Gold Seeker Closing Report – Silver Outshines Gold

	Close	Gain/Loss
Gold	$557.90	-$0.50
Silver	$9.17	+$0.17
XAU	141.29	-0.09%
HUI	305.89	-0.06%
GDM	974.48	-0.30%
JSE Gold	2812.32	+0.94%
USD	88.06	+0.13
Euro	122.72	-0.23
Yen	87.23	-0.13
Oil	$67.06	-$1.04
10-Year	4.39%	+0.033
T-Bond	114.28125	-0.375
Dow	10712.22	+0.22%
Nasdaq	2265.25	+0.75%
S&P	1266.86	+0.24%

After starting off slightly higher, gold fell off a bit in Asia and London and found around $5 losses at the New York open, but it then rallied throughout most of trade in New York and ended near its highs with only minor losses. Silver started off slightly higher before falling off to find slight losses in Asia and London, but it then jumped higher in New York and ended near its highs of the session with an impressive 1.89% gain.

Gold and silver equities started off nearly 1% lower before rallying to find slight gains by midmorning, but they then fell off to find about 2% losses heading into afternoon trade which saw a nice rebound to leave the 3 indices with just minor losses on the day.

“There was certainly a distinction between the precious and the industrial metals on Tuesday as the gold market was choppy and weak for most of the session, while silver, platinum and copper all posted very impressive gains. On the other hand, the trade could have been lifted by ongoing rumors of Iranian central bank buying. We doubt that a slightly higher Dollar discouraged the gold bulls, but the ongoing talk of a setback in physical demand due to high pricing is perhaps the main element holding back gold in the short term.” - The Hightower Report, Futures Analysis and Forecasting

“The gold market was lifted in Asia and held up at the fix in London, despite the weight of expectation of a deep correction still. Last week saw zero Central Bank selling by the Central Bank old Agreement signatories, the first time under this agreement, confirming our belief that the strongest gold price driver is lack of selling!

Rumors of a major de-hedger of gold buying floated around the market. Even in New York the market held up after the initial dip, which for a correction or a consolidation is strong behavior. This week may see these high hormone levels persist!” - Julian D.W. Phillips of www.goldforecaster.com

The U.S. dollar index rebounded a bit from yesterday’s notable losses on lower oil and some hawkish fed remarks about battling inflation, but any gains were limited as the leading outlook for fed movements in the future remains limited as far as hikes in interest rates.

Oil traded mostly slightly lower ahead of expected builds in inventories tomorrow. Some news of attacks in

Nigeria

did send some jitters through the market early on, but oil ended near its lows of the day in spite of that news.

Treasuries fell as the 20-year TIPS auction drew only limited demand, but much of the attention on the trading floor was to future economic data and the fed’s meeting next week.

The Dow, Nasdaq, and S&P traded mostly slightly higher on decent earnings reports.

Among the big names making news in the market today were Burlington Northern and CSX, CBS and Time Warner, United Technologies, Coach, DaimlerChrysler, McDonald’s, 3M, Pixar and Disney, Johnson & Johnson, and DuPont.

NovaGold’s public offering, Northern Dynasty’s resource estimate at Pebble, Cardero’s update on activities in Peru, Fronteer’s and Rimfire’s deal with Newmont and Breakwater to acquire 700 mineral claims, Canyon Resources’ uranium joint venture, Pacific Rim’s high grade gold intersection, Banro’s gold intercepts, Sterling Mining’s development at the Sunshine Mine, and Silver Dragon’s engagement letter with Jun He law offices were among the big stories in the gold and silver mining industry making headlines today.

Taranis Resources Intersects 14.62 g/t Au / 2.43 m and 0.57% Copper over 10.0 m in Kettukuusikko North Zone - More
- January 24, 2006 | Item | E-mail

Gowest Commences Winter Drilling Programs - More
- January 24, 2006 | Item | E-mail

Kalimantan increases technical team - More
- January 24, 2006 | Item | E-mail

Intrepid To Focus On Drilling In

El Salvador

In 2006, Including Follow-Up On High-Grade Gold And Silver Discovery - More
- January 24, 2006 | Item | E-mail

Blue Note Metals Adopts Shareholder Rights Plan - More
- January 24, 2006 | Item | E-mail

Rambler Metals And Mining PLC Provides Stage I Drilling Results And Lays Out Stage II Plans - More
- January 24, 2006 | Item | E-mail

Cameco - Uravan Plan 2006 Boomerang Exploration Program - More
- January 24, 2006 | Item | E-mail

Sterling Mining Starts Upper Country Underground Development at the Sunshine Mine - "Sterling Mining Company announced today that portal site preparation is now under way at its Sterling Tunnel Project. When completed, the Sterling Tunnel will provide underground sites for exploration drill stations and will serve as the connecting adit to the Silver Summit tunnel and Polaris drift on the eastern side of the Sunshine Mine. This Upper Mine Development, will provide ventilation, an enhanced upper mine escapeway system, and power distribution flexibility for the Sunshine Mine." More
- January 24, 2006 | Item | E-mail

NovaGold Announces Public Offering - "NovaGold Resources Inc. announced today that it has filed a preliminary short form prospectus under the multi-jurisdictional disclosure system relating to a proposed public offering of 11,000,000 common shares in the

United States

and

Canada

. Citigroup Global Markets Inc., Bear, Stearns & Co. Inc. and RBC Capital Markets have been appointed joint bookrunners for the transaction. NovaGold will grant the underwriters an option to purchase an additional 1,650,000 common shares to cover over allotments, if any." More
- January 24, 2006 | Item | E-mail

Copper Fox Metals Inc. Announces gold, copper and molybdenum Assay Results in 2005 Drilling Program - More
- January 24, 2006 | Item | E-mail

Northern Dynasty Minerals Ltd.: Resource Estimate for Pebble East Confirms a World Class Porphyry Copper-Gold-Molybdenum Deposit - "Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. is pleased to report the results of an initial mineral resource estimate for the Pebble East deposit at its Pebble Project in southwestern Alaska. The resource estimate shows that Pebble East represents a significant increase in copper, gold and molybdenum resources for the overall Pebble Project and substantially augments its higher grade resources." More
- January 24, 2006 | Item | E-mail

Klondike Star Intersects 1.67 g/t Gold Over 61.7 Metres - More
- January 24, 2006 | Item | E-mail

Northgate Minerals Corporation: Conference Call and Webcast of 2005 Annual Financial Results, February 24, 2006 at 10:00 Am Et - "You are invited to participate in the Northgate Minerals Corporation live conference call and webcast discussing our 2005 financial results. The call and webcast will take place on Friday, February 24, 2006, at 10:00 am ET. Northgate's 2005 financial results will be released the evening of February 23, 2006 and the presentation package for the conference call will be uploaded for the webcast the morning of February 24 and posted on Northgate's web site at www.northgateminerals.com under Investor Info - Presentations page." More
- January 24, 2006 | Item | E-mail

Cardero Provides Update on Activities in

Peru

- "Cardero Resource Corp. is pleased to provide an update on its activities in

Peru

. Over the past few months Cardero has aggressively pushed forward on several initiatives at its 100% owned, 25,000 hectare Iron (Fe) Sands Project within the Marcona Iron, Copper and Gold (IOCG) District located in the desert coast region of southern

Peru

." More
- January 24, 2006 | Item | E-mail

Trench Sampling returns High Grade Uranium Values over Significant Widths on the Sayana Target, Macusani Uranium Project, South-eastern Peru - More
- January 24, 2006 | Item | E-mail

Golden Eagle Engages Western States Engineering for Feasibility Study on Rio Mojos Gold Project - More
- January 24, 2006 | Item | E-mail

VME announces new CEO, private placement & acquisition of uranium properties - More
- January 24, 2006 | Item | E-mail

Fronteer and Rimfire Acquire New Uranium-Copper-Gold-Silver District from Newmont and Breakwater - "This part of the Yukon is thought to have been physically connected to southern

Australia

at the time that the extraordinary uranium-copper-gold-silver Olympic Dam Deposit was formed. Prior work in the area suggests that similar Olympic Dam-type deposits may have formed in the Wernecke Breccias 1.6 billion years ago before the two continents were torn apart." More
- January 24, 2006 | Item | E-mail

Pacific Rim Mining Corp.: High Grade Gold Over Significnt Width Intersected at South Minita - "Definition drilling at Pacific Rim Mining Corp.'s South Minita gold zone on the El Dorado gold project in El Salvador has yielded new high grade gold intercepts over significant width. Highlights include 30.60 g/t gold over 5.20 meters in hole P05-408." More
- January 24, 2006 | Item | E-mail

AXMIN Inc.: Drilling Extends Kaomahun Prospect, Nimini Hills, Sierra Leone - More
- January 24, 2006 | Item | E-mail

Canyon Resources Announces Uranium Joint Venture - "Canyon Resources Corporation, a Colorado-based mining company, announces the formation of a joint venture with New Horizon Uranium Corporation of Golden, Colorado, relating to an area of known uranium occurrences in southeastern Wyoming. An exploration, development and operating agreement has been signed with New Horizon to form the Converse Joint Venture which covers portions of Converse and Niobrara counties, Wyoming." More
- January 24, 2006 | Item | E-mail

New Sleeper Gold Corporation: Acquisition of Rights in the Antino 1 Project in

Suriname

- More
- January 24, 2006 | Item | E-mail

Paramount Gold Applies for Drilling Permit to Prepare for 2000 Meter Drill Program at the Linda Property, Peru - More
- January 24, 2006 | Item | E-mail

Ian Chapman Joins Select Resources as Vice President - More
- January 24, 2006 | Item | E-mail

Idaho General Announces Extension of the Option to Purchase a Nevada Copper-Moly Property - More
- January 24, 2006 | Item | E-mail

Silver Dragon Resources Inc. Signs Engagement Letter and Retains Jun He Law Offices, Beijing, China - "Jun He is a premier PRC full-service law firm with recognized energy, mining, foreign direct investment, M&A, finance, litigation and arbitration practices. It has almost 300 lawyers practicing in seven cities including Beijing, Shanghai, Shenzhen, Haikou, Dalian and Hong Kong in

China

and New York City in the

U.S.

For more information, please visit www.junhe.com. Silver Dragon Resources Inc. is a mining and metal company focused on the exploration, acquisition, development and operation of silver mines in proven silver districts globally." More
- January 24, 2006 | Item | E-mail

Petaquilla Commences Drilling Molejon - More
- January 24, 2006 | Item | E-mail

Everton to Proceed to a Second Year Option on the Opinaca Project, in James Bay, Quebec - More
- January 24, 2006 | Item | E-mail

Temex commences second drill campaign on Whitney Property Timmins gold mining camp - More
- January 24, 2006 | Item | E-mail

Northern Peru Copper Cuts 320 Meters @ 0.69% Copper '0.86% Copper Equivalent' in One of Four Successful New Holes at Galeno - More
- January 24, 2006 | Item | E-mail

Azimut: Second Year Option by Everton on the Opinaca Project in James Bay, Quebec - More
- January 24, 2006 | Item | E-mail

Redstar Options its Dry Gulch Property in Nevada - More
- January 24, 2006 | Item | E-mail

McVicar Resources signs agreement with Zijin Mining Group - More
- January 24, 2006 | Item | E-mail

Mega Uranium Ltd.: Third Drill Mobilized Shebandowan Camp, Thunder Bay, Ontario - More
- January 24, 2006 | Item | E-mail

Absolut Expands Pico Machay, Advances Towards Pre-Feasibility Study and Production Decision - More
- January 24, 2006 | Item | E-mail

Banro reports further significant gold intercepts from its Namoya drilling program - "Banro Corporation is pleased to announce further drilling results from the Company's wholly-owned Namoya project, located on the Twangiza-Namoya gold belt in the

Democratic Republic of the Congo

. Assay results have been received from another 15 core holes drilled at Namoya that are part of a 7,000 metre drilling program. These results are from the Mwendamboko and Kakula prospects which form part of a 2.5 kilometre long mineralised trend at Namoya." More
- January 24, 2006 | Item | E-mail

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