Gold traded in a range of about $1 to $5 lower in Asia and London before rising to find slight gains in early New York trade, but it then sold off over 1% in late morning trade and fell near $563 before it rebounded into the close and ended just slightly lower on the day to fall from 25 year highs.  Silver followed a similar rollercoaster ride and ended at about the middle of its trading range to fall from near 19 year highs.

Gold and silver equities started off briefly higher before finding about 2% losses by late morning, but they then rebounded into the close and ended near unchanged.  The HUI was able to end slightly higher to set a new record closing high.

Copper was the leader in metals today and surged to new all-time highs above $2.25.  Platinum fell from 26 year highs and lost $10 to $1064, palladium remained unchanged at 21 month closing highs at $291, euro gold remained at all time highs above €470, and the CRB Index lost 4.07 points to 344.59 to fall further from recent all-time highs.

More Precious Metals Analysis:

“The gold market exhibited significant volatility in the session with gold swinging from early weakness, into an early rally that failed to hold through the scheduled economic numbers on Wednesday morning. At times the Dollar was quite strong, and we assume that element discouraged a few would-be buyers and allowed the market to slide aggressively. However, the press continued to carry reports of ongoing investment demand for gold, while some traders continued to point to the prospect for increase central bank buying of gold, and that probably helped the gold market deflect the periodic bouts of selling.” - The Hightower Report, Futures Analysis and Forecasting

“Metals remained volatile Wednesday after reaching fresh records yesterday.  Some liquidation overnight, especially in Europe, but buyers were there to support the metals.  Pullbacks are expected to bring in willing buyers in the market right now; a severe correction over the next days is unlikely with an upward bias remaining. The positives continue to line-up for the metals and it is gaining wider recognition around the financial community.

Gold is still within reach of the $580-600 level and silver $10 over the coming several days.

What appears obvious is the overbought conditions in the metal equities.  Any sign of weakness in the metals could result in sharp declines with the HUI challenging record highs (350) and the XAU challenging long-term resistance around 155. Yet optimism returns quickly the second investors see the metals rally. Upside momentum is still there, just signs of a correction even if precious metal prices were to stall.” – Peter Spina of GoldSeek.com

The U.S. dollar index continued to rebound from yesterday’s early sell-off as the prospect for further interest rate hikes by the fed continues to buoy the market.

Oil traded slightly higher overnight but turned modestly lower ahead of inventory reports that showed crude inventories built 1.9 million barrels, gasoline inventories built 4.2 million barrels, and distillate stocks fell 200,000 barrels.  Oil initially remained lower following the report as crude inventories came in about as expected and gasoline inventories built more than expected, but oil rose in early afternoon trade on the disappointing drop in distillates and on indications of continued strong demand.  Oil then sold off into the close, however, and ended near its lows of the session.

Treasuries traded mostly lower ahead of more supply coming onto the market, but an economically disappointing ISM Index reading gave the bond market brief gains before it turned back lower as traders looked ahead to jobs data on Friday.

The Dow traded higher on strong Boeing earnings, the Nasdaq traded lower on disappointing Google earnings, and the S&P traded mixed and near unchanged, but all three indices were able to find gains by the end of trade and ended near their highs of the session.

Among the big names making news in the market today were Anheuser-Busch, GM, Ford, Chrysler, Toyota, United Airlines, Burger King, Time Warner, Google, Boeing, and Legg Mason.

Gold & Silver Stock News Update from GoldReview.com:

Coeur d’Alene’s review of assets, Gammon Lake’s first gold-silver pour at their Ocampo project, Crystallex’s completed private placement financing, Nevsun’s initial assay results from the Augaro property, Aurizon’s Casa Berardi gold project progress report, Randgold’s Loulo gold mine update, Ivanhoe’s estimated added resources to the Hugo North copper-gold deposit in Mongolia, Banro’s extended gold mineralization at Lugushwa, Endeavour’s 2005 production, Silver Standard’s drill results from the Pitarrilla silver project, and Atlas Mining’s plans to develop the Upper Sunshine 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:

Gammon Lake Announces First Gold-Silver Pour at Ocampo Project - "Gammon Lake Resources Inc. is pleased to announce that the Company poured its first dore bars at the Company's 100% controlled Ocampo Mine, located in Chihuahua, Mexico. The first metal removal from the Ocampo heap leach pregnant solution has resulted in significant metal recoveries, as Kappes, Cassiday & Associates' (KCA) metallurgical testwork indicated." More
- February 01, 2006 | Item | E-mail

Endeavour Silver Corp.: Guanacevi Project Produces 0.95 Million Oz Silver in 2005 - "Endeavour Silver Corp. announces that in 2005, its first year of operations, the Guanacevi Project in Durango, Mexico produced 948,323 oz silver and 2,332 oz gold or 1,088,543 oz silver equivalents (at a 60 silver: 1 gold equivalence ratio). The Guanacevi plant processed 102,617 dry tonnes grading 385 gpt Ag and 0.88 gpt Au or 438 gpt Ag eq. (12.8 oz per ton) in 2005. Metal recoveries averaged 74.7% silver and 80.5% gold." More
- February 01, 2006 | Item | E-mail

Eloro Appoints Martin Bourgoin, P. Geo. as Executive Vice President, Exploration - More
- February 01, 2006 | Item | E-mail

Midway Enhances Spring Valley Land Package in Nevada - More
- February 01, 2006 | Item | E-mail

Gryphon Gold Receives Permit for Borealis Gold Deposit, Nevada - More
- February 01, 2006 | Item | E-mail

Acrex Secures Option Rights on 25,000 Hectares of Mineral Claims in Central Cariboo, BC - More
- February 01, 2006 | Item | E-mail

Crystallex International Corporation Announces Completion of Private Placement Financing - "Crystallex International Corporation announced today that it has completed its previously announced non-brokered private placement to an investor of 10,799,000 units at a purchase price of U.S.$2.90 per Unit for aggregate gross proceeds of U.S.$31,317,100. In the aggregate, the Corporation issued 10,799,000 common shares and 16,330,000 common share purchase warrants." More
- February 01, 2006 | Item | E-mail

Nevsun Resources Ltd.: Initial Assay Results from the 2005 Drill Program at the Augaro Property, Eritrea - "The Augaro and Damiscioba mines were the largest operating gold mines in Eritrea during the 1930's when they were under Italian management. Past production records are reported to have been destroyed resulting in uncertainty about past gold production and mined grades. Written reports by an Italian geologist in the 1930's that do exist indicate that the Augaro deposit mined a quartz vein over a distance of 600-700 meters and to a depth of 100 meters." More
- February 01, 2006 | Item | E-mail

President/CEO of El Capitan Expecting Positive Report - More
- February 01, 2006 | Item | E-mail

Aldridge Minerals Inc. Completes Private Placement Offering - More
- February 01, 2006 | Item | E-mail

Aumega Intersects 42.9 Meters of .62% Cu .15 g/t Au - More
- February 01, 2006 | Item | E-mail

Adroit Resources Inc.: Transfer of Central Italy Properties Confirmed - More
- February 01, 2006 | Item | E-mail

Aurizon Mines Ltd.: Casa Berardi Gold System Extended Down to 1200 Metres - "Aurizon Mines Ltd. is pleased to present an exploration progress report on its 100 percent owned Casa Berardi Gold Project located in north-western Quebec, Canada. A new gold bearing vein has been found in proximity to the Casa Berardi Fault, 200 metres below and 200 metres east of Zone 113, the main gold bearing zone of the current known deposit. The new gold bearing zone is open to the east and at depth. The results returned were as follows:" More
- February 01, 2006 | Item | E-mail

Canadian Gold Hunter Announces Cdn $3.0 Million Private Placement - More
- February 01, 2006 | Item | E-mail

Atna Files Final Short Form Prospectus, Grants Options - More
- February 01, 2006 | Item | E-mail

Solitario Acquires Significant Land Position in Major Silver-Gold District in Mexico - More
- February 01, 2006 | Item | E-mail

Staccato Receives Permit Approval to Commence Nine-Hole Drill Program at South Eureka, Nevada - More
- February 01, 2006 | Item | E-mail

Crowflight Stakes Additional Ground Adjacent To Its Peter's Roost Project In The North Range Of The Sudbury Basin - More
- February 01, 2006 | Item | E-mail

Telephone access available for Inmet Mining fourth quarter conference call - More
- February 01, 2006 | Item | E-mail

Copper Fox Metals Inc. Announces Closing of its Issuer Offering of Private Placement Funds in aggregate of $155,000 - More
- February 01, 2006 | Item | E-mail

Grandview Gold Drills 0.365 oz/ton '12.50 g/tonne' Gold Intercept Over 10 Feet at Pony Creek, Carlin Trend, Nevada USA - More
- February 01, 2006 | Item | E-mail

Hecla Announces Year End 2005 Earnings Release and Conference Call Schedule - "Hecla Mining Company, a precious metals company, will hold its quarterly conference call to discuss fourth quarter and year end 2005 results on Tuesday, February 14, 2006, at 3:00 p.m. Eastern Time (12:00 noon Pacific Time). Hecla will release its fourth quarter and year end 2005 financial results on that morning." More
- February 01, 2006 | Item | E-mail

Sanu Resources Ltd.: Eritrean Update - More
- February 01, 2006 | Item | E-mail

Sienna Completes $1 million private placement - More
- February 01, 2006 | Item | E-mail

QGX Delineates Starter-Pit Area for Metallurgical- and Thermal-Grade Coal at Baruun Naran, Mongolia - More
- February 01, 2006 | Item | E-mail

World Ventures Inc. Retains Royalty Interest in Extensive Molybdenum, Tungsten, Gold, Lead-Zinc Discovery in British Columbia - More
- February 01, 2006 | Item | E-mail

Temagami Diamond Exploration Program Underway - More
- February 01, 2006 | Item | E-mail

Logan Resources Ltd. Private Placement Completed - More
- February 01, 2006 | Item | E-mail

Logan Resources Ltd.: Drilling to Commence on ESO Uranium's Cluff Project in the Athabasca Basin - More
- February 01, 2006 | Item | E-mail

New Gold Inc.: Bought Deal Financing Agreement for CDN$50,400,000 Million - More
- February 01, 2006 | Item | E-mail

Mill City drills 0.365 oz/ton (12.50 g/tonne) gold intercept over 10 feet at Pony Creek, Carlin Trend, Nevada - More
- February 01, 2006 | Item | E-mail

Initial Copper Flats Inferred Resource Estimate Yields 190 Million Tonnes of High-Grade Copper and Gold - More
- February 01, 2006 | Item | E-mail

Exall Grants Options - More
- February 01, 2006 | Item | E-mail

Fortune Minerals announces NICO underground bulk sample program - More
- February 01, 2006 | Item | E-mail

Keegan Obtains Exploration License for Asumura Gold Project in Ghana - More
- February 01, 2006 | Item | E-mail

Franklin Mining Implements Plan to Apply for Bulletin Board Listing - More
- February 01, 2006 | Item | E-mail

Everton and Azimut Identify New Gold Targets on the Opinaca Project, James Bay, Quebec - More
- February 01, 2006 | Item | E-mail

Gulf International Minerals Ltd. announces updates to refinancing and exchange listings plans - More
- February 01, 2006 | Item | E-mail

Jaguar Mining Ups Gold Production, Targets 130,000 Oz Capacity For 2006 - More
- February 01, 2006 | Item | E-mail

D'Arianne Resources Starts 3,000 Meters of Drilling on Opinaca - More
- February 01, 2006 | Item | E-mail

AXMIN Enters Into Key Agreement With The State Of The Central African Republic - More
- February 01, 2006 | Item | E-mail

Azimut and Everton identify new gold targets at the Opinaca Project, James Bay, Quebec - More
- February 01, 2006 | Item | E-mail

International Mining Executive Appointed President/CEO - More
- February 01, 2006 | Item | E-mail

Alhambra Discovers Significant New Gold-Silver Mineralization - More
- February 01, 2006 | Item | E-mail

Continuum Resources Ltd.: $3,080,000 Placement with Bolder - More
- February 01, 2006 | Item | E-mail

Randgold Resources announces Somilo seeks MDM liquidation - "Societe des Mines de Loulo SA (Somilo) today filed an urgent application in the South African High Court and was granted a provisional order for the liquidation of MDM Ferroman, formerly the maincontractor for the plant at its new Loulo gold mine in Mali." More
- February 01, 2006 | Item | E-mail

Serabi Mining Plc: Drilling and Exploration Update 2005 - More
- February 01, 2006 | Item | E-mail

Coeur D'Alene Reviewing Some Assets - "Coeur d'Alene Mines Corp., the world's largest primary silver producer, on Wednesday said it will consider selling its Coeur Silver Valley assets, among other strategic alternatives for those properties. The company said the Coeur Silver assets include the Galena silver mine in Idaho and related properties. It decided to consider alternatives after reviewing Galena's mine plan." More
- February 01, 2006 | Item | E-mail

UC Resources Ltd. Grants Stock Options of 1,882,500 - More
- February 01, 2006 | Item | E-mail

Ivanhoe Mines Ltd.: New Mineral Resource Estimate Adds 281 Million Tonnes of High-Grade Inferred Resources to the Hugo North Copper-Gold Deposit in Mongolia - "John Macken, President of Ivanhoe Mines, announced today that a new Mineral Resource estimate prepared by Ivanhoe under the supervision of AMEC Americas Limited, and endorsed by AMEC, has delineated an additional Inferred resource for the northern-most portions of the Hugo North Deposit that is continuing to be expanded by ongoing exploration drilling at Oyu Tolgoi in Mongolia's South Gobi region." More
- February 01, 2006 | Item | E-mail

Banro extends gold mineralization at Lugushwa and commences 5,000 metre drilling program - "Banro Corporation is pleased to announce further exploration results from the Company's wholly-owned Lugushwa project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo. Trench results received from the Carriere A prospect at Lugushwa include 25.6 metres averaging 2.81 g/t Au in trench CAT3, 16 metres at 2.45 g/t Au from trench CAT2 and 12 metres grading 2.05 g/t Au from trench CAT4. Soil geochemistry and trenching has now extended the mineralised zone for a total of 4,500 metres." More
- February 01, 2006 | Item | E-mail

Silver Standard Reports Further Results from Pitarrilla Silver Project in Mexico - "Silver Standard Resources Inc. is pleased to report that diamond drilling at the South Ridge of the Pitarrilla silver project in Mexico has again expanded the zone along its southern and eastern flanks with silver values over thick intervals. The wholly-owned project is located approximately 150 kilometers (90 miles) north of Durango City in the state of Durango." More
- February 01, 2006 | Item | E-mail

Atlas Mining Earns Mining Contract to Develop Upper Sunshine Mine: Expects $2.8 Million Revenue - "Atlas Mining Company reports today its contracting entity, Atlas Fausett Contracting, has entered into a contract with Sterling Mining Company to drive a new tunnel into the Sunshine Mine located near Kellogg, Idaho. The tunnel will be approximately 5,700 feet in length and be driven from above the mine office complex easterly into the property. The project will take 15 months to complete and is expected to create a revenue stream for Atlas Mining Company of approximately $2.8 million." More
- February 01, 2006 | Item | E-mail

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