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Gold traded slightly lower in Asia and found minor gains in London and morning New York trade before it surged higher into the close and ended near its highs of the session with nice gains to come within just $3.90 of its 25 year closing high of $572.20 set on February 2^nd.  Silver also traded slightly lower in Asia and found minor gains in London, but it then gained about 15 cents in morning New York trade before it exploded above $10 in afternoon trade and ended near its highs with a gain of 4.21% to make a new 22 year closing high.

Euro gold neared €475, platinum gained $4 to $1,045, palladium gained $1 to $295, and copper climbed near $2.30.

Gold and silver equities spent the morning near unchanged but rose over 3% in afternoon trade and ended near their highs of the session.

Oil gained on supply fears due to geopolitical tensions and also on signs of rising demand.  Natural gas stocks fell 171 billion cubic feet which was a bit larger than most expected.

The U.S. dollar index and treasuries fell markedly as the European Central Bank raised its key interest rate to 2.5% and signaled further hikes in the future.  The euro rose to 4 week highs and the yield on the 10-year rose to near 4 month highs.

The Dow, Nasdaq, and S&P fell on mostly disappointing retail sales reports from various retailers.  Higher interest rates and higher oil also influenced investors to sell.

Among the big names making news in the market today were Google, Northwest, Wal-Mart, Costco, Adidas, Del Monte, and Tenet.

More Commentary:

“A new high for the move rekindles speculative interest in the gold market and with the Dollar falling sharply during the session we can understand gold coming back into vogue. However, it also seems like the silver market continues to lead the complex up but the market might have forged part of the gains off some wild stories about the world supply of silver not being enough to meet future demand. In the end a nice tight correlation in all the metals suggests that the funds and physical buyers are back in the saddle.” - The Hightower Report, Futures Analysis and Forecasting

THE LOONIE WATCHER’S COMMENTARY FOR MARCH 02, 2006

The market close on MARCH 02, 2006, showed that the market conditions influencing the Loonie and the $USD have changed drastically since our last commentary (Feb 28, 2006)

THE LOONIE

Today’s closing price proved the Loonie has resumed it’s main trend, and the traders feel safe on the long side of the Loonie.

The Commercials agreed with the traders, and decided to stop their selling at the recent highs.

The Loonie will continue strong for the near term, with no serious (trend threatening) reactions occurring until there is a is a challenge from the $USD.

THE $USD

Smart money cashed out of their longs by today (March 02, 2006), and got back into the Loonie.

The locals hit the short side of $USD, and found a vacuum.

When no commercial buying surfaced going into the close of today, the traders joined the party.

The $USD finished with a close breaking the recent rally, leaving the longs in an untenable position. Time is now against the longs.

The $USD has had it’s momentum broken, and it should see its recent lows tested by the technical traders. Too early for shorting, but it’s time to exit for the bulls.

The subscribers to THE LOONIE WATCH (copyright 2006) have already received the necessary instructions to capitalize on the new information!

SUMMARY

The resumption of buying in the Crude Oil market has pushed the $USD into weakness, and boosted the Loonie into safe buying territory. The US stock market is just marking time (trading range) as the return of higher energy prices impacts the economy.

The Loonie is now a happy camper, with all systems reading go.

The $USD has moved out of its last trading range by heading lower, and the $USD bulls will probably be severely tested soon.

Wayne N. Krautkramer onlypill@cox.net

Http://onlypill.tripod.com/thelooniewatchercopyright2006bypitagorasinternacionalsa

GATA posts:

Gartman 'couldn't care less' if gold price is manipulated

ROB-TV's 'great gold debate' yields only support for gold

Gold & Silver Stock News Update from GoldReview.com:

Mining strikes in Mexico, Goldcorp’s letter of intent with Bad-Ore, Polyus’ sale of their Gold Fields stake, Kimber’s drill results and completed private placement, Metallica’s drill results, and Endeavour Silver’s high grade silver mineralization on their Porvenir Dos property 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:

Solex Resources Corp. Announces Permits Issued for Diamond Drilling on Macusani Uranium Project - More
- March 02, 2006 | Item | E-mail

Queenston Reports Continued Good Results at Upper Beaver - More
- March 02, 2006 | Item | E-mail

Solex Resources Corp. Announces Closing of Private Placement with MineralFields Group - More
- March 02, 2006 | Item | E-mail

Cassidy Gold Corp.: Update on Bag Farm-Junction Trend at Kouroussa Gold Project, Guinea - More
- March 02, 2006 | Item | E-mail

Peru leftist candidates eye windfall tax on miners - "Mining companies operating in Peru, who are enjoying record profits on high metals prices, could face new taxes if a leftist candidate is elected in an April 9 vote, despite royalties on sales enforced last year." More
- March 02, 2006 | Item | E-mail

MAX lists on Frankfurt Stock Exchange - More
- March 02, 2006 | Item | E-mail

Plexmar Inc.: Sampling Returns Up to 304 g/t Au Over 2 M - More
- March 02, 2006 | Item | E-mail

Osisko Acquires Three More Past Producers at Malartic and Arranges Private Placement - More
- March 02, 2006 | Item | E-mail

Kimber reports drill results on Monterde Property - "The results of 21 drill holes are reported below. One hole, CTC-01, is a core hole on the Carotare deposit drilled for geologic information and metallurgical samples. This hole, which produced the first visible gold on the Monterde property, intersected 28 metres with a gold-equivalent grade of 8.09 g/t (6.72 g/t Au + 116 g/t Ag) as well as a deeper intersection of 22 metres of 3.42 gold-equivalent (3.03 g/t Au + 33 g/t Ag)." More
- March 02, 2006 | Item | E-mail

Golden Band Resources Inc.: High-Grade Gold Intersections Confirmed at Birch Crossing Prospect; Follow-Up Drilling Underway - More
- March 02, 2006 | Item | E-mail

Macusani Uranium Project: Permit issued for Diamond Drilling and AlphaTrack Radon Cup Surveys return Significant Results. - More
- March 02, 2006 | Item | E-mail

Keegan Resources Inc.: IP Continues to Confirm Robust Drill Targets at Asumura Gold Project - More
- March 02, 2006 | Item | E-mail

General Minerals Stakes the Gold Lake Porphyry Copper-Molybdenum-Gold Target in Southwestern New Mexico - More
- March 02, 2006 | Item | E-mail

Endeavour Silver Corp. - High Grade Silver Mineralization Discovered On Porvenir Dos Property; Drilling Update on Guanacevi Project, Durango, Mexico - "Endeavour Silver Corp. announces the discovery of high grade silver mineralization by drilling on the Porvenir Dos property, part of Endeavour's Guanacevi Project in Durango, Mexico. Porvenir Dos is located adjacent to and northwest of Endeavour's new North Porvenir silver mine, and covers more than 1 km of prospective strike length along the Santa Cruz vein system." More
- March 02, 2006 | Item | E-mail

Strikes shut most Mexican mines, some reopen - "Mexican miners taking part in a nationwide wildcat strike showed the first signs of wavering on Thursday, with workers at the world's largest silver mine ending their stoppage. Union members at the Fresnillo mine decided late on Wednesday to reopen and most were back at work on Thursday, Penoles spokesman Luis Rey Delgado said." More
- March 02, 2006 | Item | E-mail

Goldcorp And Band-Ore Sign Letter Of Intent On Red Lake, Ontario High Grade Copper, Nickel, Platinum, Palladium Property - "Band-Ore Resources Ltd. is pleased to announce that it has signed a Letter of Intent with Goldcorp Inc. for an option agreement on 113 claim units located in Ball, Killala and Mulcahy townships in Red Lake, Ontario. Pursuant to the proposed terms, Band-Ore can earn an undivided 60% interest in the "property" termed the Trout Bay Project, by incurring $5,000,000 in exploration expenditures on the Property over a 5 year earn in period. A 60% - 40% Joint Venture will be formed upon completion of the earn-in." More
- March 02, 2006 | Item | E-mail

Klondike Star Reports Placer Drilling Progress - More
- March 02, 2006 | Item | E-mail

Atikokan Resources Inc. Provides Update On Merger with Silvermet Corporation - More
- March 02, 2006 | Item | E-mail

Royal Gold Announces Second Quarter Dividend - "ROYAL GOLD, INC. today announced that its Board of Directors has declared its second quarter dividend of US$0.055 per share of common stock. The dividend is payable on April 21, 2006, to shareholders of record at the close of business on April 7, 2006. The Company has paid dividends since 2000." More
- March 02, 2006 | Item | E-mail

Kodiak's First Drill Hole Cuts Massive Sulphides at Caribou Lake - More
- March 02, 2006 | Item | E-mail

Silver Dragon Acquires Cerro las Minitas Silver Mine in Durango, Mexico - More
- March 02, 2006 | Item | E-mail

Strategic's Business Plan Reviewed - More
- March 02, 2006 | Item | E-mail

Tagish Lake Gold Corp.: Corporate Progress Report - More
- March 02, 2006 | Item | E-mail

Great West Gold, Inc. - Acquisitions - More
- March 02, 2006 | Item | E-mail

Sherwood Confirms High Grade Copper-Gold at Minto Project, Yukon; Still More Upside in Gold Grades Once February Drilling Completed - More
- March 02, 2006 | Item | E-mail

TVI Pacific Inc.: Canatuan Mine Update - More
- March 02, 2006 | Item | E-mail

Vault reports on Kirkland diamond drilling - More
- March 02, 2006 | Item | E-mail

Strike shuts Mexican mines, mills for second day - "Major Mexican mines, refineries and steel mills were shut down for a second day on Thursday as workers held firm in their support of a beleaguered union leader. At some mines, like Grupo Mexico's giant La Caridad and Cananea copper properties, the strike entered a third day. Workers were protesting safety conditions as well as backing union leader Napoleon Gomez, who faces a leadership challenge and is accused of misuse of funds." More
- March 02, 2006 | Item | E-mail

Polyus sells stake in S.Africa's Gold Fields - "Polyus, Russia's largest gold producer, has sold its entire stake in South Africa's Gold Fields, the banks handling the sale said on Thursday. The shares were sold by Jennington International, a wholly-owned subsidiary of Polyus, a statement from banks Goldman Sachs and Citigroup said." More
- March 02, 2006 | Item | E-mail

Semafo delivers record gold production in 2005 - More
- March 02, 2006 | Item | E-mail

Tenajon Resources Corp.: Cobalt and Rhenium Analysis Received From Summit Lake Gold and Ajax Molybdenum Properties - More
- March 02, 2006 | Item | E-mail

Serengeti Identifies Two Attractive Primary Gold Targets on Valleau - More
- March 02, 2006 | Item | E-mail

Exeter Resource Corporation: La Cabeza Gold Project Development Program on Track - More
- March 02, 2006 | Item | E-mail

Majestic Gold Corp.: Sawayaerdun Project Summary and Plans for 2006 - More
- March 02, 2006 | Item | E-mail

Madison Minerals Inc.: Next Phase of Drilling Begins in PNG - More
- March 02, 2006 | Item | E-mail

Metanor Resources inc.: Private Placement of $260,000 - More
- March 02, 2006 | Item | E-mail

Portal Begins Geophysical Survey at Anchoris - More
- March 02, 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 02, 2006 | Item | E-mail

Midlands Minerals Corporation announces geochemistry results from Itilima Gold project - Tanzania - More
- March 02, 2006 | Item | E-mail

Minera Andes Engages Macquarie Bank Limited for Bridge Financing on San Jose Project - More
- March 02, 2006 | Item | E-mail

Nuinsco Announces New Website - More
- March 02, 2006 | Item | E-mail

Significant Increase to Resource Base for Platinum Group Metals' Western Bushveld Joint Venture - More
- March 02, 2006 | Item | E-mail

ECU Silver Mining Inc.: Press Release - More
- March 02, 2006 | Item | E-mail

Bulk Sampling Progresses on Houston Lake's Angel Hill Gold Zone - More
- March 02, 2006 | Item | E-mail

Kinbauri Gold Corp.: Peton De Lobo Yields 13.44g Au/T Over 2.1 Meters - More
- March 02, 2006 | Item | E-mail

Everton Starts Exploration Work in Eastern Dominican Republic - More
- March 02, 2006 | Item | E-mail

EuroZinc Announces Record Fiscal 2005 and Fourth Quarter Results - More
- March 02, 2006 | Item | E-mail

Geologix Explorations Inc.: Jersy Canyon Drill Targets Expanded Drilling Commences March 6th 2006 - More
- March 02, 2006 | Item | E-mail

GlobeStar Increases Financing to US$37.25 million (C$43 million) for 100% owned Cerro de Maimon Copper and Gold Project - More
- March 02, 2006 | Item | E-mail

Great West Gold, Inc. - Update on Purported Takeover Bid - More
- March 02, 2006 | Item | E-mail

Crew Gold Corp: Further Increase in Resources at LEFA Gold Project in Guinea - More
- March 02, 2006 | Item | E-mail

Buffalo Begins Mt. Kare Drill Program - More
- March 02, 2006 | Item | E-mail

Alhambra Resources Ltd.: Uzboy Exploration Target and 2006 Capital Program - More
- March 02, 2006 | Item | E-mail

African Gold Group, Inc. Retains Investor Relations Company - More
- March 02, 2006 | Item | E-mail

Most striking Penoles workers to return to work - "Most workers on strike at Penoles' Fresnillo silver mine in Mexico will likely return to work on Thursday after joining a national wildcat strike at mines and metals plants, a union official said. Local union leader Gustavo Barrios said late on Wednesday the union had decided at a meeting that any workers wanting to return to the job could do so, after a walk-out earlier in the day stopped production at the huge Penoles mine." More
- March 02, 2006 | Item | E-mail

Kimber completes C$14 million private placements - "Kimber Resources Inc. is pleased to report that the previously announced private placement has been closed. The transaction consisted of brokered and non-brokered private placements of a total of 7,047,500 common shares at a price of C$2.00 for gross proceeds of C$14,095,000." More
- March 02, 2006 | Item | E-mail

Mexican strikes cripple mines, mills and refineries - "Tens of thousands of Mexican miners and metal workers joined a nationwide 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 by a wildcat strike of workers complaining of unsafe conditions. Union workers also closed world No. 1 refined silver producer Penoles' Fresnillo silver mine in support of embattled union leader Napoleon Gomez -- although the local union later said most workers would likely return on Thursday." More
- March 02, 2006 | Item | E-mail

Metallica Resources Announces Drill Results for the El Morro Project, Chile - "Metallica Resources Inc. is pleased to report the results for the first nine diamond drill core holes totaling 4,731 meters from this season's drilling program at the El Morro copper-gold project in Chile. These results are the first to be reported from an approximate 70 hole drilling program totaling 26,500 meters on the La Fortuna copper-gold resource. Metallica owns a 30% interest in the El Morro project, with Falconbridge Limited, Metallica's joint venture partner and project operator, owning the remaining 70% interest." More
- March 02, 2006 | Item | E-mail

Mexican Mining Strike Spreads to 70 Companies - "A Mexican miners' strike expanded nationwide as workers joined to pressure for union independence, social benefits and improved security after 65 workers died last week from a coal mine blast, a union official said. Miners at 70 companies, including Mexico's largest silver producer, Industrias Penoles SA, and steelworks Altos Hornos de Mexico SA joined striking workers at Grupo Mexico, the world's fourth-largest copper producer, National Mining Union spokeswoman Consuelo Aguilar said in a telephone interview from Mexico City." More
- March 02, 2006 | Item | E-mail

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