Gold Seeker Closing Report: Gold and Silver Fall Over 2% While the Major Indices Drop Roughly 3%

	Close	Gain/Loss
Gold	$886.60	-$18.30
Silver	$16.31	-$0.42
XAU	173.22	-3.89%
HUI	425.04	-3.16%
GDM	1282.06	-3.38%
JSE Gold	2381.41	-5.67
USD	76.12	+0.77
Euro	146.57	-1.69
Yen	93.54	-0.16
Oil	$88.41	-$1.61
10-Year	3.587%	-0.056
T-Bond	119.78125	+0.59375
Dow	12265.13	-2.93%
Nasdaq	2309.57	-3.08%
S&P	1336.64	-3.20%

Gold fell to as low as $884.45 by midmorning in New York before it rebounded back near $900 by early afternoon, but it the fell back off in the last 30 minutes of trade and ended back near its low with a loss of 2.02%. Silver fell to $16.255 before it rebounded back near $16.50, but it also fell back off in the last half hour of trade and ended with a loss of 2.51%.

Euro gold fell to about €605, platinum lost $15 to $1776, palladium lost $8 to $416, and copper fell roughly 7 cents to about $3.20.

Gold and silver equities fell roughly 3% at the open and remained near their lows for most of the day.

Report	For	Reading	Expected	Previous
ISM Services	Jan	44.6	53.0	53.2

The U.S. dollar index rose as the euro fell on a weak European survey that raised hopes the ECB may join the fed in cutting interest rates.

Treasuries rose as the Dow, Nasdaq, and S&P fell markedly on concerns about the health of the economy as ISM Services came in much weaker than expected and well below 50 which indicates contraction.

Among the big names making news in the market today were NYSE, Whirlpool, GMAC, Tyco, and Louisiana-Pacific.

“April Gold finished down 19.1 at 890.3, 11.7 off the high and 1.8 up from the low.

March Silver closed down 0.435 at 16.345. This was 0.035 up from the low and 0.185 off the high.

With the gold market on Tuesday seemingly falling in sync with the US equity market, it would not seem like safe haven mentality was in play in the gold trade. Certainly a massive upward thrust in the US Dollar provided a portion of the undertow in the gold market but it was also clear that many a physical commodity markets were under some form of broad based liquidation wave. With the fear of recession undermining a number of markets and the US Dollar seemingly back in favor, the bull camp in gold was certainly seeing a number of outside market negatives. The market didn't even seem to derive any support from a private forecast that called for gold to regain the $1,000 level.

With only a select few physical commodity markets managing to avoid the downward liquidation pressure on Tuesday, it wasn't surprising to see silver fall along with gold and copper prices. With the trade focusing in on the much weaker than expected US scheduled report flow in the morning trade and recession talk on the lips of almost every stock market reporter throughout the trading session, few were shocked with the sharp losses in the silver market. Apparently investment interest is at least temporarily being dented by the fear of slowing and with both gold and silver falling in the face of sharp equity market declines, one also gets the sense that silver has lost some of its flight to quality status.” - The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS removed 0.21 tonnes.

Note: Change in Total Tonnes from yesterday’s data: 1.96 tonnes were removed from the trust.

South Africa’s power problems, Keegan’s (KGN) drill results, Harmony’s (HMY) gold output, Exeter’s (XRA) drill results, Newmont’s (NEM) mining in West Africa, Claude’s (CGR) drill results, Cardero’s (CDY) private placement, Randgold’s (GOLD) mining in Africa, Barrick’s (ABX) gold mine in Tanzania, and Fortuna’s (FVI.V) project update 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.

Drilling commences at Moss Lake - More
- February 05, 2008 | Item | E-mail

GoldSpring, Inc. Announces Stage 1 Drill Results - More
- February 05, 2008 | Item | E-mail

Lounor finds gold at Harker - More
- February 05, 2008 | Item | E-mail

Intrinsic Minerals Ltd. Announces Option Agreement with Noront Resources Ltd. to Acquire 50% of 9 Claim Blocks in the "Ring of Fire" - More
- February 05, 2008 | Item | E-mail

Wave Uranium Responds to Reports of Video Spam - More
- February 05, 2008 | Item | E-mail

Atlanta Gold Inc. to Complete $5.6 Million Private Placement - More
- February 05, 2008 | Item | E-mail

Chapleau Resources Ltd.: Company Grants Incentive Stock Options - More
- February 05, 2008 | Item | E-mail

La Mancha to Spend $10.6 Million on Exploration in 2008 - More
- February 05, 2008 | Item | E-mail

N. I. 43-101 Technical Report on Kinbauri's El Valle, Spain, Significantly Increases Resources at Area 107 and Black Skarn North - More
- February 05, 2008 | Item | E-mail

Keegan Resources Inc.: Esaase Gold Project Stepout Drillholes Continue to Expand Deposit - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce the results of 15 new drill holes to the south of the currently defined 43-101 resource area. The recent holes expand the resource to the south by successfully widening the South Zone." More
- February 05, 2008 | Item | E-mail

Network Exploration closes private placement - More
- February 05, 2008 | Item | E-mail

Tonogold Resources, Inc. Announces Extension to Letter of Intent With Centerra (U.S.) for Tonopah Divide - More
- February 05, 2008 | Item | E-mail

AURUS Publishes Geologist 43-101 Report - More
- February 05, 2008 | Item | E-mail

Amanta receives Drillcorp report on Mae Lama adit stability and rehabilitation - More
- February 05, 2008 | Item | E-mail

HuntMountain Substantiates Historical Drill Results at La Josefina - More
- February 05, 2008 | Item | E-mail

Centerra Gold Responds to Media Comments Regarding Kumtor - More
- February 05, 2008 | Item | E-mail

Chapleau Resources Ltd. Negotiates a $450,000 Private Placement - More
- February 05, 2008 | Item | E-mail

Compilation of Mantis' Cree Lake gold property reveals strong gold mineralization - More
- February 05, 2008 | Item | E-mail

SLAM Exploration reports additional zinc intercepts - More
- February 05, 2008 | Item | E-mail

Gryphon Gold Announces New COO-Mining Engineer John L. Key - More
- February 05, 2008 | Item | E-mail

Pershimco Drills Courville Gold Project - More
- February 05, 2008 | Item | E-mail

Pele Mountain Completes Acquisition of the Westward Extension of the Historic Murphy Gold Mine - More
- February 05, 2008 | Item | E-mail

Cogitore Resources Inc. retains Louis Morin for investor relations - More
- February 05, 2008 | Item | E-mail

Sirios Resources Inc.: Seventy-Three Induced Polarization (I.P.) Anomalies Detected on Tilly - More
- February 05, 2008 | Item | E-mail

Geodex Adopts Shareholders' Rights Plan - More
- February 05, 2008 | Item | E-mail

Shoreham Resources Initiates Geophysics and Drilling, Borland Lake Silver Target, Ontario - More
- February 05, 2008 | Item | E-mail

Arianne Starts Exploration on Its Mexican Properties - More
- February 05, 2008 | Item | E-mail

Millstream Sets its Sights on Sudbury Airport East Property; Drilling of Significant Anomaly Imminent - More
- February 05, 2008 | Item | E-mail

Rockcliff Strengthens Landholdings at Snow Lake, Manitoba - More
- February 05, 2008 | Item | E-mail

FNX Drifts Into High-Grade Cu-Ni-Pt-Pd-Au Veins at the Levack Footwall Deposit - More
- February 05, 2008 | Item | E-mail

Luiri Gold Releases Final Assay Results of the 2007 Drilling Programme at the Luiri Hill Project and Starts Drilling on Six New Targets - More
- February 05, 2008 | Item | E-mail

PolyMet Strengthens Minnesota Focus - More
- February 05, 2008 | Item | E-mail

MetalCORP; New Diamond Discovery Located 300km West of Thunder Bay, Ontario; Diamond Bearing Rock Unit (Ultramafic Pyroclastic) Extends For Several Kilometres - More
- February 05, 2008 | Item | E-mail

Probe Mines Announces $2,000,000 Non-Brokered Private Placement With the MineralFields Group to Explore McFauld's Lake Project - More
- February 05, 2008 | Item | E-mail

Asset quality hampers gold sector M&A-Randgold CEO - "A shortage of high-quality mines and exploration projects is keeping a lid on mergers and acquisitions in the gold mining sector, the head of Randgold Resources (RRS.L: Quote, Profile, Research) said on Tuesday." More
- February 05, 2008 | Item | E-mail

Raytec Evaluates Its Potash Claims in Saskatchewan - More
- February 05, 2008 | Item | E-mail

World power shortages to hit global mining - Aggreko - "Britain's Aggreko (AGGK.L: Quote, Profile, Research), a provider of temporary power generators, said on Tuesday a world shortage of power would hit the mining sector, causing production delays and losses." More
- February 05, 2008 | Item | E-mail

Mountain Boy Minerals - Final Drill Results Received on the Red Cliff Property - More
- February 05, 2008 | Item | E-mail

Gold Star Announces Private Placement Acquires Another VMS Spectrum Anomaly in Flin Flon Near HudBay 777 Mine - More
- February 05, 2008 | Item | E-mail

Panel Samples From Pan African's Mountain of Gold in Madagascar Corroborate Strong Geophysics Targets and Confirm 8.5 km. Gold-Bearing Trend - More
- February 05, 2008 | Item | E-mail

Moto Goldmines Limited Adopts Shareholder Rights Plan - More
- February 05, 2008 | Item | E-mail

Kalimantan Gold Corporation Limited: Continued Drilling at Jelai Encounters Near-Surface Significant Intercepts of Gold - More
- February 05, 2008 | Item | E-mail

Uranium North Confirms Several Priority Targets on the Amer Lake Property - More
- February 05, 2008 | Item | E-mail

American Uranium Announces NI 43-101 Resource for Reno Creek Deposit - More
- February 05, 2008 | Item | E-mail

Uranerz Provides Final 2007 Drilling Results and Plans for 2008 Program - More
- February 05, 2008 | Item | E-mail

Strathmore Completes Reno Creek, Wyoming NI 43-101 Technical Report: Mineral Resource Increased to 7.4 Million Pounds U3O8 - More
- February 05, 2008 | Item | E-mail

Majescor Intersects 17 m of 0.20% U3O8 Near Surface at Mistassini, Otish Mountains, Quebec - More
- February 05, 2008 | Item | E-mail

Liberty Star Uranium Completes Four Drill Holes at Neola Target Area - More
- February 05, 2008 | Item | E-mail

Bannerman Resources Welcomes Peter Christians as New Chief Operating Officer - More
- February 05, 2008 | Item | E-mail

Harmony CEO eyes 2,5-million ounces in output by 2010/11 - "HARMONY Gold said today it expects to produce 2,5-million ounces of gold in the 2010/2011 financial year from 2-million ounces currently, while slashing costs." More
- February 05, 2008 | Item | E-mail

Fortuna Advances San Jose Silver-Gold Project, Mexico - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News) is pleased to provide a progress update on the engineering and development work underway at the San Jose silver-gold deposit located in Oaxaca, Mexico. Development of the project, which is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd. (24%), is moving forward at a rapid pace." More
- February 05, 2008 | Item | E-mail

Exeter Resource Corporation: Further Exceptional Grades Recorded From Loma Escondida Drilling, Cerro Moro, Argentina - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that new results from follow-up drilling on the Loma Escondida vein, located immediately north of the Escondida Zone at Cerro Moro have extended the strike length of the high grade gold-silver mineralization." More
- February 05, 2008 | Item | E-mail

Newmont keen to expand mining in west Africa - "Newmont Mining Corp. (NEM.N: Quote, Profile, Research), the world's second largest gold miner, is casting its net wider in west Africa after establishing a successful mine in Ghana, the head of its Africa division said on Tuesday." More
- February 05, 2008 | Item | E-mail

Claude Resources Releases Santoy 8/8E Drilling Results - "Intercepts 314.25 g/t over 1.74 metres and 24.31 g/t over 10.88 metres" - "Claude Resources (TSX: CRJ / AMEX: CGR) today released the results of an extensive 2007 exploration drill program on the Santoy 8 and 8E deposits of the Seabee region in northern Saskatchewan. Highlights of the exploration program include the following (full results available on the Claude Resources Inc. website at www.clauderesources.com):" More
- February 05, 2008 | Item | E-mail

Cardero Arranges $8,800,000 Private Placement Financings - "The Company has arranged a brokered private placement with a placement agent (the "Agent") of up to 7,000,000 Units (the "Units") to raise gross proceeds of up to $7,700,000. The Units are priced at $1.10 per Unit and each Unit will consist of one common share and one-half of a transferable common share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder to subscribe for one additional common share at a price of $1.50 for a period of 24 months from the date of closing." More
- February 05, 2008 | Item | E-mail

RANDGOLD RESOURCES ANNOUNCES - PIONEERING SPIRIT NEEDED - "For Africa to prosper from its mineral wealth it must urgently set out to use the mining industry as the foundation for building its economies, Randgold Resources chief executive Mark Bristow told the Mining Indaba here today. To succeed in this, he said, government and mining industry leaders would have to cooperate and demonstrate the vision, courage and perseverance of true pioneers." More
- February 05, 2008 | Item | E-mail

Barrick sees Buzwagi mine in production in 2009 - "Barrick Gold Corp. (ABX.TO: Quote, Profile, Research), the world's biggest gold miner, said on Tuesday it expected its Buzwagi gold mine in Tanzania to be in production next year at a cash cost of under $300 an ounce." More
- February 05, 2008 | Item | E-mail

Anglo CEO says SAfrica power woes not a disaster - "Anglo American (AAL.L: Quote, Profile, Research) Chief Executive Officer Cynthia Carroll said on Tuesday power problems that have closed mines in South Africa were serious but not a disaster." More
- February 05, 2008 | Item | E-mail

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