Gold Seeker Closing Report – Gold & Silver Climb Higher

	Close	Gain/Loss
Gold	$558.40	+$4.80
Silver	$9.00	+$0.15
XAU	141.42	+0.92%
HUI	306.07	+0.81%
GDM	977.42	+0.81%
JSE Gold	2786.19	-0.65%
USD	87.93	-1.02
Euro	122.95	+1.59
Yen	87.36	+0.59
Oil	$68.10	-$0.38
10-Year	4.357%	-0.004
T-Bond	114.65625	UNCH
Dow	10688.77	+0.20%
Nasdaq	2248.47	+0.03%
S&P	1263.82	+0.18%

Gold climbed above $555 in Asia and held above that level for the most part in London and New York and ended near its highs of the day close to its recent 25 year highs. Silver jumped up near $8.95 in Asia and traded in the $8.90’s in London before falling back near $8.85 in early New York trade, but it then rallied into the close to end near its highs of the session at $9.00.

Gold and silver equities traded mixed and near unchanged as profit taking battled a rise in the metals, but all three indices were able to close near their highs with almost 1% gains.

“The gold market exhibited significant volatility into the opening on Monday but eventually settled on the bull track. In the overnight action the gold market showed signs of profit taking in the international action but once the action shifted its focus toward the US market, prices firmed. With all the metals gaining and the Dollar off sharply we have to think that the currency impact was lifting gold but with Fed comments expressing concern over the US current account deficit, we also think that flight to quality buying was also behind the strength. With the Dollar down, oil prices showing initial strength and equity prices rising, even the physical demand outlook seemed to improve from the situation seen late last week.” - The Hightower Report, Futures Analysis and Forecasting

"This week started with London Fixing gold at $558.50 showing Far East and European demand strong, but not sufficient to continue the run up to the recent highs after last weeks pullback of $20 from $564.

The real driver of the gold price continues to be lack of selling, leaving a small volume of investment/speculative buyers calling the shots. With Central Bank sales dropping to 1/2 tonne last reported, Central Bankers joined the list of those not selling, even scrap sales small as expectations of higher prices remain!

With a huge number of buyers waiting for lower prices, this price looks like it will consolidate around $550 to $565 or run still higher this week!"

More from Peter Spina of GoldSeek.com: “Metal prices rebounded Monday on investment fund interest as buying has entered the market following the weakness of the U.S. Dollar, which is breaking down below technical support around the 88.50 level today. With a close below the 200 day moving average and below a generally strong support level (88.50), we are now forecasting the U.S. Dollar to hold a bias in the short-term to the downside, while I target the next move lower to the 85.5 support level. The US Dollar is finding pressure today including growing geopolitical tensions in the Middle East, anticipation the Federal Reserve will soon end its rate hikes, and oil trading around $69 a barrel.

Meanwhile, mining equities remained relatively weak to metal prices again Monday as investors look to take profits on growing expectations of a gold and silver market correction in the short-term. Such uneasiness in the mining stocks is unlikely to be reversed in the short-term unless gold and silver prices power higher to fresh record levels. Technicals are coming from overbought conditions here and favor the downside for the short-term.”

The U.S. dollar index fell as Europe hints toward interest rate hikes while the U.S. appears to be coming near an end to its own cycle of interest rate hikes. High oil prices, geopolitical concerns, and comments from the New York Fed's Geithner about the current account deficit also contributed to weakness in the dollar today. The dollar fell to a 4 month low while the euro rose to a 4 month high.

After climbing to as high as $69.20 overnight, oil traded around 50 cents lower throughout U.S. trade as investors digested comments from Saudi Arabia which “vowed to plug any supply gap from Nigeria and said OPEC was unlikely to cut production when it meets next week.”

Treasuries fell early on as traders looked ahead to debt auctions over the next three weeks which will bring about $77 billion of new supply to the market, but bonds rallied into the close to end unchanged as there was no major economic news to act on.

The Dow and S&P traded mostly slightly higher while the Nasdaq traded mixed and near unchanged, though all three indices did end slightly higher.

Among the big names making news in the market today were American Express, BlackBerry (Research in Motion), Ford, Bank of America, Albertson’s, and Nike.

Minco’s exploration plans for 2006, Randgold’s announced holdings in the company, Rubicon’s optioned sulphide project in Newfoundland, NovaGold’s Galore Creek drill results, Orezone’s expanded holdings in Niger, Minefinders’ new high-grade gold at Dolores, Richmont’s start of production at their East Amphi project, and MAG Silver’s silver-gold vein intersection at Juanicipio were among the big stories in the gold and silver mining industry making headlines today.

Paramount Gold Applies for Drilling Permit to Prepare for 2000 Meter Drill Program at the Linda Property, Peru - More
- January 23, 2006 | Item | E-mail

Romios Announces Increase To Proposed Financing - More
- January 23, 2006 | Item | E-mail

American Bonanza Intersects Mineralization Below Known Gold Resources at Fenelon - More
- January 23, 2006 | Item | E-mail

Roxmark Proposes $500,000 Private Placement Financing - More
- January 23, 2006 | Item | E-mail

Arizona Star Files Registration With SEC - More
- January 23, 2006 | Item | E-mail

Marifil Mines Ltd. Closes Private Placement - More
- January 23, 2006 | Item | E-mail

Agnico-Eagle provides notice of release of fourth quarter 2005 results and conference call - "Agnico-Eagle Mines Limited announced today that it will release its fourth quarter 2006 results on Wednesday, February 22, 2006, after normal trading hours. The Company's senior management will host a conference call on Thursday, February 23, 2006 at 11:00AM (E.S.T.) to discuss financial results and provide an update of the Company's exploration and development activities." More
- January 23, 2006 | Item | E-mail

Prize Mining Corporation - Atlin project update - More
- January 23, 2006 | Item | E-mail

Minco's Exploration Plans for 2006 - "Minco Mining and Metals Corporation is pleased to present a comprehensive exploration plan for 2006. In 2006, the Company plans to continue exploration of its core projects with a focus on advancing the Changkeng Gold Project to a pre-feasibility study stage, further drilling on the White Silver Mountain project to permit a resource calculation, and developing drill targets within its large land package on the Yangshan Gold Belt in southern Gansu Province." More
- January 23, 2006 | Item | E-mail

Geoinformatics Provides Exploration Update on Alliances in Canada, USA and Mexico - More
- January 23, 2006 | Item | E-mail

Gossan Aquires Alto-Gardnar Gold Property - More
- January 23, 2006 | Item | E-mail

Finkolo continues to deliver high grade gold for Etruscan in Mali - More
- January 23, 2006 | Item | E-mail

Northwestern commences permitting process at Firefly uranium-vanadium mine in Utah - More
- January 23, 2006 | Item | E-mail

Gold Hawk Announces a 43-101 Compliant Resource Estimate for the Tamboraque Mine - More
- January 23, 2006 | Item | E-mail

Newmont Announces Results and Reserves Conference Call - "Newmont Mining Corporation announced that it will report fourth quarter and full-year 2005 results as well as 2005 reserves on Monday, February 27, 2006. A conference call will be held that day at 4:00 p.m. Eastern Time (2:00 p.m. Mountain Time) to discuss the fourth quarter's and full year's results." More
- January 23, 2006 | Item | E-mail

Randgold Resources Ld announces Holding(s) in Company - "Randgold Resources announced today that it was informed by Societe Generale SA (SG) on 20 January 2006 that SG had acquired 4 000 000 Randgold Resources shares on 19 January 2006. Based on available information, Randgold Resources believes that these shares - which represent some 5% of the company's issued share capital - were formerly owned by a wholly owned subsidiary of Randgold & Exploration Company (RG&E) and have since been sold by SG at a price of US$16.50 to a number of investors." More
- January 23, 2006 | Item | E-mail

Rubicon Options New Massive Sulphide Project in Newfoundland - "David W. Adamson, President and CEO of Rubicon Minerals Corporation is pleased to announce that the Company has optioned the Lake Douglas volcanogenic massive sulphide project, located approximately 85 kilometres southeast of the town of Grand Falls-Windsor, Newfoundland." More
- January 23, 2006 | Item | E-mail

Greencastle Joint Venture With Orezone Resources Inc. - More
- January 23, 2006 | Item | E-mail

American Stellar Energy Asks Shareholders to Approve Name Change - More
- January 23, 2006 | Item | E-mail

ECU Silver Mining Inc.: Press Release - More
- January 23, 2006 | Item | E-mail

Fortuna Silver Mines Inc.: New Management & Tier 1 Graduation - More
- January 23, 2006 | Item | E-mail

Geocom Initiates 2006 South Chile Field Program - More
- January 23, 2006 | Item | E-mail

NovaGold Resources Inc.: Final 2005 Galore Creek Drill Results Received - "The 2005 drill program at the Galore Creek project in Northwestern British Columbia has been completed and crews demobilized. The program drilled 205 holes totaling over 57,700 meters of infill and exploration drilling in support of the upcoming 2006 feasibility study. The drilling has demonstrated the potential for expansion of the previously identified resources in the Central, North Junction, West Fork and Southwest deposits." More
- January 23, 2006 | Item | E-mail

Brookmount Explorations, Inc. Begins the Process to Obtain Permits to Commence Its Initial Diamond Drilling Program - More
- January 23, 2006 | Item | E-mail

Anaconda Gold Announces $1,300,000 Private Placement Offering - More
- January 23, 2006 | Item | E-mail

Rob McEwen to Invest $1.5 Million in Everton Resources to Accelerate its Exploration Program - More
- January 23, 2006 | Item | E-mail

Midlands Minerals Corporation Announces Financing Agreement on a Private Placement to Raise up to $2.5 Million - More
- January 23, 2006 | Item | E-mail

Bullion River Gold Corp. Acquires Options on Two Nevada Properties in the Premiere Cortez Trend - More
- January 23, 2006 | Item | E-mail

Orezone Expands Holdings in Niger to 4,200 km2 - "Orezone Resources Inc. is pleased to announce that drilling has started on its 100 per cent owned Kossa permit in Niger, West Africa. The 2,000 km2 permit is located immediately adjacent to the Orezone/Gold Fields Essakane Project with the two properties being separated by the border between Burkina Faso and Niger. Kossa has the same geology as Essakane, extensive artisanal workings exist throughout the area, and large gold in soil anomalies on the eastern limit of the Essakane project extend across the border onto Kossa." More
- January 23, 2006 | Item | E-mail

D'Arianne Resources Inc. Announces Drilling Results from the Standard Gold Property, Duverny - More
- January 23, 2006 | Item | E-mail

Continental Minerals Corporation and Great China Mining Inc.: Drilling Continues to Expand Xietongmen Deposit-Project Advances Toward Feasibility - More
- January 23, 2006 | Item | E-mail

Caledonia Commissions Plant Expansion at Barbrook Gold Mine - More
- January 23, 2006 | Item | E-mail

Mill City completes financing - More
- January 23, 2006 | Item | E-mail

PGM Receives Positive Feasibility Study for Aguas Tenidas - More
- January 23, 2006 | Item | E-mail

Clifton Mining Company Inc. (OTC : CFTN) - Kiewit Gold Zone and Porphyry Target Drilling Resumes - More
- January 23, 2006 | Item | E-mail

Stellar cut 60.4 g/t and announces excellent drill results on Vassan property - More
- January 23, 2006 | Item | E-mail

MAG Silver and Penoles Intersect Significant Silver-Gold Vein at Juanicipio: 1,798 Grams per Tonne/57.8 Ounces with 2.91 Grams per Tonne Gold Over 6.35 Metres - "Assay results from Hole 16 returned high-grade Silver - Gold values over 6.35 metres (20.8 feet) (5.50 metres true thickness equals 18 feet) of 1,798 grams per tonne Silver (57.8 ounces), 2.91 grams per tonne Gold, 3.43% Lead and 5.51% Zinc. This includes 2.95 metres (9.6 feet) of 2,807 grams per tonne Silver (90.3 ounces), 3.27 grams per tonne Gold, 5.94% Lead and 9.14% Zinc. There is also a significant gold zone which returned 1.80 metres (5.9 feet) averaging 9.24 grams per tonne Gold, 1,222 grams per tonne silver (39.3 ounces), 2.16% Lead and 3.15% Zinc. (See table below) The new vein intersection lies approximately 1,000 metres north of the Juanicipio Vein (see attached drill plan), the initial vein discovery drilled by MAG Silver and recently confirmed by Penoles (See Press Release of October 31, 2005)." More
- January 23, 2006 | Item | E-mail

Golden Phoenix Completes Ashdown By-Pass, Reaches Sylvia Decline Leading to High-Grade Moly Deposit - More
- January 23, 2006 | Item | E-mail

Magnus International Resources Announces Results of 2005 Rock Chip Sampling and Assay Results of First 2 Drill Holes at the Mangshi Project, Yunnan Province, Ch - More
- January 23, 2006 | Item | E-mail

SIRIOS RESOURCES INC. : Significant Gold Anomalies Found on Pontax - More
- January 23, 2006 | Item | E-mail

Goldex announces Results of Recent Exploration Work and a 4th 2005 Gold Zone Discovery at the El Pato Project, Guatemala - More
- January 23, 2006 | Item | E-mail

Minefinders Corporation Ltd.: New High-Grade Gold at Dolores Adds to Underground Potential - "In particular, diamond drill hole D05-430 encountered several high-grade mineralized structures including a downhole interval averaging 33.46 grams per tonne gold and 17.4 gpt silver over 16 metres, approximately 60 meters beneath the planned, 72.5 million tonne, open-pit mine being developed at Dolores. This interval included six metres grading 84.25 gpt gold and 31.4 gpt silver." More
- January 23, 2006 | Item | E-mail

Richmont Mines Announces the Start of Production at the East Amphi Project - "Richmont Mines Inc. announces that progressive mining at the East Amphi project was performed since the beginning of the month and that the rate of commercial production, approximately 16,500 tonnes per month, should be achieved in March 2006. The production schedule established for the year in progress plans for the extraction of approximately 200,000 tonnes of ore at an average grade of 4 g/t Au. The estimated rate of recovery at the mill is 97.5% for production of approximately 25,000 ounces of gold." More
- January 23, 2006 | Item | E-mail

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