Gold Seeker Weekly Wrap-Up: Gold and Silver End With Slight Gains on the Week

	Close	Gain/Loss	On Week
Gold	$1427.80	-$9.60	+0.11%
Silver	$37.69	-$0.11	+1.73%
XAU	214.93	-0.84%	+0.13%
HUI	569.98	-0.55%	+0.78%
GDM	1658.77	-0.60%	+0.43%
JSE Gold	2770.90	+33.27	+2.99%
USD	75.89	-0.08	-0.42%
Euro	142.25	+0.58	+1.07%
Yen	118.96	-1.28	-3.13%
Oil	$107.94	+$1.22	+2.41%
10-Year	3.451%	-0.003	+0.20%
Bond	120.375	+0.1875	+0.10%
Dow	12376.42	+0.46%	+1.28%
Nasdaq	2789.60	+0.31%	+1.70%
S&P	1332.41	+0.50%	+1.42%

Gold traded just slightly lower in Asia and London before it plummeted in early New York trade to see a $24.51 loss at as low as $1412.89 by about 10AM EST, but it then rallied back higher into the close and ended with a loss of just 0.67%. Silver dropped to as low as $37.055 by midmorning in New York before it also stormed back higher in the last few hours of trade and ended with a loss of just 0.29%.

Euro gold fell to about €1004, platinum lost $0.50 to $1769.00, and copper fell 5 cents to about $4.25.

Gold and silver equities fell about 1% by midmorning, but they then bounced back higher midday and ended only slightly lower.

Report	For	Reading	Expected	Previous
Nonfarm Payrolls	Mar	216K	185K	194K
Unemployment Rate	Mar	8.8%	8.9%	8.9%
Hourly Earnings	Mar	0.0%	0.2%	0.0%
Average Workweek	Mar	34.3	34.3	34.3
ISM Index	Mar	61.2	61.4	61.4
Construction Spending	Feb	-1.4%	-0.7%	-1.8%

“U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.

Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request. Dublin-based Depfa Bank Plc, taken over in 2007 by a German real-estate lender later seized by the German government, drew $24.5 billion.

The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets.”

Next week’s economic highlights include ISM Services on Tuesday, the MBA Mortgage Index on Wednesday, Initial Jobless Claims and Consumer Credit on Thursday, and Wholesale Inventories on Friday.

Oil rose to a new two and a half year high on stronger than expected economic data that raised demand expectations.

The U.S. dollar index reversed early gains and ended lower on differing comments from various fed members that sent treasuries modestly higher by the close.

Among the big names making news in the market Friday were Nasdaq, ICE, Deutsche Boerse, NYSE, and AT&T.

“Can someone please tell me when gold and silver weren’t bombed around a monthly employment report? For gold and silver, April Fool’s Day comes twelve times a year. Thankfully, the mother of all bull markets remains intact and I greatly anticipate $1,500+ for gold and $40+ for silver in this quarter (despite the seasonally negative time frame of May through August).

Meanwhile, Grandich the wimp can still not man up and pull the short trigger on U.S. stock market. Despite an onslaught of bearish factors, I know what the “Don’t Worry, Be Happy’ people are like on Wall Street. I just watched them on their #1 propaganda platform known as CNBC-TV attack and make fun of the only sane regular voice on that network – Rick Santelli. The financial heroin continues to flow from the world’s biggest pusher – The Federal Reserve. A few more highs appear likely so I’ll take my chicken feathers and stand aside while America snorts some more poison.

A day of reckoning is coming. If I’m not short when the day arrives, I’ll take comfort in the belief I won’t be on any methadone line filled with victims better known as clients of the financial services industry.”- Peter Grandich, Grandich Letter

“Remarks from analysts this morning about Federal Reserve Bank of New York President William Dudley's dovish comments on the state of the US economy mostly miss the mark in my view.

Dudley's words stood out in stark contrast to those by other Fed officials last week and this week who have been sounding a hawkish tone and chattering about ending QE. To paraphrase some of his comments: The US economic recovery is 'still tenuous' and 'far from the mark' of the Central Bank's goals of full employment and price stability, according to a report carried by Bloomberg this AM.

Dudley remarked that we must not be overly optimistic about the growth outlook".

Almost as if on cue, the bond market sharply reversed course after selling off this morning on the payrolls number. The Dollar simultaneously began slipping off its session highs.

Analysts were quick to chime in stating that the comments reflect the confusion and lack of consensus within the Fed. I do not think so to be perfectly honest for the reason that I have stated previously here at this site.

If the Fed starts sounding hawkish in an attempt to keep the Dollar from collapsing through a major chart support level near 75 on the USDX, they cannot prevent the long bond from breaking down technically and thus commence a rise in long term interest rates which will bury what might be any signs of life in the comatose housing market.

If they sound too dovish then the Dollar will come under renewed selling pressure potentially setting up a serious move lower in the greenback as it remains sitting perilously just above technical price chart support.

The Fed is attempting to keep both the Dollar from collapsing lower (they do want a sustained and gradual move lower - not a crash) and the long bond from collapsing. This is the reason for the conflicting signals being put out.

The idea is to keep enough confusion and uncertainty in the market to prevent speculators from getting too aggressive either way. Once the specs become convinced the Fed might move to end QE, the bond market will be massacred.
If the market becomes convinced that the Fed will not only keep QE2 going but engage in a QE3, then the Dollar will be obliterated.

The Fed created its own box and now they can deal with it. One thing is certain - they are not going to be able to have their cake and eat it too. What they will eventually have to come to grips with is that they are going to either have to sacrifice the Dollar or sacrifice the long bond.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.607 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 125.27: +0.34 change from yesterday’s data.

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

Midway’s (MDW) resource evaluation, Capital Gold’s (CGC) merger vote, ECU Silver’s (ECU.TO) 2010 results, and MAG Silver’s (MVG) 2010 results were among the big stories in the gold and silver mining industry making headlines Friday.

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

Ditem Explorations : $578,000 Flow-Through Private Placement - More
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Augyva Announces Status of Previously Announced Private Placement - More
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Midway Gold Announces Initial Underground Resource for Midway Project, Nevada - "Midway Gold Corp. (TSX.V and NYSE Amex: MDW) (the “Company”) announces the results of an initial underground resource evaluation of the Midway project located in Nye County, Nevada. The accompanying National Instrument (NI) 43-101 technical report to be filed on SEDAR within 45 days contains a technical and scientific review of information regarding the project and makes certain recommendations for 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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Golden Reign Signs Investor Relations Agreement - More
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Romarco Updates Haile Gold Mine Project Permitting Status - More
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Mexivada Options Gold Jackpot Au-Ag-Te-Cu Property, Pequop Gold Trend, Nevada, to Sphere Resources Inc. - More
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Update to Takeover Offer by Denison Mines for White Canyon Uranium - More
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Smash Completes its Initial Public Offering and Lists on the TSX Venture Exchange - More
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MGold Appoints New Chief Financial Officer - More
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Salazar Resources Ltd.: Kinross Gold to Invest $1.1 Billion in Fruta Del Norte Mine in Ecuador - More
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Lake Shore Gold Announces Adoption of Shareholder Rights Plan - More
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New Engineer For The St-Agustin Pilot Plant - More
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Centamin Egypt Limited Board Committee Changes - More
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Soltoro Featured on BTV in Canada and USA - More
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Update on Property Acquisition Transaction Between Jiulian and Gunpoint - More
- April 01, 2011 | Item | ShareThis

Swift Announces Closing of Private Placement - More
- April 01, 2011 | Item | ShareThis

Prophecy Resource Corp.: Deputy CEO of En Group of Companies Joins Prophecy's Board of Directors - More
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Bravo Options 600-Square-Kilometer Kinskuch Project in the Homestake Ridge District - More
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Resinco(R) Capital Partners Inc. Earns $10.06 Million After Tax in 2010, Appoints New Members of Management Team - More
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Huldra Silver Inc. Announces Application has Been Made for A Permit Approving the Small Mine Plan for Treasure Mountain Mine - More
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Sphere Resources Sale of its Ziggurat & Poker Flats Properties in Nevada to Spartan Gold & Acquires Option of up to a 75% Interest in Gold Jackpot - More
- April 01, 2011 | Item | ShareThis

NGEx Drills 701 Metres of 0.67% Copper and 0.30 g/t Gold in Hole LH-16 at Los Helados, Chile - More
- April 01, 2011 | Item | ShareThis

Mercator Financial Results for the Year ended December 31, 2010 - More
- April 01, 2011 | Item | ShareThis

Verbina Resources Inc. Announces Non-Brokered Proposed Private Placement - More
- April 01, 2011 | Item | ShareThis

Crystallex Reports 2010 Financial Results - More
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Medoro Resources Announces Proposed Divestiture of Non-Core Mining Properties to Tolima Gold Corp. - More
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Valencia Announces Resignation of Director - More
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Xtierra Reports a New High Grade Silver Zone at Bilbao - More
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Yukon-Nevada Gold Corp. Announces Year End Results for 2010 - More
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VMS Announces NI 43-101 Mineral Resource for the Reed Lake Deposit at 2.55 Million Tonnes @ 4.52% Copper in the Indicated Category/HudBay and VMS Drilling - More
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Greystar Resources Appoints Evolution Securities as Nominated Advisor - More
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Serabi Mining plc ("Serabi" or "the Company") Audited Results for the Year Ended 31 December 2010 - More
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Greystar Intercepts 20.21 g/t Gold, 124.86 g/t Silver and 1% Copper Over 5 Metres - More
- April 01, 2011 | Item | ShareThis

Orosur Mining Inc. Issue of Ordinary Shares upon Exercise of Stock Options - More
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Capital Gold Stockholders Approve Merger With Gammon Gold - "The board of directors of Capital Gold Corporation (NYSE AMEX: CGC; TSX: CGC) today announced that, based on a preliminary estimate provided by its proxy solicitor, it believes it has received sufficient votes to approve CGC's merger with Gammon Gold Inc. at today's reconvened stockholders meeting." More
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ECU Silver Releases Year End Results for 2010 - "ECU reported a net loss of $6.9 million, or 2 cents per share in 2010, compared with a net loss of $8.4 million, or 3 cents per share in 2009. Since the Company reports as an exploration and development company, the income statement does not report revenues from sales. Revenues from metal sales are reported in the statement of cash flows and were $19.3 million in 2010, compared with $6.6 million in 2009, a 194% increase year over year." More
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MAG Silver Reports 2010 Annual Results - "The Company's net loss for the year amounted to $12,283,370 ($0.24 per share) for the year ended December 31, 2010 as compared to $13,490,210 ($0.27 per share) in 2009. The decreased loss in 2010 compared to 2009 was primarily due to lower mineral property cost write offs. In 2010 $2,558,366 in property costs were written for the Salemex and Camino Duro projects." More
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