Gold Seeker Closing Report: Gold and Silver End Near Unchanged

	Close	Gain/Loss
Gold	$1419.70	-$6.50
Silver	$37.06	+$0.01
XAU	211.54	-1.45%
HUI	556.41	-1.62%
GDM	1622.50	-1.76%
JSE Gold	2660.09	-30.26
USD	76.17	-0.04
Euro	140.90	+0.03
Yen	122.36	-0.56
Oil	$103.98	-$1.42
10-Year	3.448%	+0.004
T-Bond	120.40625	+0.15625
Dow	12197.88	-0.19%
Nasdaq	2730.68	-0.45%
S&P	1310.19	-0.27%

Gold fell as much as $16.17 to $1410.03 by a little after 8AM EST, but it then rallied back higher in New York and ended with a loss of just 0.46%. Silver fell to as low as $36.39 before it also rallied back higher and ended with a gain of 0.03%.

Euro gold fell to about €1007, platinum rose $5 to $1746.50, and copper fell 7 cents to about $4.34.

Gold and silver equities fell in afternoon trade and ended with almost 2% losses.

Report	For	Reading	Expected	Previous
Personal Income	Feb	0.3%	0.3%	1.2%
Personal Spending	Feb	0.7%	0.5%	0.3%
PCE Prices - Core	Feb	0.2%	0.2%	0.1%
Pending Home Sales	Feb	2.1%	0.3%	-2.8%

Tomorrow at 9AM EST brings the Case-Shiller 20-city Index for January expected at -3.3% and at 10AM is Consumer Confidence for March expected at 65.0.

Oil fell on an outlook for a return of Libyan oil to the market sooner than previously expected.

The U.S. dollar index reversed early gains and ended with a slight loss as the euro rose after European Central Bank president Jean-Claude Trichet said inflation is above the bank's price stability target and that interest rates could rise as early as next month.

Treasuries rose slightly as the Dow, Nasdaq, and S&P reversed early gains and ended modestly lower on caution ahead of earnings and economic reports due out later in the week.

Among the big names making news in the market today were EBay, Berkshire Hathaway, and Harry & David.

“Open interest in both gold and silver were down for Friday's session. Rollovers continue in gold with the specs moving out of the April and into the June. For all practical purposes, June is now the most active contract although volume in the April is still higher. That will end by Wednesday this week.

Some of the weakness in gold is still associated with these rollovers continuing as the inability of gold to continue pushing through $1440 last week has engendered some light long liquidation. Once we clear option expiration and the rollover activity, we will be able to get a better sense for where the market is heading next. For now it is still consolidating above $1410.

Silver too experienced some long liquidation on Friday with some of the longs ringing the cash register after it was unable to keep pushing through the $38 level.

Open interest remaining in the expiring March contract is now down to 388 contracts. Deliveries for tomorrow will be lead by Morgan for its own account. Barclays is the largest stopper once again for clients. As stated last week, Barclays has some clients who want to take delivery. Total deliveries for March thus far are 1,417.

March silver remains at a premium to the active May of about a half a cent but May is slipping some in relation to July and is now trading at a 2 cent discount to it. While the backwardation structure on the overall board is noteworthy it is not dynamic enough to keep the front 3 contract months in a full backwardation mode. That takes some of the bullishness out of it somewhat compared to what I would consider it were March and May both trading at a premium to the July. I will continue watching to see how these spreads behave as we near the end of the month.

The HUI is lower today falling further from the 580 level and establishing that as an important technical chart resistance level. It is well off its worst levels of the session however and should it be able to close the day near current levels (563) it would be somewhat of a moral victory of the bulls after the disappointment of last week's inability to clear 580. The index is trading above all the major moving averages but the 10 day is below the 20 day which is not what one wants to see for a market that is in a bullish posture. The index will need to stabilize near its current level and hold here for the next few days to allow the shorter term 10 day moving average to make a bullish crossover of the 20 day. Downside support is near 549 - 546. I would not want to see the HUI below 538 for any length of time as that would move it back down to 520.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 124.93: +0.53 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 11,139.52 - No change from yesterday’s data.

Midway’s (MDW) project evaluation, Richmont’s (RIC) Shareholder Rights Plan, Nevsun’s (NSU) increased reserves, Claude’s (CGR) 2010 results, Kinross Gold’s (KGC) upcoming analyst and investor tour, Ivanhoe’s (IVN) 2010 results, United Mining’s (UMG.TO) 2010 results, and Silver Bear’s (SBR.TO) 2010 results 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.

Providence Resources/Eagle Plains Provide Analytical Results from Diamond Drill Program at Iron Range Project - More
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Midway Gold Provides Initial Evaluation of the Gold Rock Project, Nevada - "Midway Gold Corp. (TSX.V and NYSE Amex: MDW) (the “Company”) announces the results of an initial evaluation of its Gold Rock project located in White Pine County, Nevada. The accompanying National Instrument (NI) 43-101 technical report to be filed on SEDAR within 45 days contains a technical and a scientific review of historic information regarding the project and makes certain recommendations regarding future work programs. A summary of the conclusions in the technical report is provided below. The NI 43-101 report was independently prepared by Gustavson Associates, LLC (“Gustavson”) of Lakewood, Colorado." More
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Montana Gold Appoints Two Directors, Adopts Governance Policies & Grants Incentive Options - More
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Catalyst Reports Significant Copper Mineralization in First 2011 Drill Holes at La Verde - More
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John MacLatchy Joins Beaufield Board - More
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THEMAC Appoints Ken Pickering to the Board of Directors - More
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Frontline Gold Renames Turkish Gold Project - More
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Adroit Completes Winter Drilling and Plans Follow-Up Programme on Red Vein Volcanogenic Massive Sulphide (VMS) Property-Expropriation Claim Settlement Received - More
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Golden Touch Begins Drilling on Gold Rich Gjazuj Vms Zone in Albania - More
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Pershimco Reports on the Progress of the 2011 Exploration Campaign in Panama, and Receives Updated National Instrument ("NI") 43-101 Technical Report - More
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Argentex Intersects 4.0 Meters Grading 965 g/t Ag and 3.23 g/t Au at its 100%-Owned Pinguino Silver/Gold Project in Santa Cruz, Argentina - More
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Afri-Can Begins Sampling Program and Closes Private Placement - More
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Reunion Gold Corporation Announces Signing of Mineral Agreement in Guyana - More
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Copper Ridge Announces Yukon Property Acquisitions - More
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Lake Shore Gold to Acquire 19.99% of Golden Share Through Sale of 100% Interest in Band Ore Property, Ontario, Canada - More
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Colorado Rare Earths, Inc. Signs Exclusive Korean Agreement with Union Finance & Investment Corp. - More
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Fancamp Closes Final Tranche of Brokered Financing - More
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Riverstone Reports More Positive Results From Karma - More
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Castle Peak Commences 2011 Exploration Program With Airborne Survey-Pow Trench Resampling Validates 14m of 1.0 g/t Au - More
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Treasury Metals Defines High-Grade Gold Zone at Goliath-Intersects 23.22 g/t Au Over 5.11 Metres - More
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Pacific Wildcat Resources Inaugural Drilling Program at Mrima Hill; Intersects High Grade Rare Earth and Niobium Mineralisation - More
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Crowflight to Settle $11.3 Milion Debt for 258.8 Million Shares - More
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Comstock Mining Completes Phase I Drilling at the Dayton, Significant Mineralization in 41 of 42 Holes, Aggressive Drill Program Continues - More
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Tuffnell Ltd. Announces 3 for 1 Stock Dividend - More
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Columbus Gold Makes Senior Management Appointments; Wallace President, Kendrick Senior VP - More
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Teryl Resources Announce Silverknife Notice of Work Submitted - More
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Amerigo Declares Semi-Annual Dividend - More
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Levon Welcomes Two New Board Members - More
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Moly Mines Third Iron Ore Shipment Departs Port Hedland - More
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Hondo Minerals Looks Forward to Commencing the Processing of Existing Reserves in Q'2 2011 - More
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Quaterra Provides Update on Duke Island - More
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San Gold Releases Year End Results and 2011 Outlook - More
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U.S. Antimony Reports 121% Revenue Growth and Net Profits for 2010 - More
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ASPA Gold Corp. in Negotiations to Acquire Additional Gold Properties - More
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Gold Bag's Focus Gold Mexico Corp Commissions a New 43-101 Technical Report on Its Mexican Properties - More
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Vaaldiam Reports 2010 Financial Results - More
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Sulliden Continues Drilling Success at Shahuindo-Intersects 1.64 g/t Gold Over 69 Metres - More
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Champion Minerals Provides Update on Expanded Development for Fire Lake North Project - More
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Lago Dourado Acquires 100% Interest in Its Flagship Juruena Gold Project - More
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Probe Mines Announces Further Assay Results for its Borden Lake Project Near Chapleau, Ontario: Up to 136.8 Metres Averaging 1.2 g/t Au - More
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Canaco Confirms Regional Potential at Handeni: Intersects Near-Surface Gold in Regional RC Drill Program, Including 37 Metres at 1.02 g/t Gold - More
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Salazar Resources Limited Corporate Update and Plan for 2011 Mining Contracts in Ecuador - More
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Goldrea Closes Private Placement - More
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LEXG Acquires 113,000 Acres in Lithium-rich Region of Alberta - More
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Guerrero Provides Progress Report on the Cerro Azul Property, Guerrero, Mexico - More
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The Swedish Transport Administration and Northland Resources AB Sign a Letter of Intent and an Agreement - More
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Northland Signs an Agreement with Caterpillar for the Kaunisvaara Project Mobile Equipment - More
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Bonterra Initiates Ten Hole Drill Program - More
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Richmont Mines Inc. Confirms and Amends its Shareholder Rights Plan - "Richmont Mines Inc. (TSX:RIC - News)(AMEX:RIC - News) ("Richmont" or the "Company") announced today that its Board of Directors unanimously confirmed and amended the Company's Shareholder Rights Plan (the "Amended and Restated Rights Plan"), set to expire in the coming months, so that it was in conformity with the current shareholder protection rights plan practices of Canadian companies. The objective of the Amended and Restated Rights Plan is to provide adequate time for the Board of Directors and shareholders to properly consider and evaluate any unsolicited takeover bid and, if thought advisable, to explore and develop alternatives for maximizing shareholder value. The Amended and Restated Rights Plan is also designed to provide for the equal treatment of all shareholders of the Company in the event of a change of control of the Company." More
- March 28, 2011 | Item | ShareThis

United Mining Group Reports Results for Year Ended December 31, 2010 - "For the year ended December 31, 2010, the Company's Mine Services division generated revenues of $10,328,952 and a gross profit of $1,672,749, compared to $15,747,773 and $4,040,595 for the year ended December 31, 2009. The decline in 2010 revenues is primarily attributable to the resumption of normal funding levels by the U.S. Federal Government on an environmental reclamation contract held by the Company's Contract Services Division. Correspondingly, the increase in 2010 operating expenses was primarily driven by increased legal and accounting costs associated with the reverse takeover and the appointment of senior management. As such, the Company incurred a net loss of ($1,588,900) in 2010, compared to net income of $1,705,572 in 2009. The Company's cash and cash equivalents balance at December totaled $9,439,546, compared to $30,710 at December 31, 2009." More
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Silver Bear Announces 2010 Year End Results and Updates Mineral Resource Estimate - "With the combination of our high grade silver resource and the continued strength in the silver price, we want to complete a PEA on our project," stated Randall Oliphant, Chief Executive Officer. "While we will continue our strategic review of all options available to us, the PEA should provide an even more solid basis from which to move forward." More
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Nevsun Increases Mineable Reserves at Bisha by 40% Using Updated Metal Prices - "Nevsun Resources Ltd. (TSX:NSU - News)(AMEX:NSU - News) is pleased to announce the revised reserve estimate for its Bisha mine in Eritrea. The revised estimate has increased the total proven and probable reserves to 28.3 million tonnes from the previously reported 20.1 million tonnes (2006 feasibility study). The net impact of higher throughputs and lower cut-off grade has resulted in an extended mine life of 13 years, while increasing previously reported robust cash flow." More
- March 28, 2011 | Item | ShareThis

Claude Resources Inc. Reports 2010 Financial and Operating Results - "Claude Resources Inc. (TSX:CRJ.to - News) (NYSE Amex: CGR) ("Claude" or the "Company") today reported its 2010 financial and operating results. For the year ended December 31, 2010, the Company recorded net earnings of $5.8 million, or $0.04 per share, after a gain of $1.1 million arising from the sale of certain of the Company's oil and natural gas assets. This compares to a net loss of $6.3 million in 2009, or $0.06 per share." More
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Kinross West Africa Tour Highlights Growth Potential - "In advance of an upcoming analyst and investor tour of its recently acquired West African assets, Kinross Gold Corporation ("Kinross") (TSX:K - News)(NYSE:KGC - News) today provided an update on exploration activity at Tasiast in Mauritania and development plans for the Tasiast expansion project, and an update on exploration activity at Chirano in Ghana." More
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Ivanhoe Mines Announces 2010 Financial Results and Review of Operations - "Full-scale construction of the first phase of the Oyu Tolgoi copper-gold-silver project in southern Mongolia is advancing toward the scheduled start of commercial production in the first half of 2013." More
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