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Gold remained near unchanged in Asia, but it then dropped over $6 in London to under $548 before it rebounded throughout trade in New York and ended near its highs with a slight gain.  Silver traded nicely higher in Asia before dropping over 15 cents in London, but it also rebounded in New York and ended with a nice gain.

Euro gold climbed above €465, platinum lost $4 to $1,018, palladium lost $6 to $284, and copper fell slightly to remain a bit under $2.30.

Gold and silver equities started off a little lower, but they soon rose to find slight gains and remained modestly higher into the close.

More Precious Metals Analysis:

“The gold market might have been lucky to hold together during the action Wednesday, as the World Gold Council predicted a 15% decline in 4th quarter production and at the same time predicted that 4th quarter supply rose by 10%. In other words, the supply and demand equation certainly worsened with the WGC suggesting that high volatility and high prices discouraged demand and pulled out some supply. In conclusion, the gold bulls have to be somewhat discouraged, especially since the US CPI report failed to foster inflationary fears. In short we continue to fear more profit taking action in the gold market.”- The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index traded higher overnight before falling a bit following the tame Core CPI report, but it still ended modestly higher.

Oil prices fell ahead of inventory reports tomorrow that are expected to see builds of about 1 million barrels in crude and gasoline inventories, but a drop in distillates by about 1.7 million barrels.

Treasuries gained on the tame Core CPI that reduces pressure on the fed to continue to raise interest rates.

The Dow, Nasdaq, and S&P gained on lower oil and tame Core CPI.

Among the big names making news in the market today were the SEC and KPMG, Dow Jones & Co., News Corp., Bank of America, OfficeMax, Microsoft, Sprint, Harrah’s, Taser, Martha Stewart Living, and BASF.

Gold & Silver Stock News Update from GoldReview.com:

Yamana’s purchase of Desert Sun, earnings from Agnico-Eagle, Anglo American and Meridian Gold, Freeport’s suspension of operations at its giant Grasberg, mine in Indonesia due to clashes, Glamis Gold’s addition to the S&P/TSX 60 Index, Metallica’s updated exploration activities at Rio Figueroa, Rio Narcea’s plans to close the El Valle/Carles underground gold operations, and Scion Capital’s appeal to the Yukon Supreme Court ruling regarding Gold Fields and Bolivar Gold 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:

Agnico-Eagle reports record cash flows, record low costs; 32% increase in gold reserves to record 10.4 million ounces - "Agnico-Eagle Mines Limited today reported fourth quarter earnings of $11.7 million, or $0.13 per share. This compares to net earnings of $15.6 million, or $0.18 per share, in the fourth quarter of 2004. Cash flow provided by operating activities was $24.6 million in the quarter, compared to $11.7 million in the prior year's fourth quarter. The Company's financial position remains strong with cash and cash equivalents of $121 million at December 31, 2005, up from $106 million at year end 2004." More
- February 22, 2006 | Item | E-mail

Natural Gas Production and High Grade Gold Project Update - More
- February 22, 2006 | Item | E-mail

Melkior Acquires Bristol Property - More
- February 22, 2006 | Item | E-mail

PMI Ventures Ltd.: Gold in Soil Anomaly Extended-Ofoase Concession-Ghana - More
- February 22, 2006 | Item | E-mail

Acero-Martin Exploration Inc.: Montana de Cobre Gold Zone Target - More
- February 22, 2006 | Item | E-mail

Columbia Announces Closing Of A $4,155,000 Private Placement Financing - More
- February 22, 2006 | Item | E-mail

Canada's Yamana buys Desert Sun Brazil gold miner - "Canada's Yamana Gold Inc. said on Wednesday it purchased Desert Sun Mining Corp. for C$535 million and would become Brazil's No. 2 gold producer. In a statement, Yamana said it paid C$5.47 per Desert Sun common share, representing a 21.1 percent premium over its five-day weighted average price. Yamana said the transaction will result in it raising gold output to more than 800,000 ounces in 2008 from a projected 450,000 ounces in 2006, and owning one of the largest Brazilian gold exploration areas." More
- February 22, 2006 | Item | E-mail

U.S. miner shuts Indonesian production after clash - "Freeport-McMoRan Copper & Gold said on Wednesday it was too early to say how much production would be lost from its suspension of operations at its giant Grasberg mine in Indonesia. The company shut down all three Wednesday shifts, one day after locals, who have been illegally mining for gold at the site, clashed with security officers at the mine in remote Papua province. Three security guards and a police officer were injured in the clashes." More
- February 22, 2006 | Item | E-mail

U.S. Gold Corporation Announces Closing Of Private Placement For US$75.15 Million - More
- February 22, 2006 | Item | E-mail

Red Back Mining Inc.: Drilling Confirms Abodoabo Discovery - More
- February 22, 2006 | Item | E-mail

BrazMin reports gold assay results from the Tartarugalzinho Project, Amapa State, Brazil - More
- February 22, 2006 | Item | E-mail

Orex and Candente Explore Pamel Gold Property in Peru - More
- February 22, 2006 | Item | E-mail

Scorpio Mining Corporation New Resource Estimate on Nuestra Senora Silver Deposit, Mexico Adds 1 Million Tonnes and Enhances Confidence Level of Resource - More
- February 22, 2006 | Item | E-mail

Drake Gold Resources Inc. Announces New CEO - More
- February 22, 2006 | Item | E-mail

Richview Announces Independent Resource Estimate For The Thierry Cu-Ni-Deposit - More
- February 22, 2006 | Item | E-mail

Wildrose Resources Ltd.: Step-Out Intersects 116.44 Metres of 1.34 g/t Gold - More
- February 22, 2006 | Item | E-mail

Glamis Gold is Added to S&P/TSX60 - "Glamis Gold Ltd. is pleased to announce that it has been added to the S&P/TSX 60 Index, effective close of business on Wednesday, February 22, 2006. The S&P/TSX 60 index is a large cap index for Canada. It is market cap weighted, with weights adjusted for available share float, and is balanced across 10 economic sectors." More
- February 22, 2006 | Item | E-mail

Strategic Metals Enters Into Option Agreement For Rancheria Silver Project - More
- February 22, 2006 | Item | E-mail

Trigon and Contact Diamond provide IC-LO and RAM-SHU joint venture updates - More
- February 22, 2006 | Item | E-mail

Sultan Minerals Finds More High-Grade Molybdenum at Jersey-Emerald Property - More
- February 22, 2006 | Item | E-mail

Vantex Acquires 95 Claims in the Opinaca Area - More
- February 22, 2006 | Item | E-mail

Trend Announces Athabasca Basin Uranium Drilling to Continue - More
- February 22, 2006 | Item | E-mail

YGC Resources reports further significant results from Ketza River gold property - More
- February 22, 2006 | Item | E-mail

Skygold Ventures Ltd.: Gold System Potential Explodes at Spanish Mountain, Major Stepout Intersects 116.44 Metres of 1.34 g/t Gold - More
- February 22, 2006 | Item | E-mail

New resource estimate planned at Valentine Lake - More
- February 22, 2006 | Item | E-mail

Phoenix Matachewan Mines/Drill Rig Secured for Bottle Creek, Nevada Gold-Silver Project: Drilling to Begin in March - More
- February 22, 2006 | Item | E-mail

Probe Mines Commences McFaulds Lake Area Drill Program, Noront's Double Eagle Project - More
- February 22, 2006 | Item | E-mail

Piper Capital Inc.: Piper Signs Agreement with Hidefield Gold plc; Disposition of Mineral Property - More
- February 22, 2006 | Item | E-mail

Moto Goldmines Makes Application to List on AIM - More
- February 22, 2006 | Item | E-mail

Young-Shannon/MacMillan Gold Resolve All Issues - More
- February 22, 2006 | Item | E-mail

Excellon Announces Eight Additional Sulphide Intercepts Expanding Guadalupe Manto - More
- February 22, 2006 | Item | E-mail

EXMIN Acquires District Scale Land Position-Multiple Targets Next to Ocampo District, in Moris, Chihuahua, Mexico - More
- February 22, 2006 | Item | E-mail

Grandview Gold Intersects Second High Grade Gold Shoot on the 88-04 Zone at Dixie Grading up to 5.85 gpt over 4.5 m - More
- February 22, 2006 | Item | E-mail

GlobeStar Announces US$33 million Debt Financing Proposal for Cerro de Maimon Copper and Gold Project - More
- February 22, 2006 | Item | E-mail

Initial Resource Statement for Golden China's Nibao Project: - More
- February 22, 2006 | Item | E-mail

Bellhaven Ventures Reports High-Grade Gold Mineralization on its Pitaloza Concession, Panama - More
- February 22, 2006 | Item | E-mail

To Increase its Gold Resources, Pershimco Starts Drilling On Courville - More
- February 22, 2006 | Item | E-mail

Anglo American's '05 Profit Little Changed - "The mining company, which is listed in London and South Africa, said net profit for 2005 came to $3.52 billion. That compared with $3.5 billion in 2004, when results were boosted by contributions from the sale of a stake in Gold Fields Ltd. and a gain when AngloGold merged with Ashanti." More
- February 22, 2006 | Item | E-mail

Metallica Resources Updates Exploration Activities at its Rio Figueroa Project, Chile - "Metallica Resources Inc. is pleased to provide an update of exploration activities and results for its Rio Figueroa copper-gold project in Chile. During the fourth quarter of 2005, drilling in the Cerro Matta area intercepted additional copper-gold mineralization which included 158 meters averaging 0.36% and 0.37 g/t gold in drill hole MRC-15. These intercepts are from a seven hole reverse circulation drilling program totaling 2,250 meters, designed to test the continuity and explore for extensions to anomalous copper-gold mineralization encountered in previous drilling reported earlier in 2005." More
- February 22, 2006 | Item | E-mail

Gold Fields and Bolivar Gold Announces Stay of Plan of Arrangement Pending Appeal - "Gold Fields Limited and Bolivar Gold Corp. announced that Scion Capital has appealed the Yukon Supreme Court ruling granting approval of the Plan of Arrangement and was granted a stay of the order pending appeal. The appeal will be heard on Monday, February 27, 2006." More
- February 22, 2006 | Item | E-mail

Anglo profit up 39 pct, raises capital return - "Anglo American Plc, the world's third-largest miner, posted a 39 percent rise in 2005 earnings, buoyed by soaring metal prices, and said it would return $1.5 billion to investors, up from $1 billion previously." More
- February 22, 2006 | Item | E-mail

Rio Narcea Plans to Close The EI Valle and Carles Gold Operations in 2006 - "Rio Narcea Gold Mines, Ltd. announces that, after a thorough performance review of its El Valle/Carles underground gold operations located in the Province of Asturias in northern Spain, the Board of Directors of Rio Narcea has taken the decision to commence the closure of these operations. As a result, an orderly mine closure procedure will commence as soon as practicable, with the ultimate cessation of production and the closure of both the El Valle and Carles mines being completed no later than the end of 2006." More
- February 22, 2006 | Item | E-mail

Combination of Yamana and Desert Sun Creates Leading Intermediate Gold Producer - "Yamana Gold Inc. and Desert Sun Mining Corp. today announced a transaction which provides that Yamana will acquire all of the outstanding common shares of DSM in exchange for Yamana common shares. DSM shareholders will receive 0.6 of a Yamana common share for each DSM common share held. Based on the 5-Day weighted average of Yamana's share price, the transaction price is C$5.47 per DSM common share, representing a premium of 21.1% over the 5-Day weighted average price of DSM's common shares." More
- February 22, 2006 | Item | E-mail

Freeport suspends mining in Papua after clash - "Activities at the huge mine owned by a unit of Freeport-McMoRan Copper & Gold Inc. in Indonesia's remote Papua province were suspended on Wednesday, a day after illegal miners clashed with security officers, an official said. During the Tuesday clash, local miners equipped with bows and arrows wounded two security guards at the Grasberg operation, one of the world's largest gold and copper mines, which is heavily guarded by the Indonesian military and police." More
- February 22, 2006 | Item | E-mail

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