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Gold traded around $5 lower in Asia before it rose throughout trade in London and found slight gains above $550 in early New York trade, but it then sold off for the rest of trade and ended near its lows with a 2.07% loss.  Silver fell over 10 cents in Asia and traded nearly 20 cents lower in London, but it then rallied fiercely in early New York trade and found about 1% gains before it sold off dramatically into the close and ended near its lows with a 2.89% loss.

Gold and silver equities fell nearly 4% by mid-afternoon trade, but they then rebounded a bit into the close and ended with around 3% losses.

Euro gold fell to near €450, platinum lost $26 to $1006, palladium lost $9 to $271, and copper rebounded slightly from Friday’s large losses to close at about $2.23.

More Precious Metals Analysis:

“The gold and silver markets failed at critical support on the charts and in the process sparked another massive washout in prices. While the higher Dollar seemed to spark the early selling in gold and silver, pure speculative and fund selling seemed to gather in the afternoon trade, despite news of a supermarket bombing in Istanbul. According to some reports, physical or jewelry buyers were not picking up gold and silver at lower values and that also served to undermine sentiment and facilitate the liquidation.” - The Hightower Report, Futures Analysis and Forecasting

“Gold’s volatility exploded last week with a continuation expected during this week’s trading.  With spot gold prices now trading under $540 an ounce, we are looking for gold to fall to $525 as the next downside target with a failure to hold this level resulting in $510.  This week looks to be a difficult one for gold and silver, but the market will find terrific support down below. 

Metal equities will have some difficulty in the short-run as well, after dramatic gains over the past months.  The HUI is retesting 295-300, with a possibility of 260-270 on the table.  Such a pullback does not damage the bull market scenario one bit. It is part of a bull market consolidation from which a strong foundation is built for the next run higher!” – Peter Spina of www.goldforecaster.com

The U.S. dollar index traded mostly slightly higher as traders looked ahead for hawkish economic data and hawkish fed comments that may indicate further fed interest rate hikes.  The euro fell to new 6 week lows.

Oil traded mostly slightly lower as traders weighed reports over rising supplies and falling demand versus geopolitical tensions in Iran.

Treasuries traded mostly slightly lower as most looked ahead to economic reports and congressional testimony from new fed chairman Bernanke due out later in the week.

The Dow, Nasdaq, and S&P fell in light volume as traders feared hawkish economic data and fed comments.

Among the big names making news in the market today were Motorola, Merrill Lynch and BlackRock, Google, GE, and Agilent.

Gold & Silver Stock News Update from GoldReview.com:

Glamis Gold’s 4^th quarter earnings, Crystallex’s updated Las Cristinas reserves, Newmont’s acquired additional interest in the Boddington Project in Western Australia, NovaGold’s signed agreement for Tahltan’s participation in the Galore Creek project, and Fortuna Silver’s drill results were among the big stories in the gold and silver mining industry making headlines today.

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All of today's gold and silver stock news:

Crystallex Announces Updated Reserves at Las Cristinas - "Proven and Probable reserves are now estimated at 13.6 million ounces of gold contained in 353 million tonnes of ore grading 1.20g/t gold with a strip ratio of 1.14:1 at US$400 gold. This reserve is 9% higher than the previous August 2005 estimate of 12.5 million ounces (295 million tonnes grading 1.32g/t gold with a strip ratio of 1.57:1 at US$350 gold)." More
- February 13, 2006 | Item | E-mail

Diamond Drill Results From Recently Discovered North Walter Lake Zone on Trade Winds' Optioned Block A at Detour Lake, Ontario - More
- February 13, 2006 | Item | E-mail

Drake Gold Resources Inc. Solidifies Position as Gold Company With New Website - More
- February 13, 2006 | Item | E-mail

Commander Resources Ltd.: Tam/Misty Property Agreement - More
- February 13, 2006 | Item | E-mail

Roxmark closes first tranche of private placement financing - More
- February 13, 2006 | Item | E-mail

Sino Silver Terminates Letter of Intent with Silver Dragon - More
- February 13, 2006 | Item | E-mail

Red Back Announces Production Increase at Chirano Gold Mine and 2006 Capital Budget - More
- February 13, 2006 | Item | E-mail

Galantas President Exercises Placing Warrants - More
- February 13, 2006 | Item | E-mail

Imperial to Focus Exploration on Sterling Gold Property in Nevada - More
- February 13, 2006 | Item | E-mail

Tyler Announces New Director and Confirms Arrival of Third Diamond Core Drilling Rig - More
- February 13, 2006 | Item | E-mail

Esperanza Silver Corporation: Cerro Jumil Drill Update-Gold Mineralization Extended - More
- February 13, 2006 | Item | E-mail

Glamis Gold 4Q Profit Climbs - "Revenue surged to $70.7 million from $33.4 million. Glamis' gold production jumped 66 percent to 140,377 ounces. Meanwhile, the average market price for gold climbed 12 percent to $484 per ounce. Glamis' average realized price was even higher, about $495 per ounce. Analysts surveyed by Thomson Financial expected earnings of 10 cents per share on sales of $58.3 million. For the year, Glamis earned $27.1 million, or 20 cents per share, on sales of $202.6 million." More
- February 13, 2006 | Item | E-mail

Canadian Zinc Corporation: Water Licence Issued-Underground Program Planned For 2006 - More
- February 13, 2006 | Item | E-mail

Proposed Merger Between Romarco and Western Goldfields Terminated - More
- February 13, 2006 | Item | E-mail

Western Goldfields Appoints Randall Oliphant as Chairman, a New Senior Management Team and a $6,000,000 Private Placement - More
- February 13, 2006 | Item | E-mail

Mirabel Adopts New Name and Symbol - More
- February 13, 2006 | Item | E-mail

Increase in Resources and Reserves at the Modder East Project, South Africa - More
- February 13, 2006 | Item | E-mail

Gold Canyon Proposes Private Placement of US$500,000 - More
- February 13, 2006 | Item | E-mail

Emgold Identifies High-Grade Exploration Targets at the Idaho-Maryland Mine - More
- February 13, 2006 | Item | E-mail

Golden Valley Mines Ltd.: Diamond Drilling Underway-2006 Abitibi Exploration Program - More
- February 13, 2006 | Item | E-mail

St Andrew Goldfields Ltd.: Nixon Fork Granted Operating Permits and Development Update - More
- February 13, 2006 | Item | E-mail

Lake Shore Gold Closes Cdn$20 Million Bought Deal Financing - More
- February 13, 2006 | Item | E-mail

General Metals Corporation Receives Go Ahead to Commence Drilling on Independence Mine Tailings - More
- February 13, 2006 | Item | E-mail

Western Goldfields and Romarco Minerals Terminate Merger Agreement - More
- February 13, 2006 | Item | E-mail

Madison Minerals Inc.: 2006 Exploration Plans in Nevada and PNG - More
- February 13, 2006 | Item | E-mail

Skyharbour Resources Ltd.: Drilling Begins on Broulan Reef Gold Project, Update on McKenzie Island Drilling, Red Lake, Ontario - More
- February 13, 2006 | Item | E-mail

Sea Green Capital Corp. Finalizes Drilling Arrangements - More
- February 13, 2006 | Item | E-mail

Drake Gold Resources Inc. Announces Completion of Symbol Change to DKGR - More
- February 13, 2006 | Item | E-mail

Buffalo's 2006 Exploration Plans for the Mt. Kare Property - More
- February 13, 2006 | Item | E-mail

Fortuna Announces additional Channel Sample Results, Animas Vein, Caylloma Silver Project, Peru - "Mr. Jorge Ganoza, President of Fortuna is pleased to report additional channel sample and drill results from recent exploration work on the Animas and La Plata veins at the Company's 100% owned Caylloma silver mine project in Peru. Fortuna is currently re-equipping the mine and working towards restarting mining operations at the historic silver mine." More
- February 13, 2006 | Item | E-mail

Newmont to Acquire Additional Interest in Western Australia's Boddington Project - "Newmont Mining Corporation announced that it has entered into an agreement to acquire Newcrest Mining Limited's 22.22% interest in the Boddington Project in Western Australia. Consideration for the purchase is Australian $225 million. When the transaction closes, Newmont's interest in Boddington will increase to two- thirds. Closing of the transaction is subject to Australian Foreign Investment Review Board and Western Australia Ministry of Mines approval." More
- February 13, 2006 | Item | E-mail

Glamis Gold Net Income More than Doubles in Fourth Quarter 2005 - "Glamis Gold Ltd. today reported net income of $15.1 million, or $0.12 per share, for the fourth quarter of 2005 compared to net income of $6.1 million, or $0.05 per share, in the fourth quarter of 2004. For the full year, net income was $27.1 million, or $0.21 per share." More
- February 13, 2006 | Item | E-mail

Redstar Gold Corp. Acquires Large Gold-Mineralized Area in the Bullfrog District, Nevada - More
- February 13, 2006 | Item | E-mail

U. S. Antimony Announces Beginning of Drilling Antimony and Silver Deposit in Mexico - More
- February 13, 2006 | Item | E-mail

Sunridge Gold Corp.: Lundin Mining Financing Complete - More
- February 13, 2006 | Item | E-mail

Clifton's JV partner secures financing to advance Kiewit Gold Zone and porphyry target drilling - More
- February 13, 2006 | Item | E-mail

Pearl Asian Mining Industries, Inc. Announcement - More
- February 13, 2006 | Item | E-mail

Mineral Resource Evaluation Report Completed - exploration shaft planned for down dip extension of the Daye Gold Mine - China - More
- February 13, 2006 | Item | E-mail

Comprehensive Agreement Signed for Tahltan Participation in NovaGold's Galore Creek Copper-Gold-Silver Project - "The Tahltan Central Council, on behalf of the Tahltan Nation including the Tahltan Band and the Iskut First Nation, and NovaGold Canada Inc., a subsidiary of NovaGold Resources Inc., are pleased to announce that they have entered a comprehensive agreement to support the development of the Galore Creek project in Northwestern British Columbia." More
- February 13, 2006 | Item | E-mail

Australia's Newcrest to sell Boddington stake - "Newcrest Mining Ltd., Australia's biggest gold miner, said on Monday it had agreed to sell its 22.22 percent interest in the Boddington gold deposit joint venture to Newmont Mining for A$225 million ($167 million). The purchase, which had been expected, will give Newmont a 66.66 percent stake in the deposit, located in the far western Australian outback. Newmont already owns 44.44 percent of the deposit, acquired with its takeover of Normandy Mining several years ago." More
- February 13, 2006 | Item | E-mail

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

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© Gold Seeker 2006

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