivit Gold Mine Likely to Be Equal in Size to Original Sinivit Mineralised Zone-Trench Results to 4m at 118.5g/t - More
- March 23, 2011 | Item | ShareThis

Goldrea Resources Corp.: Non-Brokered Private Placement - More
- March 23, 2011 | Item | ShareThis

Thunder Mountain Gold Enters Into Agreement With Newmont Mining to Advance Trout Creek Nevada Project - More
- March 23, 2011 | Item | ShareThis

Mill Bay Ventures Plans Diamond Drilling on BN & Discovery Zones Valentine Mountain Gold Project - More
- March 23, 2011 | Item | ShareThis

First Mexican Gold Corp.: 3D-IP Confirms Two Major Targets, Drilling Resumes in Sonora, Mexico - More
- March 23, 2011 | Item | ShareThis

Starcore International Mines Ltd.: Cancellation of Security Interest - More
- March 23, 2011 | Item | ShareThis

White Tiger Mining Corp.: Marshall Lake Copper-Silver-Gold Project-IP Surveys Traces RM Zone 600 m - More
- March 23, 2011 | Item | ShareThis

GTA Resources and Mining Inc. Announces Cessation of Work on Auden Property - More
- March 23, 2011 | Item | ShareThis

Pan American Silver Announces Filing of Audited 2010 Annual Financial Statements - "Pan American Silver Corp. (TSX:PAA - News)(NASDAQ:PAAS - News) (the "Company") today reported that it has filed with the applicable Canadian securities regulatory authorities on SEDAR its 2010 audited annual financial statements and management's discussion and analysis in relation thereto (the "Statements"). The Company will also file the Statements with the United States Securities and Exchange Commission ("SEC") on EDGAR." More
- March 23, 2011 | Item | ShareThis

Hawthorne Closes Second Tranche of Private Placement for Gross Proceeds of $7,555,000 and Announces Changes in Directors and Officers - More
- March 23, 2011 | Item | ShareThis

Mesa Uranium Files 43-101 Report, Expands the Green Energy Project - More
- March 23, 2011 | Item | ShareThis

Darnley Bay Resources Commences 2011 Base Metals Drill Program - More
- March 23, 2011 | Item | ShareThis

American Bonanza Finalizes Development Contract - More
- March 23, 2011 | Item | ShareThis

Alturas Minerals Grants Stock Options - More
- March 23, 2011 | Item | ShareThis

Hondo Minerals Corporation's Information To Be Available Through Standard & Poor's Market Access Program - More
- March 23, 2011 | Item | ShareThis

Gwynneth Gold Limited Acquires Securities of MBMI Resources Inc. in Private Placement - More
- March 23, 2011 | Item | ShareThis

Adriana Announces Closing of $28 Million Private Placement With WISCO - More
- March 23, 2011 | Item | ShareThis

Yankee Hat Minerals Intersects 11.95 g/t Gold Over 1.05 Meters at the Fran Property - More
- March 23, 2011 | Item | ShareThis

Galahad to Follow Up High-Grade Gold Intercepts at Regcourt - More
- March 23, 2011 | Item | ShareThis

Barrick Delivers Over $9 Billion in Economic Value in 2010 - "Barrick Gold Corporation's role as an engine of economic development is featured in the latest edition of Beyond Borders, which documents the company's contribution of over $9 billion to the economies of its host countries in 2010. This figure includes local and regional purchases, payments to governments and employees, as well as over $31 million in community programs to improve quality of life." More
- March 23, 2011 | Item | ShareThis

White Tiger Gold Advances Additional Bridge Loan Funds to Century Mining Corporation Under Second Bridge Loan - More
- March 23, 2011 | Item | ShareThis

Robex Starts Diamond Drilling Campaign in Nampala - More
- March 23, 2011 | Item | ShareThis

China Carbon Graphite Group Expects Continued Growth Despite Recent Events in Japan - More
- March 23, 2011 | Item | ShareThis

Sparton Announces Management Appointments in Subsidiary Company, VanSpar Mining Inc. - More
- March 23, 2011 | Item | ShareThis

Macusani Yellowcake Completes $14.4 Million Unit Offering - More
- March 23, 2011 | Item | ShareThis

Shares of Timmins Gold Commence Trading on Toronto Stock Exchange - More
- March 23, 2011 | Item | ShareThis

Houston drills 2.54 g/t gold over 4.9 m including 7.43g/t over 0.7 m near surface; Extends McLennan Gold Zone to 450m of mineralized strike length - More
- March 23, 2011 | Item | ShareThis

Nikos Enters Letter of Intent to Acquire Nicaraguan Gold Properties and Announces Non-Brokered Financing - More
- March 23, 2011 | Item | ShareThis

Riverstone Intersects High Grade Gold at Karma - More
- March 23, 2011 | Item | ShareThis

Edgewater Increases Enchi Gold Project Drill Program to 35,000m - More
- March 23, 2011 | Item | ShareThis

Athena Silver Corporation Completes Private Placement and Commences Second Year on Its Langtry Silver Project - More
- March 23, 2011 | Item | ShareThis

Advanced Explorations Initiates Tuktu Drill Campaign - More
- March 23, 2011 | Item | ShareThis

Atna Resources Reports Fourth Quarter and 2010 Fiscal Year End Results - More
- March 23, 2011 | Item | ShareThis

Zone Resources Inc. Acquires Iron Ore Project in Quebec - More
- March 23, 2011 | Item | ShareThis

Wealth Commences Discovery Drilling Campaign on Its Bororo Nuevo Uranium Property, San Jorge Basin, Argentina - More
- March 23, 2011 | Item | ShareThis

Castillian Intersects 4.56 Grams Gold Per Tonne Over 8.9 Metres in Hanging Wall Zone at Hope Brook Project, Newfoundland - More
- March 23, 2011 | Item | ShareThis

Stronghold Metals Announces Major Drilling Program at Eagle Mountain Gold Project in Guyana - More
- March 23, 2011 | Item | ShareThis

Integra Gold Corp. Intersects 12.6 g/t Gold Over 6.5 Meters and 8.7 g/t Gold Over 4.4 Meters Within 25 Meter Section at Lamaque - More
- March 23, 2011 | Item | ShareThis

Orezone Gold Corporation: Positive Drill Results at Bombore Continue to Confirm Model - More
- March 23, 2011 | Item | ShareThis

Osage Tops 9,000 Net Acres in Nemaha Ridge Horizontal Mississippian Project - More
- March 23, 2011 | Item | ShareThis

Quantum Announces Additional Rare Earth Element Results - More
- March 23, 2011 | Item | ShareThis

Luna Gold Corp. Reports Operational and Financial Results for the Three Months and Year Ended December 31, 2010 - More
- March 23, 2011 | Item | ShareThis

Everton Commences 20,000-Metre Deep Drilling Program at Ampliacion Pueblo Viejo - More
- March 23, 2011 | Item | ShareThis

Huakan Drills 11.07 Metres Grading 5.25 g/t Au, 31.55 g/t Ag, 0.80% Pb and 1.38% Zn at J&L - More
- March 23, 2011 | Item | ShareThis

Century Mining Corporation Receives Additional Bridge Loan Funds From White Tiger Gold - More
- March 23, 2011 | Item | ShareThis

Lithium Corporation Announces Field Work Program in Nevada - More
- March 23, 2011 | Item | ShareThis

Gold Bag's Focus Gold Mexico Corp. Dramatically Increases Holdings in Nayarit State, Acquires Claim of Approximately 10,850 Hectares - More
- March 23, 2011 | Item | ShareThis

Fjordland Exploration Inc.-Woodjam North: Deerhorn Zone Drill Hole Intersects 151.5 m Grading 0.83g/t Gold and 0.21% Copper, Including 68.8 m Grading 1.17g/t - More
- March 23, 2011 | Item | ShareThis

Zincore In-Fill Drilling Intersects Significant Silver Values and Higher Grade Zinc and Lead at Yanque Project in Peru - More
- March 23, 2011 | Item | ShareThis

Chifeng Silver Dragon Signs Definitive Agreement to Commence Production at the Erbahuo Silver Mine, China - More
- March 23, 2011 | Item | ShareThis

MDN Reports its 2010 Financial Results - More
- March 23, 2011 | Item | ShareThis

Nevado Drilling Continues Intersecting Significant Iron, Titanium and Vanadium From the Farrell-Taylor Occurrence at the La Blache Property (Quebec) - More
- March 23, 2011 | Item | ShareThis

Northair Expands Drilling at La Cigarra Silver Project, Mexico - More
- March 23, 2011 | Item | ShareThis

NQ Exploration Inc.: Enhanced Assessment of the Silver Potential of the Carheil Project and Initial Drilling Program Results - More
- March 23, 2011 | Item | ShareThis

Tirex Plans Copper and Gold Production - More
- March 23, 2011 | Item | ShareThis

Centamin Egypt Limited Board Appointment - More
- March 23, 2011 | Item | ShareThis

Goldrush's RAB Drilling at Salbo Permit Confirms Presence of Significant Near Surface Gold Mineralization - More
- March 23, 2011 | Item | ShareThis

ECU Silver Reports Arrival of High Performance Deep Drill at Its Velardena Site - "ECU Silver Mining Inc. (TSX:ECU - News) is pleased to announce that the high-performance deep hole diamond drill has arrived on site at its 100% owned Velardena Property and is being lowered in the mine today to be installed in the drilling station on level 18." More
- March 23, 2011 | Item | ShareThis

Gold may hit $5,000 an ounce in 3-4 years: Canadian miners - "The price of gold may hit $5,000 per ounce, nearly three times current levels, in three to four years, as demand from sovereign states, central banks and exchange-traded funds (ETFs) rises, the chairman of two Canadian gold mining companies said." More
- March 23, 2011 | Item | ShareThis

Sabina Announces Memorandum of Understanding With the Nunavut Resources Corporation "NRC" - "It is no secret that lack of infrastructure and access in the Arctic are challenges for large deposits such as Hackett River," said Tony Walsh, President & CEO of Sabina. "Working together with NRC provides Sabina with Inuit support and influence, opportunities for access to potential news sources for private and federal funding and opportunities for win/win investments for both Inuit and industry in Nunavut. We believe the MOU will initiate a process which will pave the way for a more formal relationship to evaluate, finance, develop and own regional infrastructure that supports not only the Hackett River project but other resource projects in the Kitikmeot Region." More
- March 23, 2011 | Item | ShareThis

Seabridge Gold Options Grassy Mountain Project to Calico Resources - "Seabridge Gold (TSX:SEA - News)(AMEX:SA - News) announced today that it has entered into a non-binding, exclusive Letter of Intent with Calico Resources Corp. (Calico) pursuant to which Seabridge has agreed, subject to the settlement and execution of a definitive option agreement, to grant to Calico an option to acquire a 100% interest in the Grassy Mountain Project. To exercise the option, Calico must issue to Seabridge (i) 2,000,000 of its common shares following TSX Venture Exchange approval; (ii) 4,000,000 shares at the first anniversary and (iii) 8,000,000 shares when the Project has received the principle mining and environmental permits necessary for the construction and operation of a mine. In addition, after the delivery of a NI 43-101 compliant Feasibility Study on the Project, at the sole election of Seabridge, Calico must either grant Seabridge a 10% Net Profits Interest or pay Seabridge Cdn$10 million in cash." More
- March 23, 2011 | Item | ShareThis

Great Basin Gold's Hollister Operation Removed From Safety Watch List - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX:GBG.to - News) announces that further to the Company's November 23, 2010 news release which advised that its Hollister trial mining operation had been placed on a federal safety watch list, Great Basin Gold has now received notification from MSHA, the responsible federal agency, that it has formally determined that the Hollister Mine will not be considered for a Pattern of Violation notice and so has removed the Company from that list." More
- March 23, 2011 | Item | ShareThis

Gammon Gold Reports Record Earnings and Operating Cash Flow - "The Ocampo team has delivered a set of record results for the mine and the company including $116 million in operating cash flow in 2010. We have achieved consecutive quarter over quarter improvements throughout 2010, de-risked the operation through a dedicated capital re-investment program and increased our Reserve and Resource base," stated René Marion, President and Chief Executive Officer, "In 2011, we anticipate Ocampo's strong performance will continue where we will not only benefit from the expected strong gold price environment but will continue to leverage our considerable silver production to the strongly appreciating silver price. In the coming months, we will also recommence production at El Cubo and advance our portfolio of development and exploration properties for the benefit of our shareholders." More
- March 23, 2011 | Item | ShareThis

Geopulse Exploration Acquires Utah Copper Property - More
- March 23, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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