Gold Seeker Closing Report: Gold and Silver Fall Slightly While Stocks Rebound Late

	Close	Gain/Loss
Gold	$884.80	-$5.00
Silver	$15.80	-$0.22
XAU	175.65	-2.98%
HUI	439.51	-2.19%
GDM	1334.06	-2.13%
JSE Gold	2479.46	-23.97
USD	76.30	-0.03
Euro	145.91	-0.16
Yen	94.44	+0.55
Oil	$86.99	-$2.22
10-Year	3.426%	-0.058
T-Bond	121.4375	+0.65625
Dow	12270.17	+2.50%
Nasdaq	2316.41	+1.05%
S&P	1338.60	+2.14%

Gold remained near unchanged in Asia and London before it dipped to $876.85 in early New York trade and then spiked higher after 9AM EST to as high as $895.65 by about 10:15, but it then fell back off into the close and ended with a loss of 0.56%. Silver fell to $15.689 before it spiked to find nearly a 1% gain at $16.167, but it also fell back off into the close and ended with a loss of 1.37%. At the time of writing both metals have roughly erased the day’s losses in after hours access trade.

Euro gold fell to about €605, platinum gained $2 to $1550, palladium lost $4 to $364, and copper fell over 10 cents to about $3.12.

Gold and silver equities fell over 6% by early afternoon before they rebounded into the close, but they still ended with over 2% losses.

There were no major economic reports today. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 1/19 expected at 320,000 and at 10AM is the Existing Home Sales report for December expected at 4.95 million.

Oil fell to as low $86.65 and closed over 2% lower at a 3 month low on fears that a recession will cut into demand.

The U.S. dollar index ended slightly lower as traders debated future action from the fed and European Central Banks.

Treasuries rose markedly in early trade as the yield on the 10-year fell all the way to 3.281% to a new 4 and ½ year low, but gains were more than cut in half by the close as stocks rebounded in late trade and pulled money out of bonds.

The Dow fell over 300 points by early afternoon and the Nasdaq and S&P saw notable losses as well, but all three indices then rallied back higher in the last two hours of trade and ended with nice gains on hopes for a rescue of some sort of the mortgage companies.

Among the big names making news in the market today were Apple, Pfizer, ConocoPhillips, Motorola, Coach, and Southwest Air.

“February Gold finished down 7.2 at 883.1, 12.9 off the high and 6.1 up from the low.

March Silver closed down 0.135 at 15.97. This was 0.17 up from the low and 0.24 off the high.

The gold market did manage to reject an initial washout early in the session but the recovery effort only lasted a couple of hours before prices began to soften again in early afternoon trade. Apparently gold wasn't being seen as a flight to quality instrument in the face of the most recent washout in equity prices. Generally higher US Dollar action throughout the trading session seemed to undermine gold which also seemed to be knocked off balance by severe slowing concerns. With oil prices under ongoing pressure, copper prices weak and even the grain markets under significant pressure, it is likely that outside market deflationary pressures were prompting some of the selling interest in gold on Wednesday afternoon.

Silver prices mostly tracked in sync with gold during the action Wednesday but overall silver seemed to hold an even tighter correlation with copper, platinum and oil prices. In the face of historic losses in equity prices and concerns of significant economic slowing it really isn't that surprising to see silver prices faltering and in effect waffling around within a wide trading range. News of a rise in silver exchange stocks and evidence of another slide in Japanese silver imports on Wednesday could have also added some additional pressure to silver prices during today's trading session.”- The Hightower Report, Futures Analysis and Forecasting

Pacific Rim’s (PMU) surface trenching, Midway’s (MDW) increased resources, Freeport-McMoRan’s (FCX) fourth quarter results, Yamana’s (AUY) feasibility study, Kinross Gold’s (KGC) $400 million offering of convertible notes, Lihir’s (LIHR) reopened mine, MAG’s (MVG) exploration update, Silvermex’s (SMR.V) drilling, Aquiline’s (AQI.TO) metallurgical results, Pan American’s (PAAS) increased silver output, and Silverstone’s (SST.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.

Goldcrest Restates Interim Consolidated Financial Statements for the Quarter Ended September 30, 2007 - More
- January 23, 2008 | Item | E-mail

Nuinsco Commits to Further Drilling at Prairie Lake Uranium Property - More
- January 23, 2008 | Item | E-mail

Yamana Gold plans $139 million Brazil expansion - "Yamana Gold (YRI.TO: Quote, Profile, Research) will spend $139 million to build a new 103,000 ounce-per-year mine in Brazil, and hopes to sell sulfuric acid in the country by 2011, the gold miner said on Wednesday.

Toronto-based Yamana, which last year acquired low-cost producer Meridian Gold and smaller Northern Orion Resources, said it expects to average 103,000 ounces annually from its Santa Luz mine starting in 2010, part of a plan to nearly triple the company's production between 2007 and 2012." More
- January 23, 2008 | Item | E-mail

International Kirkland Minerals Inc.: Company Initiates 2008 Drilling at Rupert Uranium Property - More
- January 23, 2008 | Item | E-mail

Freeport-McMoRan's quarterly profit dips - "Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research) said on Wednesday quarterly profit fell slightly as rising costs erased gains from sharply higher copper output and prices, sending its shares tumbling more than 13 percent." More
- January 23, 2008 | Item | E-mail

Sulliden Directors recommend shareholders reject the offer from Century Mining - More
- January 23, 2008 | Item | E-mail

Great Bear Uranium and Fission Energy Commence Drilling at Duddridge Lake Uranium Project, Saskatchewan - More
- January 23, 2008 | Item | E-mail

Merrex Options Sand Brook Gold Prospect - More
- January 23, 2008 | Item | E-mail

Gryphon Gold Outlines Plans for Properties Held by Nevada Eagle Resources - More
- January 23, 2008 | Item | E-mail

Globex's Magusi Deposit Bulk Sampling Permit Application - More
- January 23, 2008 | Item | E-mail

Amerix Announces That Drilling Resumes at Ouro Roxo and Grants Options - More
- January 23, 2008 | Item | E-mail

Geoinformatics Makes New Molybdenum Discovery in British Columbia - More
- January 23, 2008 | Item | E-mail

Mining law rewrite faces uphill battle in Senate - "A bill passed by the House of Representatives last year that would impose stiff new royalties on hardrock mining companies will likely be toned down by the Senate, where pro-mining lawmakers hold more sway." More
- January 23, 2008 | Item | E-mail

Pacific Rim Mining Corp.: Surface Trenching at Santa Rita Project Reveals High Grade Gold Over Wide Vein Widths - "Surface trenching and sampling at Pacific Rim Mining Corp.'s ("Pacific Rim" or "the Company") (Toronto:PMU.TO - News)(AMEX:PMU - News) Santa Rita gold project in El Salvador has revealed bonanza gold grades in the southern portion of the Trinidad vein across significantly wider surface vein widths than previously encountered. Assay composite results for each trench are presented below." More
- January 23, 2008 | Item | E-mail

Frank Davis Appointed to the FNX Board - More
- January 23, 2008 | Item | E-mail

Mirabela Nickel Limited - Further details of Santa Rita proven and probable reserve - More
- January 23, 2008 | Item | E-mail

Mega Uranium Intersects 140 Metres of 0.042% U3O8 and 0.76% Copper at Igor, Including 76 Metres of 0.417% U3O8 and 7.37% Copper - More
- January 23, 2008 | Item | E-mail

First Metals Applies for Bulk Sample Permit - More
- January 23, 2008 | Item | E-mail

Sunridge Gold Announces New Resource Estimates for Debarwa and Adi Nefas VMS Deposits - More
- January 23, 2008 | Item | E-mail

Canadian Shield Expands Target for Phase II Drilling at La Estrella Property - More
- January 23, 2008 | Item | E-mail

Canarc Resource Corp.: Shareholder Update - More
- January 23, 2008 | Item | E-mail

Discovery of Lense #30's North West Extension to Near Surface at GobiMin's Yellow Mountain Project - More
- January 23, 2008 | Item | E-mail

USA Uranium Completes Utah Property Acquisition - More
- January 23, 2008 | Item | E-mail

Bellhaven Completes Six Month Objectives, Announces Next Six Month Objectives - More
- January 23, 2008 | Item | E-mail

Powertech Appoints Dr. James Munro as Senior Process Design Engineer - More
- January 23, 2008 | Item | E-mail

Crowflight Finalizes $55 Million Debt Facility to Complete Bucko Lake Nickel Mine Development - More
- January 23, 2008 | Item | E-mail

U.S. Precious Metals Gives Update on Drilling Program - More
- January 23, 2008 | Item | E-mail

Anvil Mining - Record Production for Fiscal Year 2007 and 2008 Capital Expenditures and Outlook - More
- January 23, 2008 | Item | E-mail

Mirabela Nickel Limited - CAPEX update for larger 4.6 MTPA Santa Rita project - More
- January 23, 2008 | Item | E-mail

Uranium Star Corp. Announces Results of Annual Meeting of Stockholders and Special Meeting of Board of Directors, Increases Authorized Capital - More
- January 23, 2008 | Item | E-mail

Liberty Star Uranium Completes Cleanout of Old Holes, Starts Drilling Neola Pipe Target - More
- January 23, 2008 | Item | E-mail

Cash Minerals Intersects 140 Metres of 0.042% U3O8 and 0.76% Copper at Surface on Igor Uranium Property - More
- January 23, 2008 | Item | E-mail

Trigon provides corporate and property update - More
- January 23, 2008 | Item | E-mail

MAG Silver Updates Initial Exploration Program at Lagartos SE in Zacatecas District - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") is pleased to provide an update of the 2007 Phase One exploration drilling program at its 100% owned Lagartos SE project in the Panuco Zone at the north end of the historic Zacatecas Silver District. The objective of the program was to test at shallow depths, a number of veins and structural targets." More
- January 23, 2008 | Item | E-mail

Utah Uranium Acquires Additional Uranium Property - More
- January 23, 2008 | Item | E-mail

Canyon Resources Sets Special Meeting Date for Shareholder Vote on Merger With Atna Resources - "Canyon Resources Corporation (Amex: CAU - News; "Canyon"), a Colorado based mining company, cordially invites all shareholders to attend a special meeting of the shareholders of Canyon on March 6, 2008 at 3 p.m. Mountain Time to vote on the proposed merger between Canyon and Atna Resources Limited ("Atna"). The special meeting will be held at Table Mountain Inn located at 1310 Washington Avenue, Golden, Colorado. Canyon anticipates that it will commence mailing the proxy statement in relation to the proposed merger on January 25, 2008 to shareholders of record on January 18, 2008." More
- January 23, 2008 | Item | E-mail

Silvermex Resources Ltd.: Drilling Commences at Penasco Quemado Property - "Silvermex Resources Ltd. ("Silvermex") (TSX VENTURE:SMR - News) is pleased to report that drilling has commenced at its 20,000 hectare Penasco Quemado Property located in Northern Sonora, Mexico. A reverse circulation drill is being used for a 32 hole, 3,000 meter drill program on the property. The drill program is designed to increase the resource in the Penasco Quemado zone and to drill test 5 separate anomalies identified both from the previous year's drill program and an induced polarization survey completed in the summer of 2007. The Penasco Quemado zone and other drill targets are all on or near surface." More
- January 23, 2008 | Item | E-mail

Aquiline Announces Preliminary Metallurgical Results for Navidad's Loma de La Plata Zone - "Aquiline Resources Inc. (TSX:AQI - News; "Aquiline" or "the Company") today announced the results of the first metallurgical program performed on Navidad under Aquiline's ownership. The program that began in the third quarter of 2007 comprised ore hardness, mineralogical and preliminary flotation testing on 12 composite samples from Calcite Hill, Calcite Northwest, Navidad Hill, Connector Zone, Barite Hill and Loma de La Plata. The test work was conducted at G&T Metallurgical Services in Kamloops, B.C. Canada and was directed by Mr. John Folinsbee and Mr. Peter Brown, both of whom are Senior Metallurgical Engineers." More
- January 23, 2008 | Item | E-mail

Pan American Increased Silver Output 31 Per Cent, Achieved Record Production of 17.1 M Ounces in 2007 - "Pan American Silver Corp. (NasdaqGS:PAAS - News) (Toronto:PAA.TO - News) today announced that it achieved record annual silver production in 2007 of 17.1 million ounces. This represented an increase of 31% as compared to 2006 and surpassed the Company's guidance for 2007 of 17.0 million ounces. Silver production in the fourth quarter of 2007 was also a new record at 5.1 million ounces, an increase of 63% as compared to the fourth quarter of 2006." More
- January 23, 2008 | Item | E-mail

Midway Increases Spring Valley Gold Resource - "Midway Gold Corp. ("Midway" or the "Company") (CDNX:MDW.V - News)(MDW - News) is pleased to report that an updated NI 43-101 compliant mineral resource estimate has significantly increased the gold resource identified at the Company's 100% owned Spring Valley Project, Nevada. The new Inferred mineral resource estimate is 50.6 million tons grading 0.0196 ounce per ton (opt) gold for a total of 992,152 ounces and as yet does not contain the significant amount of gold discovered in the North Hill and West Diatreme areas." More
- January 23, 2008 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Reports Fourth-Quarter and Year Ended December 31, 2007 Results - "Income from continuing operations applicable to common stock for fourth-quarter 2007 totaled $423 million, $1.07 per share (including net charges of $120 million, $0.29 per share, for special items discussed on page 2), compared with $426 million, $1.99 per share, for fourth-quarter 2006." More
- January 23, 2008 | Item | E-mail

Silverstone Discovers Significant Disseminated Silver-Gold Mineralization in the La Colorada Zone, Copala Project - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) is pleased to report results from the first 15 drill holes (1,302m HQ core drilling) targeted on a zone of historic workings known as La Colorada. At present, the company has completed 45 HQ core holes totaling 4,614 meters. Assays for the additional 30 holes are pending and will be reported when received. This zone is located about 5.5kms to the WSW of the Animas-Refugio vein where Silverstone has focused previous drilling. (Please see property map located below.) The Copala Project is located 60km ENE of Mazatlan, Sinaloa State, Mexico." More
- January 23, 2008 | Item | E-mail

Yamana Gold Announces Positive C1 Santa Luz Feasibility Study Results; Chapada Pyrite Marketing Study Results and New Resource Estimate at El Penon - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) is pleased to report the findings for its initial feasibility study for the C1 Santa Luz gold project in Brazil, results of the sulphuric acid market study relating to the scoping study for its pyrite project at the Chapada Mine in Goias State, Brazil and an initial resource estimate at Bonanza as well as an updated estimate at Al Este at its El Penon mine in Chile." More
- January 23, 2008 | Item | E-mail

Kinross Launches US$400 Million Offering of Convertible Notes - "Kinross Gold Corporation (Toronto:K.TO - News)(NYSE:KGC - News) ("Kinross") announced today that it has launched a private offering of approximately US$400 million of senior unsecured convertible notes due March 2028 (the "Convertible Notes"). Kinross expects to grant the initial purchasers in the offering a 30-day option to purchase up to an additional US$60 million of Convertible Notes." More
- January 23, 2008 | Item | E-mail

LGL's (Lihir Gold) Ballarat Mine Reopens - "Lihir Gold Ltd. (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(NasdaqGS:LIHR - News) ("LGL") is pleased to announce that its Ballarat underground gold mine has been reopened today following the successful restoration of the main Woolshed Gully access decline (see News Release dated December 5, 2007.)" More
- January 23, 2008 | Item | E-mail

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