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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 remained mostly slightly lower in Asia before rising a bit in London, but it then dropped near unchanged in early New York trade before rising to over $565 by late morning.  Gold then again dropped back near unchanged on the day, but it was able to rebound into the close to end a couple dollars higher.  Silver followed a similar rollercoaster ride but sold off into the close to end unchanged on the session.

Euro gold remained above €470, platinum lost $3 to $1,041, palladium gained $8 to $294, and copper continued yesterday’s gains to climb back above $2.25.

Gold and silver equities rose over 2% in morning trade and remained near their highs into the close.

The U.S. dollar index fell a bit overnight as the euro gained on strong euro zone manufacturing data.  Tame Core PCE kept the dollar lower in early U.S. trade, but it then rebounded to find slight gains after strong ISM data.

Oil trade slightly higher ahead of inventory reports that saw crude inventories build 1.6 million barrels, gasoline inventories build 300,000 barrels, and distillates fall 1.5 million barrels.  Crude and gasoline inventories built a bit more than expected and distillates fell a bit more than expected to make for a mixed report, but increasing demand figures within the report kept prices modestly higher into the day’s close.

Decent economic data indicating economic growth caused treasuries to fall and the Dow, Nasdaq, and S&P to rebound from yesterday’s sharp losses.

Among the big names making news in the market today were Ford, Chrysler, Northwest, Saks, Overstock, Merrill Lynch, GM, Pilgrim’s Pride, American Eagle, Revlon, Medco Health, and Vivendi.

More market commentary:

“The gold market managed to post gains, despite the fact that the Dollar firmed and silver and platinum were weaker. We suspect that favorable US economic news, a firming stock market and very positive leadership from copper provided some gold players with hope that physical buyers would come back to the long side of gold. Some players suggested that price concerns by the ISM fostered some inflation concern and that in turn supported the gold market.” - The Hightower Report, Futures Analysis and Forecasting

Some notes from Wayne N. Krautkramer sent in last night:

THE BLACK GOLD WATCHER’S COMMENTARY FOR FEBRUARY 28, 2006.

ANALYSIS OF BLACK GOLD!

Crude Oil is continues to attract buying interest. Today’s close (2/28/2006) was very strong. The immediate force continues to the upside. The locals again went "stop hunting", and showed that the strength is now to the upside!

Crude Oil traders are beginning to avoid the short side of the market. The Crude Oil market is stuck in a small trading range at this time, but too strong to sell short at this time!

Subscribers to THE BLACK GOLD WATCHER (copyright 2006) have already been issued the appropriate instructions to capitalize on this change.

The Dubai World Ports scandal will keep the heat on the short sellers. These real time script writers from DC really know how to support a market.

The bigger issue of alternative fuel sources is slowly working its way into the media. The question of Bio Fuels has just surfaced with a big IF.

It appears that biofuels require more fossil based energy to grow the crops than they save as an alternative fuel. This story might slow down the corn bulls, and help support Crude Oil.

THE LOONIE WATCHER’S COMMENTARY FOR FEBRUARY 28, 2006

The market close on February 23, 2006, showed that the market conditions influencing the Loonie and the $USD have changed since our last commentary (Feb 23, 2006)

THE LOONIE

The Loonie has confirmed our forecast, and remains strong. The Loonie is fast approaching its recent highs, and will soon give the commercials reason to wait and see.

THE $USD

The $USD continues to stay locked in its trading range. The locals have been unable to get the $USD going because of lack of interest by the commercials at this price.

The $USD won’t begin its next move until some new information surfaces that is not already priced into the market!

The short term outlook is a probable trading range until a new direction materializes.

SUMMARY

Crude Oil continues to pressure both the currencies, and the stock markets. The Loonie may become vulnerable should the metal's markets start to collapse.

The $USD will need a reason to begin a new move out of its trading range!

The political circus in the US has distracted everyone at this time.

The US port fiasco has almost everyone distracted from the economic situation so this issue will continue to be pushed by the media.

Wayne N. Krautkramer onlypill@cox.net

Http://onlypill.tripod.com/thelooniewatchercopyright2006bypitagorasinternacionalsa

A note from Charleston Voice:

“As we eagerly await the gold, natural gas and other commodities to complete their pullbacks, it's an opportunity to form our strategies where we shall deploy our funds when the moment arrives.

Below is a ratio of the HUI and NatGas indexes; a declining ratio is an indication that natgas is the better deal than gold stocks. Right now with the red trend line (5-week mov. avg.) above the blue line we can see that we'd have been better off in gold stocks since last July - - but, because of other  indicators, we exited both sectors in January.

Just one more tool for your technical analysis toolbox.”

Recent GATA posts:

Bank of China will let investors trade dollars directly for gold

Ted Butler: Barrick's quarterly hedge book loss far exceeded quarter

Coming soon, a backup bank for the Treasury market

Gold & Silver Stock News Update from GoldReview.com:

Hecla Mining’s and Great Basin’s modified Earn-in Agreement, Pacific Rim’s closed bought deal financing, and Penoles’ possible mine stoppage 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:

Cardero Resource Corp.: Anglo American Continues Exploration at Baja IOCG Project - More
- March 01, 2006 | Item | E-mail

HudBay Minerals Announces 2006 Mineral Reserves - More
- March 01, 2006 | Item | E-mail

Paramount Gold Receives Drilling Permit and Hires Experienced Drilling Contractor Bradley-MDH to Conduct 2000 Meter Drill Program at Linda Property, Peru - More
- March 01, 2006 | Item | E-mail

Mining Veteran Appointed CEO, President and Director of Colombia Goldfields - More
- March 01, 2006 | Item | E-mail

Piedmont Mining Signs Agreement on Bullion Mountain Gold Project, Nevada - More
- March 01, 2006 | Item | E-mail

Breakwater Resources Ltd.'s year-end financial and operating results conference call - More
- March 01, 2006 | Item | E-mail

Tri-Valley Unit Begins Industrial Mineral Production - More
- March 01, 2006 | Item | E-mail

Eurasian Minerals Inc.: Gold and Gold-Copper Zones Identified at the Plavkovo Property, Serbia - More
- March 01, 2006 | Item | E-mail

Callinan acquires Echo Lake property, plans drilling - More
- March 01, 2006 | Item | E-mail

Globex Mining Enterprises Inc./Clarification: Russian Kid Press Release of March 1, 2006 - More
- March 01, 2006 | Item | E-mail

Brett Resources Options Hammond Reef Gold Property from Kinross - More
- March 01, 2006 | Item | E-mail

Mexican strikes cripple mines, refineries - "More than 20,000 Mexican miners and metal workers were on strike on Wednesday in two separate disputes that crippled output at the country's biggest mines, metals refineries, and steel mills. Grupo Mexico, the world's No. 3 copper producer, said its Cananea and La Caridad copper mines were closed for a second day because of a wildcat strike by workers who say labor conditions are unsafe. Penoles, the world's top producer of refined silver, said workers at its massive Fresnillo silver mine were not working the morning shift in support of embattled union leader Napoleon Gomez. It was not clear if they would stay off the job in later shifts." More
- March 01, 2006 | Item | E-mail

Gitennes reports high zinc, silver at Titimina & Tucumachay - More
- March 01, 2006 | Item | E-mail

Great West Gold, Inc. - Takeover Bid - More
- March 01, 2006 | Item | E-mail

Diamond Fields International Ltd. and Moydow Mines International Inc. Announce Proposed Business Combination - More
- March 01, 2006 | Item | E-mail

AXMIN Inc.-New Gold Zones Identified at Ndassima, Bambari Permits, Central African Republic - More
- March 01, 2006 | Item | E-mail

Azimut Exploration Appoints Executive Vice President - More
- March 01, 2006 | Item | E-mail

Century Accesses Underground Workings at Lamaque Mine - More
- March 01, 2006 | Item | E-mail

Goldcrest Updates Resource Estimates at its Youanmi Project in Western Australia - More
- March 01, 2006 | Item | E-mail

Asia Gold Expands Option Agreement for Copper and Coal in Southern Mongolia With World's Largest Diversified Resources Company - More
- March 01, 2006 | Item | E-mail

GoldQuest Mining Corp.: More High Grade Samples From Las Animas Massive Sulfide Deposit, Dominican Republic - More
- March 01, 2006 | Item | E-mail

Proposed Merger of Moydow Mines International Inc and Diamond Fields International Ltd. - More
- March 01, 2006 | Item | E-mail

American Bonanza Exploration Success at Fenelon - More
- March 01, 2006 | Item | E-mail

Stellar grants stock options - More
- March 01, 2006 | Item | E-mail

Odyssey Begins its Gold Drilling at Tavsan in Turkey - More
- March 01, 2006 | Item | E-mail

Webcast Alert: Compania de Minas Buenaventura Announces Fourth Quarter 2005 Conference Call - "Friday, March 3, 2006 @ 10:00 a.m. EST" More
- March 01, 2006 | Item | E-mail

Mexican union calls nationwide mine stoppage - "A nationwide stoppage would disrupt production at major mines and metallurgical facilities, including the world's largest silver mine, owned by Penoles, as well as the massive Lazaro Cardenas steel mill." More
- March 01, 2006 | Item | E-mail

Pacific Rim Mining Closes Bought Deal Financing - "Pacific Rim Mining Corp. has today closed its previously announced short form prospectus financing through a syndicate of underwriters who have agreed to buy and sell to the public the aggregate of 23,900,000 common shares of Pacific Rim at a price of CDN $0.84 per common share (representing total gross proceeds of CDN$20,076,000) which includes the exercise by the Underwriters of the overallotment option in the aggregate amount of 6,000,000 common shares." More
- March 01, 2006 | Item | E-mail

Tonogold Resources, Inc. Announces Name Change for Uranium Subsidiary - More
- March 01, 2006 | Item | E-mail

Robex's drilling program on the Sanoula property - More
- March 01, 2006 | Item | E-mail

Summary of independent qualified report dated February 20, 2006 on Nolan Gold Project Alaska By Thomas K. Bundtzen, P.Geo., B.S., M.S. - More
- March 01, 2006 | Item | E-mail

Sanu Resources Ltd.: Eritrean Update - More
- March 01, 2006 | Item | E-mail

Ventura Reports Third Quarter Financial Results - More
- March 01, 2006 | Item | E-mail

Scorpio's Additional Assay Results of Channel Sampling of 8th Level Development Drifts include 467.97 g/t Ag, 9.64% Zn, 1.57% Cu, 7.02% Pb and 0.90 g/t Au - More
- March 01, 2006 | Item | E-mail

World Ventures Inc. Announces Private Placement Financing - More
- March 01, 2006 | Item | E-mail

Silver Dragon Resources Inc. Closes $1 Million Private Placement - More
- March 01, 2006 | Item | E-mail

Redstar Gold Corp. Starts Red Lake Drill Program - More
- March 01, 2006 | Item | E-mail

Sunridge Gold Corp.: Assay Results from Debarwa Increases Strike Length by 400 Metres - More
- March 01, 2006 | Item | E-mail

Paramount Gold Gains SEC Clearance and Prepares For NASD Filing and OTC:BB Trading - More
- March 01, 2006 | Item | E-mail

Laramide to License Westmoreland Database from Rio Tinto - More
- March 01, 2006 | Item | E-mail

Northland Increases Barsele Gold Resource - More
- March 01, 2006 | Item | E-mail

North American Gem Inc. Hires SRK Consulting to Prepare Resource Evaluation on the Main Zone, Louise Lake Property; Potential New Zone Intersected at Depth - More
- March 01, 2006 | Item | E-mail

Pearl Asian Mining Industries, Inc. Reports on Geological Exploration Studies Discovery of Additional 2 Tunnels: Now XYZ Gold Mine Has 6 Tunnels & 4 Trenche - More
- March 01, 2006 | Item | E-mail

Marifil Launches Phase III Drilling at Toruel - More
- March 01, 2006 | Item | E-mail

Eagle Plains Receives $1,000,000 Share Payment for Copper Canyon - More
- March 01, 2006 | Item | E-mail

Erdene Appoints Xstrata Coal Representative to its Board - More
- March 01, 2006 | Item | E-mail

Samples at Globex's Russian Kid Property Assay up to 109 G/T Gold and Globex Receives $250,000 Payment - More
- March 01, 2006 | Item | E-mail

Great West Gold, Inc. - Share Price - More
- March 01, 2006 | Item | E-mail

Great West Gold, Inc. - Acquisitions - More
- March 01, 2006 | Item | E-mail

Greystar Resources Ltd.: Resignation of Attilio G. Spat as a Director - More
- March 01, 2006 | Item | E-mail

Kirkland Lake Reports Earnings of $2.3 Million for 3rd Quarter 2006 - More
- March 01, 2006 | Item | E-mail

Alberta Star: Dr. H. Mumin Delivers Presentation on Magmatic-Hydrothermal Iron-Oxide-Copper-Gold Silver and Uranium Deposits - More
- March 01, 2006 | Item | E-mail

Birim: Drilling Update-Tinga Far East Gold Deposit, Ghana 7.8 Metres @ 4.89 g/t Au - More
- March 01, 2006 | Item | E-mail

Aurogin Identifies Significant Structure On Battle Mountain-Cortez Trend Gold Project - More
- March 01, 2006 | Item | E-mail

Carpathian Gold Inc. intersects 100 metres at 1.09 g Au/t including 31 metres at 1.57 g Au/t; & 244.5 metres at 0.86 g Au/t - More
- March 01, 2006 | Item | E-mail

Candente Awarded Corporate Excellency Award for Mining Sector in Peru - More
- March 01, 2006 | Item | E-mail

Hecla and Great Basin Gold Modify Hollister Earn-in Agreement - "Great Basin Gold and Hecla have modified the Earn-in Agreement to reflect changing conditions at the Project, and markets in general, primarily by revising certain deadlines or milestones in the original Earn-in Agreement and funding commitments by Hecla. We're more optimistic than ever that this Project can be very successful and profitable for both of us. The underground exploration drift has intersected the vein structures, underground drilling platforms have been constructed and the drill rigs are now turning. The drill holes will be short, closely spaced holes, less than 700 feet in length, aimed at upgrading the resource previously identified by Great Basin Gold and converting it to reserve." More
- March 01, 2006 | Item | E-mail

Wave goodbye to the daily grind - "Microwaving rocks to release the minerals inside could save the mining industry millions and halve its use of electricity." More
- March 01, 2006 | Item | E-mail

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- Written by Chris Mullen

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

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© Gold Seeker 2006

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