Gold climbed higher in New York Access trade late yesterday and held near $570 in Asia and London, but it then fell off to near unchanged in early New York trade before climbing back up to new highs by the close of trade in New York to end at a new 25 year high.  Silver traded up near $9.90 in Asia and London before it fell off a bit in New York, but it still closed higher to end at a near 19 year high.  Both metals are trading lower in after hours trade in reaction to the fed’s statement, but losses are minor.

Gold and silver equities rose throughout morning trade before falling off a bit following the fed’s statement, but they still ended nicely higher at new record highs.  The XAU climbed to as high as 156.47 to break past its previous record highs of 155.74 in September 1987 and 155.61 in February 1996. 

Euro gold remained at all time highs near €470, platinum gained $10 to $1074 to new 26 year highs, palladium gained $14 to $291 to match a 21 month closing high, copper fell slightly from all-time highs near $2.25, and the CRB Index fell slightly from all-time highs by losing 1.4 points to 348.66.

More Precious Metals Analysis:

“The gold market didn't seem to mind the threat of higher US interest rates but we suspect that the sharply lower Dollar fueled buyers into the precious metals. However, we also suspect that the ongoing flow of investment money contributed significantly to the run to new highs in gold but it is also possible that the sharp rise in the Consumer confidence reading and the annual year over year rise in the Employment Cost Index added to the speculative interest in the futures.” - The Hightower Report, Futures Analysis and Forecasting

“Uncertainty on future FOMC interest rate hikes, with a strong bias of at least another ¼ point increase at the next meeting, gave the U.S. Dollar a lift after the FOMC decision this afternoon.  This in turn took gold prices off from fresh record highs in afternoon trade erasing a large part of Tuesday’s gains.

Metal equities, also hitting fresh all-time records, succumbed to profit taking as gold and silver prices fell after the announcement.  With the XAU reaching record levels not seen since the mid-1990’s, there is concern that an extended rally in the short-term may be put on hold after touching and briefly piercing resistance.  With the reversal in the U.S. Dollar after the FOMC decision, metal prices may remain under pressure as the FOMC language keeps the door open to future rate increases. 

Personally, I see the FOMC continuing to raise rates to 5% and this will give additional short-term support to an ailing U.S. Dollar. Although gold prices still remain rather independent to the U.S. Dollar’s movements, but a further drop in the U.S. Dollar is most likely to give an additional upside boost to gold.  With gold closing above its prior record from a few weeks back, tomorrow will be a very important day to the short-term picture.  It could lead to another leg higher in gold, or it could be a short-term top, technically speaking.” – Peter Spina of GoldSeek.com

The U.S. dollar index traded notably lower Tuesday morning before rebounding a bit following the fed’s decision, but it still ended the day with a loss.

Oil fell as OPEC pledged to keep production levels at their current high rate.  March 8^th is OPEC’s next meeting and could possibly call for a cut.

Treasuries climbed before the fed’s statement and then dropped a bit following their statement, but they still ended the day modestly higher.

The Dow, Nasdaq, and S&P traded mostly slightly lower ahead of the fed’s statement that initially brought all three indices up near unchanged or slightly higher, but they then fell back off and ended near their lows of the session.

Among the big names making news in the market today were Google, Delphi, Chiron, Altria, Merck, Wyeth, Mellon Financial, Kellogg, and Valero.

Gold & Silver Stock News Update from GoldReview.com:

Newmont’s World Bank loans in Ghana, Freeport-McMoRan’s preferred stock redemption, Apollo Gold’s update on its Montana Tunnels Mine, and Vista Gold’s updated feasibility study for their Hycroft mine were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

All of today's gold and silver stock news:

Temex completes non-brokered financing - More
- January 31, 2006 | Item | E-mail

Megastar Commencing Cu-Zn Exploration on Ralleau Property - More
- January 31, 2006 | Item | E-mail

World Bank unit OK's Newmont Ghana mine investment - "The board of directors of the International Finance Corp, the World Bank's private-sector investment arm, on Tuesday approved $125 million in loans for gold major Newmont Mining's Ahafo gold project in Ghana, an IFC official said." More
- January 31, 2006 | Item | E-mail

Unico, Inc. Files Quarterly Financial Report - More
- January 31, 2006 | Item | E-mail

War Eagle Mining Company Inc.: $4,000,000 Private Placement - More
- January 31, 2006 | Item | E-mail

LKA Provides Details of Golden Wonder Mine Expansion Plans - More
- January 31, 2006 | Item | E-mail

Kimber announces proposed brokered and non-brokered private placements - More
- January 31, 2006 | Item | E-mail

Golden Valley Mines: Property Acquisition Near the Canadian Malartic Mine - More
- January 31, 2006 | Item | E-mail

Freegold Ventures Announces Mineral Resource for Almaden Gold Project - More
- January 31, 2006 | Item | E-mail

American Bonanza Reports in Excess of 1 Million Ounces of Gold at Taurus - More
- January 31, 2006 | Item | E-mail

Quarterly Update-Palmarejo Silver and Gold Corporation - More
- January 31, 2006 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Announces $0.50 per Share Supplemental Common Stock Dividend - "Freeport-McMoRan Copper & Gold Inc. announced today that its Board of Directors has authorized a supplemental common stock dividend of $0.50 per share to be paid on March 31, 2006 to shareholders of record as of March 15, 2006. The supplemental dividend to be paid in March represents an addition to FCX's regular quarterly common stock dividend of $0.3125 per share (equivalent to $1.25 per share per annum)." More
- January 31, 2006 | Item | E-mail

Southern Arc Minerals Inc. - Positive results from phase two drilling of Lemonga Gold Prospect: - More
- January 31, 2006 | Item | E-mail

Higher Grade Ore Encountered in Deep Levels of Rice Lake Mine -- Corporate Update - More
- January 31, 2006 | Item | E-mail

Resource Finance Announces Chief Operating Officer and Board Appointment at Oregon Resources Corp - More
- January 31, 2006 | Item | E-mail

Extensive new gold target at Mininko - More
- January 31, 2006 | Item | E-mail

Tornado Gold International Corp. Conducts Evaluation of Aeromagnetic Results of NT Green Property - More
- January 31, 2006 | Item | E-mail

Semafo Selects EPCM Contractor for the Mana Project - More
- January 31, 2006 | Item | E-mail

Stellar entering in Opinaca gold play with strategic land position - More
- January 31, 2006 | Item | E-mail

Troy Enhances Reputation for Low Cost Gold Production and High Profits - More
- January 31, 2006 | Item | E-mail

Mindoro Resources Ltd. and Panoro Minerals Ltd.: Drilling Underway on Agata Nickel Laterite - More
- January 31, 2006 | Item | E-mail

MacMillan Gold Announces $2,000,000 Private Placement - More
- January 31, 2006 | Item | E-mail

Silver Dragon Discovers New Vein at Tierra Blanca, Mexico - More
- January 31, 2006 | Item | E-mail

North American Gem Inc. Announces a 40 Hole Drill Program After Receiving Initial Results from the Whiskey Gap Uranium Project - More
- January 31, 2006 | Item | E-mail

Maxy Gold Corp.: Contract Mining Planned Under Existing Mining Permit Niukong Pit Sampling Cuts 1.2 g/t Gold Over 36 Meters - More
- January 31, 2006 | Item | E-mail

Moto Goldmines Limited: Quarterly Report For The Period Ended 31 December 2005 - More
- January 31, 2006 | Item | E-mail

Magnus International Resources Finds Highest Gold-In-Soil Results to Date at Huidong Project Adjacent to Southwestern's Boka Property - More
- January 31, 2006 | Item | E-mail

1,500 Meter RC Drilling Program Planned for the Maména Prospect, Kampti Permit, Burkina Faso, West Africa - More
- January 31, 2006 | Item | E-mail

Etruscan acquires option on extension of Youga Gold Belt into Ghana - More
- January 31, 2006 | Item | E-mail

Everton Resources listed on the Frankfurt Stock Exchange - More
- January 31, 2006 | Item | E-mail

Halo Prepares to Drill Duport - More
- January 31, 2006 | Item | E-mail

Goldeye Options Todd Creek Property, Stewart Gold Camp, NW BC. - More
- January 31, 2006 | Item | E-mail

Itronics Silver Sales Increase by 83 Percent in the Fourth Quarter, 44 Percent for the Full Year 2005 - More
- January 31, 2006 | Item | E-mail

Centerra Gold Reports Fourth Quarter Earnings per Share of $0.09 - "Centerra Gold Inc. today reported net earnings of $6.4 million ($0.09 per common share) in the fourth quarter of 2005, based on revenues of $75 million. Cash provided by operations, net of working capital changes and other operating items was $4.8 million. Earnings and cashflow were negatively affected during the quarter by a deferral of a gold shipment as well as the build up of accounts receivable from a gold shipment at Boroo for which payment was received in January 2006." More
- January 31, 2006 | Item | E-mail

Committee Bay Resources Ltd.: New Gold and Nickel Targets Identified at The Mount - More
- January 31, 2006 | Item | E-mail

Canadian Zinc Closes $9.6 Million Financing - More
- January 31, 2006 | Item | E-mail

Alberta Star Makes Formal Application for an Additional 25,000 Meter 'Class A-5 Year Drill Permit' - More
- January 31, 2006 | Item | E-mail

Goldcliff Resource Corporation: York-Viking Zone Yields 1.17 Grams Gold Over 74 Metres with Strong Silver Values - More
- January 31, 2006 | Item | E-mail

Discovery of another Bulagou-type gold mineralization system in Sangqu-Huaerliang prospect area - More
- January 31, 2006 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Announces $236.3 Million Mandatory Redemption for its Gold-Denominated Preferred Stock, Series II - "Freeport-McMoRan Copper & Gold Inc. announced today that the redemption value of its Gold-Denominated Preferred Stock (NYSE: FCX Pr C, CUSIP 35671D881) will total $236.3 million. On February 1, 2006 FCX will redeem the 4.3 million depositary shares of FCX Pr C outstanding for $54.892 per depositary share. The $54.892 redemption price is equal to 0.10 times the arithmetic average of the London P.M. gold fixing price for an ounce of gold in the London bullion market on each of the 20 trading days ending on January 30, 2006." More
- January 31, 2006 | Item | E-mail

Apollo Gold Updates Activities at Its Montana Tunnels Mine - "Apollo Gold Corporation announced that Montana Tunnels Mine, Inc. has given a WARN Act Notice (Workers Adjustment and Retraining Notice) today to all hourly and salaried personnel employed by Montana Tunnels. The WARN Act requires a sixty-day notice be given to employees of a plant shutdown or mass layoff." More
- January 31, 2006 | Item | E-mail

Vista Gold Corp. Announces Updated Feasibility Study for Possible Restart of Operations at the Hycroft Mine in Nevada - "Vista Gold Corp. is pleased to announce that it has received an updated feasibility study for the possible restart of operations at the Hycroft Mine, an open-pit, heap-leach, gold mine located 54 miles west of Winnemucca, Nevada. The Hycroft Mine has produced in excess of one million ounces of gold and two million ounces of silver and is currently on a care and maintenance basis." More
- January 31, 2006 | Item | E-mail

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- Written by Chris Mullen

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

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