Gold fell off over 1% in Asia before gaining back in London and traded near unchanged by the New York open, but it then fell off further to make new lows on the session under $520 before rebounding slightly.  Gold ended off of its lows, but it still closed with a 1.53% loss to fall from 24 and ½ year highs.

Silver fell slightly in Asia before it worked its way back up in London and found slight gains by the New York open, but the price of silver soon fell to new lows on the day under $8.50 and ended near its lows with a 3.19% loss to fall further from 18 year highs.

After making new 25 year highs above $1,000 yesterday, platinum fell $24 to $985 today.  Palladium made new 19 month highs at $291 yesterday before falling $23 to $268 today.  Copper remains at all-time highs around $2.10 per pound.

Gold and silver equities fell over 1% at the open, but they soon worked their way up to near unchanged and held just slightly lower for the rest of trade.

More Precious Metals Analysis:

“Feb gold fell over $7 Tuesday as a wave of profit taking which began in Japan spilled over into the US market. With the Tokyo Commodity Exchange announcing plans to raise gold margins Wednesday, speculative buyers began to bail out of the gold market. The gold market had become extremely over bought after rallying sharply over the last 6 weeks and was over due for a correction. A stronger Dollar also added pressure. However, the fundamentals for the gold market remain strong and despite Tuesday's break, we don't think gold has made a major top. Several factors supporting gold suggest the uptrend will resume including strong physical demand for jewelry from India and the Middle East, slow gold mine production, concerns over rising inflation and terrorist attacks, portfolio diversification by hedge funds, and Central Bank buying. Gold Fields Mineral Service is forecasting physical gold demand to be up 3% this year over last year. With gold prices rising around 20% this year, a deeper correction can not be ruled out. A.382 retracement of the Nov low to Dec high puts support at 512.22 with closer in support at 520.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index found early gains after yesterday’s sharp losses, but it then fell off to near unchanged on the day following the release of the fed’s statement.

Oil traded mostly slightly higher and natural gas set new all-time highs above $15 on current and future cold weather concerns.  Tomorrow’s inventory report is expected to see a draw in oil inventories of 1.8 million barrels, a draw in gasoline inventories of 1.1 million barrels, and a build in distillates of 750,000 barrels.

Treasuries found early gains on weaker than expected Retail Sales and retained those gains following the fed’s statement change.

The Dow, Nasdaq, and S&P remained relatively flat ahead of the fed’s statement that pushed the major indices higher to find decent gains, but all 3 indices did end well off of their highs of the session.

Among the big names making news in the market today were P&G, ConocoPhillips and Burlington, Lehman, and Best Buy.

Gold & Silver Stock News Update from GoldReview.com:

Pacific Rim’s 2^nd quarter results, Ivanhoe’s dealings with the Mongolian Government, Minefinders’ new high grade gold and silver at the Dolores-Project mine, and Minco Silver’s commenced drilling on its Fuwan silver project were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Do you have questions, comments, or suggestions about this report?  Email Chris Mullen at cm@goldseek.com

- Written by Chris Mullen

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

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news.  For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

© Gold Seeker 2005

Note: The following article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. GoldSeek.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond GoldSeek.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  GoldSeek.com and employees associated with Gold Seek LLC do not trade the stocks mentioned in stock reports for one week prior to and one week following publication. The information presented in stock reports are not a specific buy or sell recommendation and is presented solely for informational purposes only.  The author/publisher may or may not have a position in the securities and/or options relating thereto, & may make purchases and/or sales of these securities relating thereto from time to time in the open market or otherwise outside of the trading timeframe listed above. GoldSeek.com may have been compensated for their services in preparing and publishing this report. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.