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Gold traded about $1-$2 higher in Asia and fell near unchanged in London before spiking down near $550 in early New York trade, but it quickly rebounded and remained near unchanged for most of trade in New York until a rally at the close brought it to close near its highs with a modest gain.  Silver rose near $10.40 in Asia but also fell off in London and briefly dropped under $10.25 before it rebounded in New York and ended unchanged at a 22 year closing high.

Euro gold remained near €455, platinum gained $5 to $1,034, palladium gained $3 to $316 to new 23 month highs, and copper fell slightly but remained above $2.30 after setting new all-time highs earlier in today’s session.

Gold and silver equities traded mostly slightly higher in morning trade but fell off to trade mostly slightly lower in the afternoon and ended near their lows.

More Precious Metals Analysis:

“The metals markets lodged a disjointed day's trade Monday, with gold and silver choppy/weak and the platinum market mostly higher on the session. We suspect that the sharp rise in the Dollar and softer than expected leading Indicator readings undermined the precious metals. We also suspect that a significant failed rally attempt in the copper market undermined gold and silver as that suggests the funds interest is fickle. A sharply lower energy market and fear of evening Fed comments might have added to the bearish mentality at the beginning of the new week. Apparently some gold players were unwilling to sell into the weakness in the gold market on Monday morning because of the moderate reduction in the spec and fund long in the last COT report.” - The Hightower Report, Futures Analysis and Forecasting

“The market started the week on a weaker note with the gold price drifting slightly down to begin with.   The market lacks certainty and awaits something or someone to take the lead.   Likely it will be something in the oil world.   What is clear is that whoever takes the lead, the rest will follow.   However this market is not keen to fall too far!

What I have noted is that the lows are higher each time, with the highs just under resistance.   This is a 'rising pennant‘, which is telling me it is about to break one way or another about $10, but which way is uncertain by this formation.   The fundamentals point up.

What is not seen in the market is the stability of this level tempting the pent-up buyers to come in, with the potential sellers waiting for much higher up.   So what is not being seen is the major force, I feel.” - Julian D.W. Phillips of www.goldforecaster.com

Oil fell despite renewed problems in Nigeria that took some supply off of the market.  Pressure remains to the downside after last week’s large build in inventories and OPEC’s forecast for a drop in demand.

The U.S. dollar index rebounded a bit from last week’s large losses, but gains were minimal ahead of tonight’s speech from Bernanke that may provide a clue to the fed’s future interest rate movements.  The euro fell from 7 week highs.

Treasuries found slight gains on hopes for comments from Bernanke that would indicate a pause in interest rate hikes soon.

The Dow, Nasdaq, and S&P remained mixed and near unchanged in anticipation of Bernanke.

Among the big names making news in the market today were Kerzner, Michaels Stores, Dell, Williams-Sonoma, Bear Sterns and Lehman Brothers, and UPS.

GATA Posts:

Jim Cook of Investment Rarities interviews Ted Butler on silver

Prominent trader predicts market intervention by Plunge Protection Team

China to open theme park dedicated to gold

India may lift foreign exchange restrictions to make currency fully convertible

Gold & Silver Stock News Update from GoldReview.com:

Glamis Gold’s executed agreement with Western Silver, Newmont’s and Freeport-McMoRan’s continued troubles in Indonesia, and Pan American’s optioned Mexican silver property, new director, and $500,000 private placement 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:

Century Commences Underground Exploration and Development Program at Lamaque Mine - More
- March 20, 2006 | Item | E-mail

Paramount Gold Begins Drill Program to Upgrade and Expand 32.9 Million Ounce Silver Equivalent Resource on the La Blanca Zone, San Miguel Project, Mexico - More
- March 20, 2006 | Item | E-mail

Osisko Corporate Update - More
- March 20, 2006 | Item | E-mail

Rolling Rock Resources Corporation Monument Bay Property - More
- March 20, 2006 | Item | E-mail

Jinshan Hires US-Based Investor Communications Consultant - More
- March 20, 2006 | Item | E-mail

Pearl Asian Mining Industries Further Clarifies to Its Shareholders the Preferred Shares Dividend and Its Impact on Naked Shorts - More
- March 20, 2006 | Item | E-mail

Kinbauri Gold Corp.: Positive Results For Picotos, 5g Au/t Over 5.25 Meters - More
- March 20, 2006 | Item | E-mail

Canarc Closes CA$3.5 Million Flow-Through Financing for New Polaris Gold Project, BC - More
- March 20, 2006 | Item | E-mail

Riverstone Resources Inc.: New Exploration Permits Signed in the Bissa Area of Burkina Faso - More
- March 20, 2006 | Item | E-mail

Starfire signs Option and Exploration Agreements - More
- March 20, 2006 | Item | E-mail

Northland Resources Plans Financing and Listing on Oslo Stock Market - More
- March 20, 2006 | Item | E-mail

Mindoro Announces Private Placement - More
- March 20, 2006 | Item | E-mail

Global Platinum Gold, Inc. Announces Sale of Land for $3.2 Million - More
- March 20, 2006 | Item | E-mail

Greencastle Acquires Fourth Property on Battle Mountain Trend, Nevada, Receives $250,000 From Early Warrant Exercise - More
- March 20, 2006 | Item | E-mail

Radisson Announces a Private Placement of $500,000 - More
- March 20, 2006 | Item | E-mail

Sanu Resources Ltd.: Hambok Massive Sulfide Drill Results - More
- March 20, 2006 | Item | E-mail

Sherwood Continues Intersecting High Grade Copper-Gold at Minto Project, Yukon - More
- March 20, 2006 | Item | E-mail

Work Programs to Commence on World Venture Inc.'s Triton Mining Property - More
- March 20, 2006 | Item | E-mail

RSM Intersects Three New Gold Zones At The Goldwedge Project, Nye County, Nevada - More
- March 20, 2006 | Item | E-mail

Nevada Pacific Gold Appoints Special Committee & Financial Advisor - More
- March 20, 2006 | Item | E-mail

Richview Announces Proposed Private Placement - More
- March 20, 2006 | Item | E-mail

More Moroccan Results: Odyssey Intersects 107 Metres Grading 1.05% Copper & 16.7 Grams/Tonne Silver At Alous - More
- March 20, 2006 | Item | E-mail

Palmarejo Reports Drilling Update From La Patria Prospect in Mexico - More
- March 20, 2006 | Item | E-mail

Lake Shore Received Cdn$2.24 Million from Exercise of Warrants - More
- March 20, 2006 | Item | E-mail

Maxam and Xcentia Companies Expand Patent Applications - More
- March 20, 2006 | Item | E-mail

Mandorin Goldfields Inc.: Improved Terms Colliery Acquisition Signed - More
- March 20, 2006 | Item | E-mail

Golden Valley Mines Ltd.: 2006 Cheechoo Gold Project Exploration Program Plan - James Bay Region, Quebec - More
- March 20, 2006 | Item | E-mail

First Quantum Announces Increased Full and Final Offer For Adastra Shareholders - More
- March 20, 2006 | Item | E-mail

Fortune Minerals announces new appointments - More
- March 20, 2006 | Item | E-mail

Formation Capital Corporation: Successful Drilling Concludes on Cobalt Project - More
- March 20, 2006 | Item | E-mail

El Capitan Final Report & Assay Update - More
- March 20, 2006 | Item | E-mail

HuntMountain Resources Finalizes Dun Glen Lease Agreement, Commences Nevada Exploration Program - More
- March 20, 2006 | Item | E-mail

Canadian Shield Resources Inc.: Peru Activity Update - More
- March 20, 2006 | Item | E-mail

Commander Resources Ltd.: Drilling Continues to Intersect High-Grade Gold at the DAC Deposit, Despinassy, Quebec - More
- March 20, 2006 | Item | E-mail

Alberta Star Contracts Terraquest Ltd. to Perform a Regional High Resolution Radiometric Survey Over the Entire Eldorado & Contact Lake IOCG & Uranium B - More
- March 20, 2006 | Item | E-mail

Alto Continues to Intersect High-Grade Gold at the DAC Deposit, Despinassy, Quebec - More
- March 20, 2006 | Item | E-mail

New International Director Appointed by Apolo Gold - More
- March 20, 2006 | Item | E-mail

Andean American Mining Announces Receipt of NI 43-101 Technical Report on Sinchao Property - More
- March 20, 2006 | Item | E-mail

Anatolia Minerals Development Ltd.: Rio Tinto Assumes Management of Tunceli Project - More
- March 20, 2006 | Item | E-mail

African Gold Group, Inc.: Private Placement of up to 4 Million Shares - More
- March 20, 2006 | Item | E-mail

Cantex Mine Development Corp. - Update on drilling at the Al Hariqah gold deposit, Yemen - More
- March 20, 2006 | Item | E-mail

Mining Co. Stops Work on Indonesian Island - "The world's largest gold mining company suspended exploration on Indonesia's Sumbawa Island after unidentified people torched a workers' camp, the U.S.-based company said Monday. No one was injured in the attack Sunday on a remote Newmont Mining Corp. camp. But the incident underscores the difficulties facing foreign companies working in remote corners of Indonesia and comes amid rising anger at Western mining and energy interests in the country." More
- March 20, 2006 | Item | E-mail

Newmont’s Indonesia site burnt in attack - "Newmont Mining, the world’s largest gold miner, yesterday said protesters burnt an exploration camp on Indonesia’s Sumbawa island. No one was injured. The company’s $2bn Batu Hijau gold and copper mine, which is about 60km from the exploration camp was unaffected by the attack, spokeswoman Nunik Maulana said." More
- March 20, 2006 | Item | E-mail

Glamis Gold Executes Definitive Agreement with Western Silver - "Under the agreement, each Western Silver shareholder will receive 0.688 of a Glamis common share and one share in a new exploration and development company called Western Copper Corporation for each issued Western Silver share. Western Silver will transfer to Western Copper Corporation approximately C$38 million in cash, its interest in the Carmacks Copper Project in the Yukon and the early-stage Alomoya exploration project in Mexico." More
- March 20, 2006 | Item | E-mail

Pan American Options Mexican Silver Property, Adds New Director and Announces US $500,000 Private Placement - "The Company will earn a 70% interest in the property after completion of the above noted payments, share issuances and exploration expenditures. Pan American will have a further option to acquire the remaining 30% 90 days after the 5th anniversary by fully assuming all exploration and property obligations relating to the property, by completing and delivering an industry standard feasibility study that demonstrates positive feasibility on a deposit size that is equal to or greater than what was mined in the past." More
- March 20, 2006 | Item | E-mail

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- Written by Chris Mullen

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

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news.  For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

© Gold Seeker 2006

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