Gold Seeker Closing Report: Gold and Silver Rise To New Highs

	Close	Gain/Loss
Gold	$879.30	+$1.80
Silver	$15.72	+$0.04
XAU	190.14	+0.82%
HUI	458.46	+0.96%
GDM	1410.64	+0.72%
JSE Gold	2687.01	+0.74%
USD	76.43	+0.32
Euro	146.47	-0.64
Yen	91.40	+0.19
Oil	$95.67	-$0.66
10-Year	3.791%	-0.049
T-Bond	118.8125	+0.53125
Dow	12735.31	+1.16%
Nasdaq	2474.55	+1.39%
S&P	1409.13	+1.36%

Gold rose to find nearly $15 gains at as high as $891.50 in Asia before it fell back off in London and dropped to as low as $873.40 by early trade in New York, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.21% at a new record high. Silver rose to as high as $16.105 and fell to as low as $15.52 before it also rallied back higher into the close and ended with a gain of 0.26% at its highest level since 1980.

Euro gold rose to about €600, platinum gained $3 to $1550 to a new record high, palladium lost $2 to $373, and copper remained at about $3.28.

Gold and silver equities traded mixed and near unchanged and ended with less than 1% gains, but that was still enough to make for a new record closing high for the HUI while the XAU and GDM closed a little over 1% from new all-time closing highs.

There were no major economic reports today, but Goldman Sachs’ call for a recession in 2008 did have some talking. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 1/05 expected at 340,000 and at 10AM is the Wholesale Inventories report for November expected at 0.4%.

Starcore International is a gold and silver producer in Mexico and a 'Tier One' company listed on the TSX-V under the symbol SAM.

The San Martin Gold mine was acquired January 2007 from Goldcorp Inc. It is located about 50 km east of the City of Querétaro in Querétaro State, a few hours drive from Mexico City. The company currently retains an 80 to 20 joint venture agreement with Goldcorp. Inc. in the development of the Cerro Dolores, El Transito Deposit 190 km south - southwest of Mexico City. The El Transito Deposit is a silver-lead-zinc replacement orebody defined by over $US 2 million in development expenditures

Oil rose to find decent gains after crude inventories fell a much larger than expected 6.8 million barrels, but it fell back off to find a slight loss by the close on future demand concerns. Gasoline inventories built 5.3 million barrels, distillates rose 1.5 million barrels, and refinery utilization rose 1.9% to 91.3%.

The U.S. dollar index rose as the pound and euro fell ahead of tomorrow’s policy meetings by the Bank of England and European Central Bank that may result in a BoE cut in interest rates after poor retail sales data today.

Treasuries rose on recession worries that sent the yield on the 10-year under 3.8% for the fist time since the first half of 2004.

The Dow, Nasdaq, and S&P rose slightly in morning trade before they fell off markedly by mid-afternoon, but they then rallied back higher into the close and ended near their highs with over 1% gains as recession talk raised expectations for more fed interest rate cuts.

Among the big names making news in the market today were MBIA, DuPont, Countrywide, E*Trade, and Calpers.

“February Gold finished up 1.4 at 881.7, 2.3 off the high and 7.7 up from the low.

March Silver closed up 0.025 at 15.84. This was 0.15 up from the low and 0.095 off the high.

While the gold market mostly managed to waffle around unchanged through most of the trade on Wednesday, the fact that April gold fell back by roughly $10 from its highs probably discouraged some longs. With the Dollar making a moderate range up extension on its charts it is possible that currency market action was beginning to unseat the confidence of some bulls in the gold market. With oil prices also ranging upward and eventually falling back from their highs, one almost gets the sense of a developing pattern of failures in the physical commodity sector. With the stock market managing yet another new low for the move, it is also possible that the threat of recession has blossomed and that in the past has been capable of undermining of the gold market. With another new high, one can also suggest that talk of an overdone technical condition is on the minds of many gold players.

With copper and energy prices unable to hold early gains and both of those markets forging what would appear to be range up reversals, it wasn't surprising to see silver fall back toward the lower portion of the Wednesday trade into the close. While the market seemed to be able to ignore the threat of US slowing early in the week, it is possible that a string of somewhat serious losses in the US stock market has at least enhanced the fear of sagging silver demand. While silver might not be as technically overbought as the gold market, March silver prices to the high Wednesday were roughly $2.53 cents an ounce above the December lows and that is a significant run when one considers that the December low was made at $13.977.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 2.54 tonnes and the ASX added 0.02 tonnes.

Fronteer’s (FRG) drill results, New Gold’s (NGD) Head of Technical Services appointment, Midway’s (MDW) drill results, Metallica’s (MRB) gold production, SNS Silver’s (SNS.V) Vice President appointment, Oremex’s (ORM.V) update, and SilverCrest’s (SVL.V) drill results were among the big stories in the gold and silver mining industry making headlines today.

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

ANDINA Reports Phase IV Drill Results from the Volcan Gold Project - More
- January 09, 2008 | Item | E-mail

Odyssey Corporate Update - More
- January 09, 2008 | Item | E-mail

Explor Starts Phase IV Exploration Program Eastford Lake Gold Project - More
- January 09, 2008 | Item | E-mail

EXMIN Exploration and Production: Success in 2007, Outlook for 2008 - More
- January 09, 2008 | Item | E-mail

Yale Releases Positive Results From Three Additional Deposits at La Verde, Sonora, Mexico - More
- January 09, 2008 | Item | E-mail

Skyharbour Resources Ltd.: Drilling Resumes on Broulan Reef Gold Project, Red Lake, NW Ontario - More
- January 09, 2008 | Item | E-mail

Callinan Mines Limited: Assays Reveal New Mineralization at Coles Creek - More
- January 09, 2008 | Item | E-mail

Taranis Commences Drilling at Midway East Project, Nevada - More
- January 09, 2008 | Item | E-mail

Northern Lion Announces Advisory Agreement with Union Securities - More
- January 09, 2008 | Item | E-mail

Geoinformatics Announces Conference Call/Webcast for January 10, 2008 - More
- January 09, 2008 | Item | E-mail

Augusta Appoints Rod Pace as Vice-President, Operations - More
- January 09, 2008 | Item | E-mail

Gryphon Gold Summary of the Borealis Exploration Program - More
- January 09, 2008 | Item | E-mail

Rod Ogilvie Joins Vena Resources as VP Engineering and Country Manager - More
- January 09, 2008 | Item | E-mail

Powertech Uranium Corp.: Aladdin Project-Drilling Update - More
- January 09, 2008 | Item | E-mail

Normabec Clarifies Information Published on Gross Metal Value - More
- January 09, 2008 | Item | E-mail

Stingray Copper Inc.: Continued Positive Results Confirm El Pilar Oxide Copper Property Potential - More
- January 09, 2008 | Item | E-mail

SNS Silver Hires Former Hecla Executive as Vice-President - "SNS Silver Corp ("SNS") (CDNX:SNS.V - News) is pleased to announce the appointment of Thomas F. Fudge Jr. as Vice-President, Operations at SNS. Mr. Fudge is a professional mining engineer with more than thirty years of experience in mining operations, engineering, and project development." More
- January 09, 2008 | Item | E-mail

RJK Intersects .261 oz gold/ton over 6.6 ft at Goldie - More
- January 09, 2008 | Item | E-mail

Whistler Resource Estimate Confirms an Indicated Resource of 840,000 Ounces Gold and an Inferred Resource of 2.74 Million Ounces Gold - More
- January 09, 2008 | Item | E-mail

Canadian Royalties Inc.: Nunavik Nickel Project Progress Update - More
- January 09, 2008 | Item | E-mail

Celtic Minerals Ltd. - West Margin Drilling Assays Complete - More
- January 09, 2008 | Item | E-mail

UME announces the commencement of a Normal Course Issuer Bid - More
- January 09, 2008 | Item | E-mail

Puma Exploration Inc.: Gold Mineralization in Every Hole on the Little Stull Lake Property, Manitoba - More
- January 09, 2008 | Item | E-mail

Galantas Reports Remaining Infill Drilling on Kearney Deposit - More
- January 09, 2008 | Item | E-mail

MPH Ventures Corp.: Drilling Resumes on Pidgeon Molybdenum Deposit Project, NW Ontario - More
- January 09, 2008 | Item | E-mail

Skyharbour Resources Ltd.: Drilling Resumes on Broulan Reef Gold Project, Red Lake, NW Ontario - More
- January 09, 2008 | Item | E-mail

Blue Note's Caribou Close To Planned Metallurgical Performance Achieves Commercial Production - More
- January 09, 2008 | Item | E-mail

North American Palladium Closes Over-Allotment of Units - More
- January 09, 2008 | Item | E-mail

High grade tungsten mineralisation confirmed at Mae Lama property - More
- January 09, 2008 | Item | E-mail

S.Africa says no mines given all-clear yet in probe - "South Africa said on Wednesday it had not yet given any company a "clean bill of health" after a probe into mine safety following a spate of fatal accidents in the industry last year." More
- January 09, 2008 | Item | E-mail

Robex - Latest results on Nampala: wider than expected - More
- January 09, 2008 | Item | E-mail

Bolivar Mining Corp adds Chief Mineralogist and Geologist Officer - More
- January 09, 2008 | Item | E-mail

Fronteer Development Group Inc.: Encouraging Copper-Gold Intervals Intersected at Yukon Project - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) announced today that two widely spaced drill holes from the Company's Hoover property in the Yukon have returned the highest grade intervals of copper-gold mineralization intersected to date." More
- January 09, 2008 | Item | E-mail

New Gold Inc.: Additional Caving Expertise Added; David Nicholls Joins New Afton Development Team - "New Gold Inc. (Toronto:NGD.TO - News)(AMEX:NGD - News) is pleased to announce the appointment of David Nicholls to the position of Head of Technical Services for the New Afton Gold-Copper (Au-Cu) Project located near Kamloops, British Columbia, Canada. In this role he will manage the Technical Services Department at New Afton with the responsibility for the mine engineering, geotechnical engineering, and mine geology, departments. He will be responsible for optimizing the mine design, schedule and costs." More
- January 09, 2008 | Item | E-mail

Continental's Xietongmen Project Receives Two More Important Approvals-Environmental Impact Assessment and Conservation Plan - More
- January 09, 2008 | Item | E-mail

Midway Encounters 10 Feet 1.15 Ounce Per Ton Gold at Spring Valley, Nevada - "Midway Gold Corp. ("Midway" or the "Company") (CDNX:MDW.V - News)(MDW - News) announces further drill results from the 2007 program encountering 10 feet of 1.148 opt (ounce per ton) gold within an interval of 55 feet of 0.228 opt in hole SV07-372 and 5 feet of 1.062 opt gold within 73 feet of 0.119 opt gold in hole SV07-294c." More
- January 09, 2008 | Item | E-mail

Mercator Allows Offer for Tyler Resources to Expire - More
- January 09, 2008 | Item | E-mail

Gold Fields Ltd. Options Two Carlin Trend Properties From Redstar Gold Corp. - More
- January 09, 2008 | Item | E-mail

AuEx Ventures, Inc.: Mountain Top Yields 30 Feet at 0.280 Ounces Per Ton at West Pequop - More
- January 09, 2008 | Item | E-mail

Presidents Update of Carpathians' 2007 Exploration Results and Corporate Activity - More
- January 09, 2008 | Item | E-mail

Gentor Intercepts Significant Molybdenum, Tungsten and Silver Mineralization at its Idaho Moly Project - More
- January 09, 2008 | Item | E-mail

Andean Provides an Update on the Pre-Feasibility Study at Cerro Negro - More
- January 09, 2008 | Item | E-mail

Melkior Resources Drills 19.80 g/t Gold Over 3.18 Metres on 1010 Zone - More
- January 09, 2008 | Item | E-mail

Adex Mining Awards Contract for Tailings Dam Repair and Upgrade to New Brunswick Construction Firm - More
- January 09, 2008 | Item | E-mail

Rod Ogilvie Joins Vena Resources as VP Engineering and Country Manager - More
- January 09, 2008 | Item | E-mail

Rolling Rock Resources Corporation: Private Placement - More
- January 09, 2008 | Item | E-mail

Canadian Arrow Mines Ltd. - Kenbridge Nickel-Copper Deposit Resource Estimate Update - Increases Contained Nickel in Open Pit Portion By 75% - More
- January 09, 2008 | Item | E-mail

Silverado Can Supply Growing $200 Million Antimony Market - More
- January 09, 2008 | Item | E-mail

Uruguay Mineral Exploration Inc. ('UME') Announces Results for the Second Quarter Ended November 30, 2007 - More
- January 09, 2008 | Item | E-mail

Uranium 308 Corp.: Radiometric Survey of Six Drill Holes Completed; Drill Core Samples Have Been Sent to SGS Group - More
- January 09, 2008 | Item | E-mail

Purepoint Uranium Group Inc: Stakes Property Adjacent to Red Willow Discovery - More
- January 09, 2008 | Item | E-mail

Oremex Update - "Oremex Resources Inc. (TSX-V: ORM - News; the "Company") today provided an update on plans for completion of a feasibility study in 2008 for the Tejamen Silver Property ("Tejamen"), State of Durango, Mexico." More
- January 09, 2008 | Item | E-mail

Metallica Resources Increases Fourth Quarter Gold Production by 56% at Cerro San Pedro and Provides 2008 Guidance - "Metallica Resources Inc. (Toronto:MR.TO - News)(AMEX:MRB - News) is pleased to report that gold and silver production at its Cerro San Pedro mine in Mexico increased 56% and 35%, respectively, relative to the third quarter 2007. For the year, the Cerro San Pedro mine produced 26,799 ounces of gold and 406,592 ounces of silver. Approximately 53% of the gold and 48% of the silver were produced in the fourth quarter demonstrating that the mine is on track to achieve full and steady-state production during 2008." More
- January 09, 2008 | Item | E-mail

SilverCrest Continues to Intercept High Grade Gold and Silver at the Santa Elena Project, Mexico - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News) is pleased to report results for the next series of core holes of an "expanded" Phase II drill program at its Santa Elena Project located in northern Mexico. The Santa Elena Project is located approximately 150 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company has the right to acquire a 100% interest in the property." More
- January 09, 2008 | Item | E-mail

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