Gold Seeker Closing Report – Gold & Silver Lose About 1%

Report	For	Reading	Expected	Previous
Initial Claims	Jan	278K	300K	298K
Help-Wanted Index	Jan	37	40	38

The economically strong Initial Jobless Claims report reignited some inflation fears, though comments from the fed’s Santomero midday did calm those fears a bit. Tomorrow at 8:30AM EST brings Durable Goods Orders for January expected at -2.0%.

	Close	Gain/Loss
Gold	$548.80	-$5.10
Silver	$9.48	-$0.11
XAU	137.05	-3.32%
HUI	312.90	-2.71%
GDM	981.29	-2.53%
JSE Gold	2880.58	+0.10%
USD	90.42	-0.23
Euro	119.25	+0.25
Yen	85.50	+1.21
Oil	$60.54	-$0.56
10-Year	4.567%	+0.036
T-Bond	112.875	-0.40625
Dow	11069.22	-0.61%
Nasdaq	2279.32	-0.17%
S&P	1287.79	-0.38%

Gold traded in the low $550s in Asia, London, and morning New York trade before it fell below $550 in afternoon trade and ended near its lows of the session with a near 1% loss. Silver mostly traded in the $9.50 to $9.60 range in Asia, London, and morning New York trade before it also fell off in late trade and ended near its lows of the session under $9.50.

Euro gold fell near €460, platinum lost $7 to $1,011, palladium lost $1 to $283, and copper dropped over 5 cents to the low $2.20s.

Gold and silver equities held about 1% lower in morning trade, but they then dropped further in afternoon trade and ended near their lows of the session with about 3% losses.

“The gold market continued to show signs of vulnerability and it would seem like the negative supply news is adding to the off balance condition. With another large gold producer posting a sharp increase in gold production it certainly feels like the higher price structure is pulling some supply onto the market and with the recent World Gold Council downward revision in demand in the 4th quarter it is clear that the tight condition in gold is being alleviated slightly. However, a return of solid physical demand could easily rekindle the bull track but the bull camp is seeing at least part of its case deteriorate.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar fell versus the euro after a positive German economic survey and fell markedly versus the yen after the Bank of Japan hinted towards a policy change, but it did pare its losses following the economically strong Initial Jobless Claims report.

Oil traded slightly lower ahead of inventory reports that showed crude inventories built 1.1 million barrels, gasoline inventories built 100,000 barrels, distillates fell 1.3 million barrels, and natural gas stocks fell 123 billion cubic feet. The reports came in about as expected and oil continued its losses to under $60 at one point as a result, but it did rebound into the close to cut its losses by about half.

Treasuries fell after the economically strong Initial Jobless Claims report and then furthered their losses following a 5-year note auction that drew weak demand.

The Dow, Nasdaq, and S&P started off lower on inflation fears before rebounding a bit midday, but all three indices did end lower on the session.

Among the big names making news in the market today were HealthSouth, Limited Brands, MGM Mirage, CBS, Toll Brothers, Nestle, Fannie Mae, BAE Systems, Enron, and DP World.

Silver Wheaton’s plans to increase silver sales, Eldorado Gold’s year end update, Crystallex’s gold mine permit, Anglo American’s joining to the FutureGen Industrial Alliance, earnings from Barrick Gold, Richmont Mines, and Pan American Silver, and Sterling Mining’s appointment of Behre Dolbear to conduct a final feasibility study at the Sunshine Mine were among the big stories in the gold and silver mining industry making headlines today.

ECU Silver Mining Inc.: Press Release - More
- February 23, 2006 | Item | E-mail

Silver Wheaton to Increase Annual Silver Sales to Over 15 Million Ounces in 2006 and 20 Million Ounces by 2009 - "Silver Wheaton Corp. is pleased to announce that it has agreed to purchase 4.75 million ounces of silver per year, for a period of 20 years, from Glencore International AG, equivalent to the production from their Yauliyacu mining operations in Peru. With this acquisition, Silver Wheaton is expected to have annual silver sales of over 15 million ounces in 2006, increasing to 20 million ounces by 2009 and thereafter." More
- February 23, 2006 | Item | E-mail

Eldorado Gold Corporation: Year End Update - "The following table shows the Company's mineral resources and mineral reserves as of December 31, 2005. We are extremely pleased by the 15% increase in proven & probable mineral reserves to over 7 million ounces of gold. This increase results from the acquisition of the Tanjianshan Gold Project in China and our 2005 drill program at Tanjianshan. The Tanjianshan drill program increased Reserves at the Project by more than 170,000 Au. ozs to 1,115,000 Au. ozs since its acquisition in September 2005." More
- February 23, 2006 | Item | E-mail

Louvem Mines Announces Its Results for 2005 - More
- February 23, 2006 | Item | E-mail

Eurasian Minerals Inc.: Multiple Gold Targets Identified at the Gezart Property in the Kyrgyz Republic - More
- February 23, 2006 | Item | E-mail

Comcorp Acquires Strategic Colombia Gold Property, Arizona Silver Project and Arranges Financing - More
- February 23, 2006 | Item | E-mail

First Quantum Minerals Responds to Adastra Minerals' Directors' Circular and Encourages Adastra Shareholders to Tender to First Quantum's Premium Offer - More
- February 23, 2006 | Item | E-mail

Sterling Mining Appoints Behre Dolbear to Conduct Final Feasibility Study at the Sunshine Mine in Idaho - "Sterling Mining Company announced today that it has selected Behre Dolbear & Company (USA), Inc., an international minerals industry engineering consulting company, to assist the Company in finalization of a feasibility study in accordance with Sterling's phase III mine plan for the Sunshine Mine in Idaho. The feasibility study work will run concurrently with Sterling's ongoing maintenance, rehabilitation, development and exploration of the Sunshine Mine." More
- February 23, 2006 | Item | E-mail

Crystallex Gets Permit for Gold Mine - "The Venezuela government has given the company the necessary environmental permits for the Lo Increible gold mine in Venezuela, a company spokesman told Dow Jones Newswire Thursday. Lo Increible is a 10,000-hectare (24,710-acre) property in the El Callao mining district in eastern Venezuela. Crystallex still is awaiting permits for the larger Las Cristinas gold mine, which is believed to hold one of the region's largest undeveloped gold deposits, the company said." More
- February 23, 2006 | Item | E-mail

Two Drill Rigs Actively Drilling on Rainy River Project; Airborne VTEM Survey Scheduled for Off Lake Area - More
- February 23, 2006 | Item | E-mail

Guyana Goldfields Receives Affirmative Metallurgical Test Results - More
- February 23, 2006 | Item | E-mail

Fronteer's Aurora Files Preliminary Prospectus for Underwritten Initial Public Offering - More
- February 23, 2006 | Item | E-mail

GoldSpring, Inc. Announces Sale of Canadian Mineral Permits - More
- February 23, 2006 | Item | E-mail

Tribute Intersects More High Grade at Garnet Lake-4.43 metres 'True Width'-18.3% Zinc, 81.2g/t Indium - More
- February 23, 2006 | Item | E-mail

NioGold Options Gold Hawk Property in the Malartic Gold Camp - More
- February 23, 2006 | Item | E-mail

Russian gold mining offers risk and rewards - "Russia's vast gold deposits offer sparkling potential with world prices at 25-year highs, but foreign investors want assurances that high taxes and tightening state control won't hamper new mining projects. With gold resources second only to South Africa's, lower mining costs than other parts of the world and an economy growing more than 6 percent a year, Russia is ripe for investment, say many industry executives and analysts." More
- February 23, 2006 | Item | E-mail

IP Geophysics Extends Gold Zones at West Cedartree; Shareholders Strongly Endorse Houston Lake Management at AGM - More
- February 23, 2006 | Item | E-mail

Anglo American Joins FutureGen Industrial Alliance - "Anglo becomes the ninth member of the Alliance, which is facilitating design, construction and operation of the first "zero-emissions" coal-fueled power plant and hydrogen production facility with integrated carbon capture and sequestration." More
- February 23, 2006 | Item | E-mail

Paramount Gold reports 11.31 grams/tonne gold and 87 grams/tonne silver across 25.8 meters at the San Luis zone, San Miguel project in Mexico - More
- February 23, 2006 | Item | E-mail

Cascadero Copper Corporation CCD:TSXV Argentine Gold Prospect Optioned - More
- February 23, 2006 | Item | E-mail

Chariot Encounters Cu Intercepts Of 18 Metres At 6.26%, 12 Metres At 10.66%, And 8 Metres At 6.70% From HG Sulphide Zone - More
- February 23, 2006 | Item | E-mail

Keegan Begins Drilling at Asumura Gold Project - More
- February 23, 2006 | Item | E-mail

Rare Element Resources' Drill Results & Historical Resources at Bear Lodge Property - More
- February 23, 2006 | Item | E-mail

FNX Mining Reports Strong 2005 Operating Results - More
- February 23, 2006 | Item | E-mail

Barrick Gold Shares Slip Despite Profits - "Barrick Gold Corp. shares fell nearly 3 percent Thursday, a day after the world's largest gold miner reported higher profits for the fourth quarter and all of 2005. The Canadian company reported after the markets closed Wednesday that it earned $175 million, or 32 cents per share, for the last three months of Dec. 31 versus $156 million, or 29 cents per share, a year ago." More
- February 23, 2006 | Item | E-mail

Committee Bay Resources Ltd.: Redemption Joint Venture Partners Make Final Payments On Coolgardie Gold Acquisition - More
- February 23, 2006 | Item | E-mail

Aurus Signs Letter of Intent to Acquire the Klyon "Maple" Gold Ore Deposit - More
- February 23, 2006 | Item | E-mail

First Preliminary Gold, Silver & Other Precious Metals Assay Report From XYZ Gold Mine Site of Pearl Asian Mining Industries, Inc. - More
- February 23, 2006 | Item | E-mail

Proposed extension of expiry date for Warrants and Broker Warrants - More
- February 23, 2006 | Item | E-mail

Linux Gold Corp. Announces the 43-101 Report on the Granite Mountain Property in Alaska Has Been Completed for a $1.5 Million Budget - More
- February 23, 2006 | Item | E-mail

PGM Reports Gold Intersections on SANGOLD - More
- February 23, 2006 | Item | E-mail

Azimut Exploration Appoints Dennis Wood as Director - More
- February 23, 2006 | Item | E-mail

Romarco Expands 2006 Drilling Programs - More
- February 23, 2006 | Item | E-mail

Tara Gold Resources Reports 11.31 Grams/Tonne Gold and 87 Grams/Tonne Silver Across 25.8 Meters - More
- February 23, 2006 | Item | E-mail

Viceroy Exploration Ltd.-Update on Company Activities - More
- February 23, 2006 | Item | E-mail

DUMONT commences core drilling of Kiewit Gold Zone and porphyry target - More
- February 23, 2006 | Item | E-mail

Great West Gold, Inc. - United Kingdom Listings - More
- February 23, 2006 | Item | E-mail

GlobeStar Reports Significant Increase in Copper and Gold Resources - More
- February 23, 2006 | Item | E-mail

African Gold Group, Inc: 48 Metres of 2.95 g/t Au Including 19.20 Metres of 5.91 g/t Au Confirms Gold Discovery at Kobada, Mali - More
- February 23, 2006 | Item | E-mail

Osisko Exploration Ltd: New Drilling Results at Canadian Malartic - More
- February 23, 2006 | Item | E-mail

Alhambra Resources Ltd.: Significant New Gold Discovery at Shirotnaia - More
- February 23, 2006 | Item | E-mail

Cabo Revenue & Margin Up Over 2nd Quarter Last Year - More
- February 23, 2006 | Item | E-mail

Fjordland and Wildrose to Commence 2006 Drill Program at Woodjam Gold-Copper Project - More
- February 23, 2006 | Item | E-mail

Richmont Mines Announces its Results for 2005 and a Non-Cash Write Down - "For 2005, gold sales came to 36,956 ounces, compared with 69,207 ounces in 2004. In all, 199,269 tonnes of ore at an average recovered grade of 5.72 g/t were extracted from the Beaufor Mine and yielded 36,649 ounces, produced at a cash cost of US$377 in 2005, compared with 266,793 tonnes of ore at an average recovered grade of 6.13 g/t, or 52,623 ounces of gold, produced at a cash cost of US$308 the previous year." More
- February 23, 2006 | Item | E-mail

Pan American Silver continues record growth in 2005 - "All financial results include the effects of the restatement announced on February 16, 2006. Restated 2005 and 2004 quarterly statements will be filed prior to March 2, 2006. Pan American Silver Corp. reported a net loss of $29.5 million or ($0.44) per share for the fourth quarter of 2005 versus fourth quarter earnings of $13.1 million in 2004. Both reporting periods include one-time impacts to earnings. In 2005, the loss included a non-cash write-down of the carrying value of the La Colorada silver mine in Mexico." More
- February 23, 2006 | Item | E-mail

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