ADVERTISEMENT

2978 Million Barrels of Oil "Missing" in Texas

My name is James Boxley Cooke, and for the past sixteen years, I have been the chairman of a unique alliance of private investors known as The Oxford Club.

The Club's primary goal is to help our members maximize and protect their wealth through extraordinary opportunities like "The Company" - our way of tapping into the "Hughes Inheritance" for maximum gains. More...

Gold traded near $550 in Asia and fell in London to around $445 before rebounding in New York and finding slight gains at one point, but it then fell back off to end slightly lower.  Silver traded around 5-10 cents lower in Asia and London before it rebounded in early New York trade and remained near its highs into the close to end decently higher.

Gold and silver equities fell over 1% at the open, but they then found slight gains by early afternoon trade before ending marginally lower.

More Precious Metals Analysis:

“While the money break in the precious metals markets slowed on Wednesday, it remains to be seen if the $31 break in April gold was enough to start attracting physical buyers and have enough fund traders banked profits to feel comfortable buying gold again. This week's break in precious metals seems to be purely a money break as trader's cash in after gold lost its upward momentum near 25 year highs. However, the factors that have pushed prices higher in gold have not fundamentally changed so we look as the move in gold and silver as a cleansing break within a longer-term bull trend. While April gold held above 347.80, the .382 retracement of the last leg up, the market still likely remains vulnerable to more selling.” - The Hightower Report, Futures Analysis and Forecasting

“Yesterday’s large drop in metal prices took gold and silver down to their first initial strong support levels from where we are seeing a bounce in market trading Wednesday.  With the liquidation seen, we are undergoing a healthy bull market consolidation, with the likelihood there may be more pain to the downside. Should the $540-$545 spot support give way, we should then look for the next strong technical pullback target around $525. 

There are many willing buyers below the current price levels with the Indian import market waiting eagerly for such a pullback.  Physical demand will remain supportive and this consolidation will build the floor from which we can then see the next run-up to $600.  For silver’s part, the correction back to the prior breakout point of $9.25-9.30 will lend the first level of support here with $9 the next downside target.” – Peter Spina of www.goldforecaster.com

The U.S. dollar index traded slightly higher after a weak Japanese economic survey and after some comments from former fed chairman Greenspan that reportedly indicated a strong U.S. economy.

Oil traded near unchanged ahead of inventory reports that showed crude inventories dropped unexpectedly and gasoline inventories built more than expected.  Crude inventories fell 300,000 barrels, gasoline inventories built 4.3 million barrels, and distillates fell 300,000 barrels.  Oil initially dropped following the report and then moved back to near unchanged on the day as the market’s focus returned to Iran, but it did end the day slightly lower.

Treasuries fell ahead of and after the sale of 10-year notes that saw better demand than yesterday’s 3-year note auction, but still unspectacular demand overall.  All eyes are tomorrow sale of 30-year notes.

The Dow, Nasdaq, and S&P steadily climbed throughout trade and ended near their highs with about 1% gains.  Lower oil, strong earnings, and merger talk were all cited as reasons for the advance.

Among the big names making news in the market today were Time Warner, Glaxo, Lazard, DirecTV, Cigna, PepsiCo, Pfizer, Cisco, and Chipotle and Crocs.

Gold & Silver Stock News Update from GoldReview.com:

Minefinders’ expanded high-grade silver discoveries at Sonora, Bema Gold’s increased gold and silver reserves at Kupol, NovaGold’s closed $176 million public offering, and IAMGOLD’s 2005 operating results 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:

Vena Resources Engages Public Relations Consultant in Europe - More
- February 08, 2006 | Item | E-mail

Canaco Resources Inc. and Douglas Lake Minerals Inc. - More
- February 08, 2006 | Item | E-mail

Continental Minerals Corporation and Great China Mining Inc.: Initial Resource Estimate Shows Xietongmen is a Significant High Grade Copper-Gold Deposit - More
- February 08, 2006 | Item | E-mail

Aurogin Announces Investor Relations Appointment and the Granting of Incentive Stock Options - More
- February 08, 2006 | Item | E-mail

Capstone Intersects 5.4m of 245.8 g/t Silver and 2.8% Copper at the Cozamin Copper-Silver-Zinc Project, Zacatecas State, Mexico - More
- February 08, 2006 | Item | E-mail

Taranis Resources Intersects 2.46 g/t Au / 11.78 m in Kettukuusikko South Zone Open Pit Target. - More
- February 08, 2006 | Item | E-mail

Homeland Precious Metals Corp. Receives Permitting Approval - More
- February 08, 2006 | Item | E-mail

Pearl Asian Mining Industries: Significant Gold and Silver Deposits Discovered at the XYZ Gold Mine - More
- February 08, 2006 | Item | E-mail

Brazil Indians seize hostages in health protest - "Brazilian Indians took hostage four workers from the world's leading iron ore miner to press demands for better public health care, the company said on Wednesday. Companhia Vale do Rio Doce said the Indians from the Guajajara tribe in the northeastern state of Maranhao seized the workers on Tuesday evening after blocking the Carajas to Sao Luis railway earlier that day." More
- February 08, 2006 | Item | E-mail

Bema Announces Increase to Kupol Gold and Silver Resource Estimate - "Bema Gold Corporation announces the updated Indicated and Inferred resource estimate for the Kupol gold and silver project, following the 2005 exploration program. Bema has added an additional 638,000 ounces of gold and 5.4 million ounces of silver representing a 15% increase in the Indicated gold resource since the Feasibility Study resource estimate (Refer to press release dated March 22, 2005). In addition, exploration drilling has replaced all of the ounces which were converted from Inferred to Indicated and has added 78,000 ounces of gold and 314,000 ounces of silver to the Inferred resource." More
- February 08, 2006 | Item | E-mail

ValGold intersects high grade gold intervals in its initial drill program at Garrison Gold Project, Ontario - More
- February 08, 2006 | Item | E-mail

Wealth Provides Update on the Argentinean Uranium Properties - More
- February 08, 2006 | Item | E-mail

Noront Resources Ltd.: Option Tie Jiang Ying Zi Property, Inner Mongolia, China Referred to as China One Project - More
- February 08, 2006 | Item | E-mail

Sirios Ressources Inc.: $440,359 Added to Working Capital and New Claims in the Opinaca Area - More
- February 08, 2006 | Item | E-mail

U.S. Precious Metals Appoint New President - More
- February 08, 2006 | Item | E-mail

SearchGold Options the Mandiana Gold Property in Guinea, West Africa - More
- February 08, 2006 | Item | E-mail

South American Gold and Copper Company Announces Start of Drill Program at Pimenton - More
- February 08, 2006 | Item | E-mail

Update on Silverado's Nolan Project Gold Discovery - More
- February 08, 2006 | Item | E-mail

X-Cal Resources Ltd.: Preparations for Financing - More
- February 08, 2006 | Item | E-mail

AntOro Completes a $211,200 Private Placement - More
- February 08, 2006 | Item | E-mail

Silver Dragon Assays 1,470 Grams per Tonne/47.3 Ounces Silver at the Tierra Blanca Project, Durango, Mexico - More
- February 08, 2006 | Item | E-mail

Golden Eagle Announces Conference Call From Bolivia - More
- February 08, 2006 | Item | E-mail

Pelangio advised of initiation of 2006 drilling program on Block A at Detour Lake - More
- February 08, 2006 | Item | E-mail

Liberty Star Announces Additional Claims Staked at Bonanza Hills Gold - More
- February 08, 2006 | Item | E-mail

Orko Extends Zone of Mineralization - More
- February 08, 2006 | Item | E-mail

Garibaldi Resources Corp. Beneficiary of Ocampo Lottery Acquires Strategic Claims Bordering Gammon Lake, Chihuahua, Mexico - More
- February 08, 2006 | Item | E-mail

Trade Winds Proceeding With Three Drills on Winter Program at Detour Lake Gold Project, Ontario - More
- February 08, 2006 | Item | E-mail

European Goldfields: Appointment of Williams de Broe & RBC Capital Markets as Brokers - More
- February 08, 2006 | Item | E-mail

East Delta Releases 43-101 Report on Gold Resources at Huaqiao, Shows an Inferred Resource of at Least 300,000 Ounces - More
- February 08, 2006 | Item | E-mail

Agnico-Eagle Signs LOI for Bravo's Granite Mountain Project in Nevada - More
- February 08, 2006 | Item | E-mail

American Stellar Energy Adds Significant Gold and Silver Claim to Feed Ore to the Mill at La Currita - More
- February 08, 2006 | Item | E-mail

Diamond Fields Updates on Marine Diamond Mining and Liberian Diamond and Gold Exploration - More
- February 08, 2006 | Item | E-mail

NovaGold Closes US$176 Million Public Offering - "NovaGold Resources Inc. announced today that it has successfully closed its public offering of 14,950,000 common shares at a price of US$11.75 (C$13.43) per common share for gross proceeds of US$175.7 million (C$200.8 million). Citigroup Global Markets Inc., Bear, Stearns & Co. Inc. and RBC Capital Markets were joint bookrunners for the transaction." More
- February 08, 2006 | Item | E-mail

IAMGOLD 2005 operating results update and Mali year-end reserves and resources - "IAMGOLD Corporation announced today that the Company produced a total of 447,000 ounces of gold in 2005 at a weighted average cash cost of US$276 per ounce. While the Company's total share of gold reserves at the four mines in which it has interests, as at June 30, 2005 (Tarkwa and Damang) and December 31, 2005 (Sadiola and Yatela), decreased modestly, resources increased substantially." More
- February 08, 2006 | Item | E-mail

Minefinders Corporation Ltd.: Exploration Expands High-Grade Silver Discoveries at Sonora - "The drill program at Planchas de Plata comprised 58 core holes, totaling 8,686 metres (28,497 feet). It successfully defined several high-grade silver zones (cross-section and plan map are attached or can be viewed on www.minefinders.com). The upper high-grade zone occurs 10 to 50 metres above a second, deeper, high-grade zone discovered by the drill program. These stacked, sub-horizontal, high-grade zones occur within a wide, low-grade envelope hosted by rhyodacite tuffs and overlying conglomerates." More
- February 08, 2006 | Item | E-mail

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 2006

Note: This 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.