-- Posted 31 January, 2008 | | Source: SilverSeek.com

The Metals:

Gold fell to $918.75 by early trade in London and rose to $928.20 by early trade in New York before it fell back off near $920 by midmorning in New York, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.22%. 

Silver fell to $16.65 by late trade in Asia and held mostly slightly lower in London and early New York trade, but it then rocketed higher after 11AM EST and set a new 27 year intraday high of $17.01 by early afternoon before it pulled back a bit in the last hour of trade and ended with a gain of 1.02%.

Euro gold remained at about €622, platinum gained $46 to $1731 to a new record high, palladium remained unchanged at $387, and copper gained nearly 7 cents to about $3.29.

Gold and silver equities fell roughly 2% in the opening minutes of trade and remained at about that level for the rest of the day.

The Economy:

Tomorrow at 8:30AM EST brings January’s jobs data.  Nonfarm Payrolls are expected at 70,000, the Unemployment Rate is expected at 5.0%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8.  At 10AM is Construction Spending expected at -0.5%, the ISM Index expected at 48.4, and Michigan Sentiment expected at 79.0.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil fell back near $90 in early trade on worries over a recession and its possible impact on demand, but it ended with less than a dollar loss as the major indices rebounded nicely by the close on easing economic worries.  OPEC meets tomorrow, but few expect any surprises and most see the cartel keeping output levels unchanged.

The U.S. dollar index and treasuries remained near unchanged ahead of tomorrow’s jobs data.

The Dow, Nasdaq, and S&P fell markedly at the open on worries about the economy, but they soon rose and found notable gains by the close as worries over bond insurers eased.

Among the big names making news in the market today were CVS, Mattel, Sony, MBIA, Colgate, Wyeth, and Burger King.

The Commentary:

“February Gold finished up 2.1 at 922.7, 2.3 off the high and equal to the low.

March Silver closed up 0.235 at 16.995. This was 0.24 up from the low and 0.095 off the high.

The gold market was able to throw off some early weakness and mount a run back into positive ground just ahead of mid session. Surprisingly the gold market made the rally in the face of a slight bounce in the Dollar and a sharp downside failure in the energy markets. One almost got the sense that the gold bounce was inspired by the recovery in the US equity market but one could also argue that uncertainty toward the US financial sector was another issue that might have attracted buyers to the gold market. It is also possible that some players were buying gold ahead of the monthly non farm payroll report as a good reading would play down the recession threat and might also increase the prospect of inflation. On the other hand, a disappointing US Non farm payroll report could sink the Dollar and rekindle fresh uncertainty toward the US credit situation. In conclusion, the gold market continues to see plenty of macro economic uncertainty during the Thursday trade.

The silver market also showed some early weakness but managed to regain its footing around mid morning and eventually managed to carve out another new high for the move. Certainly seeing copper prices forge an impressive rally provided some silver bulls with incentive, but part of the silver gains seemed to come in conjunction with the US equity market bounce.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Wall Street Journal's lead story: Investors rush to gold

The Statistics:

As of close of business: 1/30/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.87 tonnes.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

South Africa’s continuing power problems, Buenaventura’s (BVN) optimism for 2008, Polyus Gold’s (PLZL.MM) output, IAMGOLD’s (IAG) unapproved permit, Royal Gold’s (RGLD) quarterly results, Gold Fields’ (GFI) quarterly results, and Silver Dragon’s (SDRG.OB) retention of Micromine Pty Ltd were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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

All of today's gold and silver stock news:

Global Minerals Ltd. announces $3,000,000 brokered private placement - More
- January 31, 2008 | Item | E-mail

Golden Band Resources: Drill results from EP gold deposit - More
- January 31, 2008 | Item | E-mail

High Desert Gold Corporation Announces Start of Drilling at the Gold Lake Porphyry Copper-Molybdenum-Gold Property in New Mexico, USA - More
- January 31, 2008 | Item | E-mail

Corriente Initiates Panantza-San Carlos Partnership Process - More
- January 31, 2008 | Item | E-mail

Virginia Silver Property optionor Mega Silver Inc. completes major transaction and listing - More
- January 31, 2008 | Item | E-mail

Golden Dawn pleased with SWAN & VMS progress - More
- January 31, 2008 | Item | E-mail

Government of Laos approves Amanta's application for a copper exploration and development concession - More
- January 31, 2008 | Item | E-mail

Victory Nickel Expands Land Position at Minago Nickel Project - More
- January 31, 2008 | Item | E-mail

Avalon Ventures Ltd.: Remaining REE Assays from Thor Lake Phase 1 Drilling Program Received Phase 2 Drilling Program Commences - More
- January 31, 2008 | Item | E-mail

Peru miner Buenaventura exec optimistic for 2008 - "Peruvian miner Buenaventura is pleased with its 2007 performance and optimistic about the coming year, the company's director of administration and finance said on Thursday.

Buenaventura (BUEv.LM: Quote, Profile, Research) (BVN.N: Quote, Profile, Research), Peru's biggest precious metals producer, has a 43.65 percent stake in Yanacocha, Latin America's biggest gold mine, which is controlled by Newmont Mining Corp (NEM.N: Quote, Profile, Research)." More
- January 31, 2008 | Item | E-mail

J-Pacific Gold Announces 2008 Exploration Plans - More
- January 31, 2008 | Item | E-mail

GBS Gold Files Technical Report on Tom's Gully Reserve - More
- January 31, 2008 | Item | E-mail

Ecuador studying mining royalties and windfall tax - "Ecuador is analyzing whether to set mining royalties based on gross output or net profits for firms reworking their agreements with the government, which is seeking to boost its control over the growing sector." More
- January 31, 2008 | Item | E-mail

Russia's Polyus sees output flat until end-2009 - "Polyus Gold (PLZL.MM: Quote, Profile, Research) (PLZLq.L: Quote, Profile, Research), Russia's largest gold miner, said on Thursday it expects output to remain steady at about 1.2 million ounces (37.8 tonnes) until the end of 2009, before rising sharply." More
- January 31, 2008 | Item | E-mail

Fission Energy Closes Earn-In Agreement With Korean Consortium for Waterbury Lake, Athabasca Basin - More
- January 31, 2008 | Item | E-mail

Nord Resources Corporation Announces Harvest of First Copper Cathodes at the Johnson Camp Mine - More
- January 31, 2008 | Item | E-mail

Continuum appoints Leonard Sinclair of Clifton and Associates as Environmental Manager - More
- January 31, 2008 | Item | E-mail

Klondike Silver Corp. -- Options Granted - More
- January 31, 2008 | Item | E-mail

La Mancha Resources Inc.: More Extensional Wide High Grade Results From Frog's Leg Resource/Reserve Development Program - More
- January 31, 2008 | Item | E-mail

CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - More
- January 31, 2008 | Item | E-mail

Anglo Swiss Resources Inc. Reports Multiple High Grade Gold (1.2oz/T) - Copper (1.5%) - Silver (1.0 oz/T) Intercepts From October 2007 Diamond Drill Program - More
- January 31, 2008 | Item | E-mail

Caledonia Mining Signs Marketing Agreement with MRI Trading AG - More
- January 31, 2008 | Item | E-mail

Scandinavian Minerals Limited: Adoption of Shareholder Rights Plan - More
- January 31, 2008 | Item | E-mail

Equinox Minerals Limited: ASX Quarterly Report to Shareholders for the Quarter Ended December 31, 2007 - More
- January 31, 2008 | Item | E-mail

Murgor Resources Inc. Retains Leading Investor Relations Firm - More
- January 31, 2008 | Item | E-mail

Constitution Mining Appoints VP Finance (Europe) - More
- January 31, 2008 | Item | E-mail

Farallon Announces New G-9 Resource Estimates - More
- January 31, 2008 | Item | E-mail

First Gold Appoints Eric Leboeuf as President and CEO - More
- January 31, 2008 | Item | E-mail

Powertech Uranium Corp.: Dewey-Burdock Drilling Update - More
- January 31, 2008 | Item | E-mail

Rare Element Reports - 2007 Drill Program Expands Gold Zone at Bear Lodge Year-end Summary of Sundance Gold Venture - More
- January 31, 2008 | Item | E-mail

HE-5 Resources, Corp. Achieves a Preliminary Agreement for Mining Concession With the Republic of Côte d'Ivoire - More
- January 31, 2008 | Item | E-mail

Adex Mining Appoints Experienced Operations Manager for Mount Pleasant - More
- January 31, 2008 | Item | E-mail

Centamin Egypt Limited Reports on Activities in the Quarter Ended December 30, 2007 - More
- January 31, 2008 | Item | E-mail

Jinshan Announces 778,000 Ounce Gold Resource at Its Dadiangou Project, China - More
- January 31, 2008 | Item | E-mail

Quest Obtains Encouraging Results From Preliminary Work Completed on Its Kenora North Uranium Project, Northwestern Ontario - More
- January 31, 2008 | Item | E-mail

Exploration Update on Houston Lake Mining's West Cedartree Gold Project - More
- January 31, 2008 | Item | E-mail

Gold Exploration Company USCorp Releases Results of Geophysicist Report of Pink Rhyolite on Picacho Salton Property Valued at $634,000,000 USD - More
- January 31, 2008 | Item | E-mail

Timberline Receives Permits to Drill Conglomerate Mesa - More
- January 31, 2008 | Item | E-mail

Yorbeau Resources Reviews 2007 and Outlines 2008 Gold Exploration Plan - More
- January 31, 2008 | Item | E-mail

Wega Mining ASA: Compulsory Acquisition of Remaining Shares in Goldbelt - More
- January 31, 2008 | Item | E-mail

Uruguay Mineral Exploration Inc : Statement Re. Shares in Issue - More
- January 31, 2008 | Item | E-mail

Copper King Mining Corporation and Western Utah Copper Company Merge - More
- January 31, 2008 | Item | E-mail

Canyon Copper Appoints Mr. Andrew F. de P. Malim as Director - More
- January 31, 2008 | Item | E-mail

Aurelio Announces Management Changes - More
- January 31, 2008 | Item | E-mail

Lundin Mining to Restate Financial Statements - More
- January 31, 2008 | Item | E-mail

Moto Goldmines Acquires Additional Interest in the Moto Gold Project and Completes Placement to Sam Jonah - More
- January 31, 2008 | Item | E-mail

Medoro Resources Announces Management Changes - More
- January 31, 2008 | Item | E-mail

Aurus Addresses Mineweb Article - More
- January 31, 2008 | Item | E-mail

Eskom Withdraws Authorisation for Mining Industry to Increase Electricity Load From 80% to 90% - "Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) is disappointed to confirm that Eskom has informed the Company that authorisation to increase electricity load from 80% to 90% by this evening, has been temporarily withdrawn in order to 'protect further frequency decay and system instability.'" More
- January 31, 2008 | Item | E-mail

Ur-Energy Schedules Q4 2007 Projects Update Webcast - More
- January 31, 2008 | Item | E-mail

Crosshair Defines Priority Drill Targets on CMB Uranium Project, Labrador - More
- January 31, 2008 | Item | E-mail

Consolidated Pacific Bay Minerals Ltd.: Strateco Drills Anomalous Radioactivity in the Rabbit Ears Southern Claim Group - More
- January 31, 2008 | Item | E-mail

Bayswater Purchases Balance of Interest in Uranium Properties in Saskatchewan and Nevada - More
- January 31, 2008 | Item | E-mail

Paladin Energy Ltd.-Langer Heinrich Uranium Project Production Unaffected by Namibian Power Cuts - More
- January 31, 2008 | Item | E-mail

Paladin Energy Ltd. Strengthens Executive Management Team - More
- January 31, 2008 | Item | E-mail

IAMGOLD Reports Camp Caiman Permits Not Approved - "IAMGOLD Corporation (Toronto:IMG.TO - News) (NYSE:IAG - News) (BOTSWANA: IAMGOLD) ("IAMGOLD" or "the Company") reports that the French Government through a declaration issued on behalf of the President's Office has advised that the President will not approve the final permits necessary to commence construction of the Camp Caiman project located in French Guiana. No technical, environmental or legal reasoning for the decision was provided in the declaration. The Company will be seeking further information from the relevant authorities in order to determine next steps." More
- January 31, 2008 | Item | E-mail

Silver Dragon Retains Micromine to Commence NI 43-101 Technical Report for Its Laopandao Project in China - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce the retention of Micromine Pty Ltd (``Micromine'') to prepare a Canadian National Instrument (``NI'') 43-101 and Australian Joint Ore Reserves Committee (``JORC'') compliant technical report (the ``Report'') and review of the Company's Laopandao Beihou Silver Project (``Laopandao'')." More
- January 31, 2008 | Item | E-mail

Royal Gold Reports Record Revenues and Strong Free Cash Flow* in Second Quarter of Fiscal 2008 - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, today announced second quarter fiscal 2008 net income of $5.1 million, or $0.13 per basic share, on record royalty revenue of $15.4 million. This compares to net income for the second quarter of fiscal 2007 of $5.6 million, or $0.24 per basic share, on royalty revenue of approximately $12.9 million." More
- January 31, 2008 | Item | E-mail

Gold Fields Limited: Operating Profit of R2 Billion and net Earnings of R1.9 Billion in the Quarter Ended 31 December 2007 - "Gold Fields Limited (NYSE & JSE: GFI) today announced net earnings for the December 2007 quarter of R1,938 million, compared with restated net earnings of R429 million and R767 million for the September 2007 and the December 2006 quarters respectively. In US dollar terms net earnings for the December 2007 quarter were US$281 million, compared with restated earnings of US$60 million and US$104 million for the September 2007 and the December 2006 quarters respectively." More
- January 31, 2008 | Item | E-mail

SAfrica mines suffer new power supply hitch - "Fresh electricity supply problems in South Africa hit hopes in the mining sector on Thursday for an early return to full production after a five day hiatus.

State utility Eskom [ESCJ.UL] had agreed to pump-up supply to the country's diamond, platinum, gold, coal and other mines to 90 percent by Thursday, after a power shortage halted their operations for the five days to Wednesday.

Mining firms that had resumed blasting and digging on Wednesday after Eskom increased their power supply to 80 percent, said they would continue mining, but were now unable to increase their production levels as they had hoped." More
- January 31, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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