Gold Seeker Closing Report – Gold & Silver Climb Back

	Close	Gain/Loss
Gold	$544.20	+$4.60
Silver	$9.33	+$0.15
XAU	137.38	+2.31%
HUI	306.11	+2.45%
GDM	963.99	+2.53%
JSE Gold	2695.15	-3.33%
USD	90.71	UNCH
Euro	118.81	-0.01
Yen	84.81	+0.03
Oil	$58.46	+$0.81
10-Year	4.596%	-0.010
T-Bond	112.3125	+0.09375
Dow	11120.68	+0.56%
Nasdaq	2294.63	+0.80%
S&P	1289.38	+0.73%

Gold fell as much as $4 lower in Asia before climbing to find about $2 gains in London, but it then fell off to trade slightly lower in early New York trade before rebounding into the afternoon and finding decent gains by the close. Silver traded around 5 to 10 cents lower in Asia, London, and early New York trade, but it also rebounded heading into afternoon New York trade and ended with 1.63% gains.

Gold and silver equities started off briefly mixed before rising throughout most of the rest of trade to end with about 2.5% gains.

Euro gold climbed back near €460, platinum gained $5 to $998, palladium remained unchanged at $274, and copper climbed back above $2.20.

“The gold market surprised the trade with a significant come back off an early slide in prices. With the early slide adding to the recent washout tilt, it is possible that the recovery bounce actually benefits the bull camp a little more than most would have expected. With reports of bullion buying in Europe some traders might assume that the physical buyers might have returned and that certainly helps to reduce the vulnerability of the metals in general. With a similar recovery in the copper market and the rest of the precious metals, the market certainly regains some of its bull market mentality.” - The Hightower Report, Futures Analysis and Forecasting

“News that the German government has deserted plans to invest proceeds from gold sales into a special fund assigned for research and education has given a boost to a weak gold market Thursday. Yet with further interest rate hikes likely to combat rising inflation, gold remains pressured finding support from the 50 day moving average which stands near $537 (spot) today.

We did see some more fund liquidation taking gold lower in US yesterday which followed through into Asian trading, but there is a wait and see attitude at these levels. There are interested buyers waiting to enter back into gold and silver, yet they remain nervous and would rather see some more selling first.

We have seen such tremendous volatility in the past few days that today’s trading appears a bit more calm. We are seeing gold trade in a tighter range today as we see good support in the mid $530’s with resistance around $542-544 then again around $550. Silver is finding firm resistance again around $9.30 an ounce.

The metals are holding up today, just above some important supports. There still remains a strong possibility we will see another leg lower in the short-term and test $525 if not $510. The HUI is treading just above the 295-297 support area as well, with initial resistance around 305 followed by 315.

Note: NYMEX is closed Monday due to President’s Day which means we will have early closings Friday:

The U.S. dollar index gained early on strong economic data and hawkish comments from Bernanke, but it did fall back to unchanged on the day by the close of trade. The euro fell to new 6 week lows.

Oil rebounded from sharp losses yesterday as traders debated future supplies and demand and the possibility of future complications in Iran.

Treasuries found modest gains despite strong economic data and hawkish Bernanke testimony.

The Dow, Nasdaq, and S&P traded mostly slightly higher before a late day surge that led all three indices to close near their highs. The Dow made a new 4 and ½ year high.

Among the big names making news in the market today were Dell, Baker Hughes, Loews, HP, GM, Expedia, XM Satellite, Goodyear, Target, Medtronic, J.C. Penney, and Northrup and General Dynamics.

Newmont’s settlement with Indonesia, Kinross’s disappointing results, Seabridge’s drilling at Courageous Lake, and IMA Exploration’s resource estimate and metallurgical results at Navidad were among the big stories in the gold and silver mining industry making headlines today.

Piedmont Mining Signs Agreement on Pasco Canyon Gold Project, Nevada - More
- February 16, 2006 | Item | E-mail

Nord Resources Announces New CEO, Filing of Form 10-QSB's and Updates Activities - More
- February 16, 2006 | Item | E-mail

Trade Winds Proceeding With Winter Program on the Aurora Property at Detour Lake Gold Project, Ontario - More
- February 16, 2006 | Item | E-mail

Newstrike and Gowest Option Timmins, Ont Mineral prospect from Falconbridge - More
- February 16, 2006 | Item | E-mail

Mexivada Mining Corp. - Exploration Update - Yécora, Mexico - More
- February 16, 2006 | Item | E-mail

Kinross stock falls as results disappoint - "After leaving investors in the dark on its financial results for more than a year, Kinross Gold Corp. reported a loss for the first nine months of 2005, and forecast lower output, sending its stock down 5 percent on Thursday. Kinross fell 55 Canadian cents to C$10.95 on the Toronto Stock Exchange and was the most heavily traded stock by early afternoon. The Toronto-based miner, which had been unable to file financial reports since the third quarter of 2004 due to queries from U.S. regulators, posted a net loss of $61.7 million, or 18 cents a share, for the nine months ended Sept. 30, 2005." More
- February 16, 2006 | Item | E-mail

Geologix Explorations Inc.: Newmont Alliance Press Release Clarification; Jersey Canyon Drilling on Schedule - More
- February 16, 2006 | Item | E-mail

Great West Gold, Inc. - Acquisitions - More
- February 16, 2006 | Item | E-mail

Galantas Reports Exploration on its Omagh Licence - More
- February 16, 2006 | Item | E-mail

Vior Discovers Two New Gold Zones Near its Douay West Deposit - More
- February 16, 2006 | Item | E-mail

American Bonanza Retains Ascenta Capital Partners Inc. to Provide Investor Relations Services - More
- February 16, 2006 | Item | E-mail

Twin Mining signs Memorandum of Understanding with US Forest Service - More
- February 16, 2006 | Item | E-mail

Rubicon Minerals Subsidiary, Toquima Minerals, to be Acquired by Carlin Gold Corporation - More
- February 16, 2006 | Item | E-mail

Majestic Gold Corp.: Final Drill Results-Song Jiaguo - More
- February 16, 2006 | Item | E-mail

PolyMet Reports Successful Pilot Plant Test Results - More
- February 16, 2006 | Item | E-mail

Construction and Mine Permitting Scheduled for Planned 2006 Start-up of Commercial Gold Mining Operations at Jinshan's CSH 217 Project - More
- February 16, 2006 | Item | E-mail

Everton Confirms the Presence of New Gold and Multi-Element Targets on the Wildcat Project in James Bay, Quebec - More
- February 16, 2006 | Item | E-mail

Garibaldi Resources Corp.: Phase 1 Program Results Confirm Potential at Morelos Project; Management Approves Phase 2 Program - More
- February 16, 2006 | Item | E-mail

Halo Acquires Important Sherridon Manitoba Properties - More
- February 16, 2006 | Item | E-mail

Brazauro Resources Announces Tocantinzinho Title Solidified - More
- February 16, 2006 | Item | E-mail

BrazMin receives encouraging assay results from drilling on the Wilton Zone at its Sao Jorge advanced exploration project, Brazil - More
- February 16, 2006 | Item | E-mail

Updated Resource Estimate and Metallurgical Results at IMA's Navidad Project - "IMA Exploration Inc. is pleased to announce the results of an updated resource estimate at the Company's Navidad Project in Patagonia, Argentina. This new estimate was completed to provide a high quality data set for the ongoing scoping study and it includes results from recent infill and perimeter drilling at the Galena Hill, Connector Zone, Navidad Hill, and Calcite Hill deposits, and new resources at Calcite NW. This estimate now integrates previous resource estimates of the individual deposits into one global block model. Navidad Project Indicated Resources are now estimated at 93.4 million tonnes grading 102 g/t silver and 1.41% lead for a total of 305.7 million ounces of contained silver and 2.90 billion pounds of lead (1.32 million tonnes), making the Navidad discovery a truly world class silver-lead deposit." More
- February 16, 2006 | Item | E-mail

Mustang Minerals Corp.: Positive Metallurgical Results from M2 Cu-Ni Zone Drill Results Expand M2 - More
- February 16, 2006 | Item | E-mail

Idaho General Announces Completion of US$30 Million Private Placement - More
- February 16, 2006 | Item | E-mail

Scorpio Accesses Lower Levels of Nuestra Senora Mine - Assay Results of Channel Sampling of 8th Level Development Drifts - More
- February 16, 2006 | Item | E-mail

O.T. Mining Continues to Receive Positive Results at the Ruby, Montana Property - More
- February 16, 2006 | Item | E-mail

Trend Mining Company Encouraged by Preliminary Drilling at Diabase Peninsula, Athabasca Basin, Saskatchewan - More
- February 16, 2006 | Item | E-mail

Lundin Mining Corporation Fourth Quarter Report - More
- February 16, 2006 | Item | E-mail

Eastern Platinum Limited Reports 2nd Quarter Results - More
- February 16, 2006 | Item | E-mail

Asia Gold to Drill Test High-Grade Gold Veins at Naran Bulag, Mongolia - More
- February 16, 2006 | Item | E-mail

Birim Goldfields Inc.: Appointment of New President - More
- February 16, 2006 | Item | E-mail

Seabridge Gold Commences Drilling at Courageous Lake - "The current gold resource at the FAT deposit has been estimated using drill results south of section line 5200N. During 2005, exploration drilling by Seabridge successfully intersected the main mineralized zones of the FAT deposit 550 meters north of the known resource on section line 5750N. The first objective of the 2006 program will be to drill the area between section 5200N and 5750N to define additional resources. This zone has the potential to extend the length of the deposit by almost 25%." More
- February 16, 2006 | Item | E-mail

Jakarta drops civil suit vs Newmont in pollution row - "The world's biggest gold miner, Newmont Mining Corp., is paying Indonesia $30 million to settle a civil suit over pollution, but will still face criminal charges in a case closely watched by foreign investors. Economists said Thursday's settlement could help lift foreign investor sentiment toward Southeast Asia's largest economy, which is rich in gold, copper and oil." More
- February 16, 2006 | Item | E-mail

Kinross Gold posts loss for first 9 months of '05 - "Canadian gold miner Kinross Gold Corp., the seventh largest gold producer in the world, on Wednesday reported a net loss in the first nine months of 2005, including a non-cash foreign currency impact on future tax liabilities. Kinross, which had been unable to file financial reports since the third quarter of 2004 due to queries from U.S. regulators, posted a net loss of $61.7 million, or 18 cents a share, for the nine months ended Sept. 30, 2005." More
- February 16, 2006 | Item | E-mail

Kinross announces financial results for the nine months ended September 30, 2005 - "Kinross Gold Corporation, the third largest primary gold producer in North America, announced today its unaudited results for the nine months ended September 30, 2005. As previously committed this week, Kinross has also completed filing its restated financial statements for 2003 and 2004 and the respective interim periods." More
- February 16, 2006 | Item | E-mail

The Government of Indonesia and Newmont Announce Buyat Bay Agreement - "Under the terms of the agreement, the Government and PTNMR will nominate members to an independent scientific panel that will develop and implement a ten-year environmental monitoring and assessment program. The panel's responsibility is to make a definitive, scientific conclusion in regard to the condition of Buyat Bay." More
- February 16, 2006 | Item | E-mail

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