Gold Seeker Closing Report: Gold and Silver Fall About 1%

	Close	Gain/Loss
Gold	$908.95	-$13.60
Silver	$17.23	-$0.17
XAU	176.65	-2.98%
HUI	429.94	-3.51%
GDM	1296.93	-3.21%
JSE Gold	2327.55	+1.01
USD	76.33	-0.23
Euro	145.90	+0.76
Yen	93.11	-0.45
Oil	$92.78	-$0.81
10-Year	3.679%	+0.061
T-Bond	118.50	-0.78125
Dow	12373.41	+1.09%
Nasdaq	2320.04	-0.00%
S&P	1348.86	+0.73%

Gold rose slightly to $924.70 in Asia, but it then fell throughout most of trade in London and New York and ended over $5 off its low of $903.45 with a loss of 1.47%. Silver made a new 27 year intraday high at $17.60 in Asia before it also fell in London and New York and dropped to as low as $17.10 by early afternoon, but it did end over 10 cents off that low with a loss of just 0.98%.

Euro gold fell to about €623, platinum lost $14.50 to $1917.50, and copper remained at about $3.55.

Gold and silver equities steadily fell for most of trade and ended with roughly 3% losses.

Report	For	Reading	Expected	Previous
Treasury Budget	Jan	$17.8B	$20.0B	$38.2B

“Project Lifeline” was introduced by six top mortgage companies today and is backed by the U.S. Treasury and the Department of Housing and Urban Development. The program “would pause foreclosure proceedings for borrowers more than 90 days in arrears while servicers determine whether they could make payments under new terms, the six firms said in a statement.”

Oil fell as worries over Chavez eased and traders prepared for expected inventory builds tomorrow.

The U.S. dollar index fell as the euro rose on a better than expected German business sentiment survey.

Treasuries fell and the Dow, Nasdaq, and S&P rose after Warren Buffet offered to reinsure up to $800 billion in municipal debt for three of the top bond insurers, but the Dow and S&P ended well off their highs while the Nasdaq ended with a slight loss on doubts that Buffet’s offer will be of much help.

Among the big names making news in the market today were MBIA, Ambac, FGIC, GM, Masco, and Monsanto.

“April Gold finished down 15.6 at 911.1, 13.4 off the high and 3.1 up from the low.

March Silver closed down 0.22 at 17.25. This was 0.07 up from the low and 0.33 off the high.

The gold market started out weak and spent a large portion of the trading session diverging rather significantly with the rest of the metals markets. Eventually the weakness in gold seemed to pull down the rest of the metals markets but the main culprit of the day seemed to be a lessening of US credit market anxiety. In other words, the news of a new Bond insurer effort was seen as a potential important development for the US economy and that in turn prompted some long liquidation in gold. Apparently the gold market was being supported by flight to quality interest and seeing the sharp stock market gains prompted some long liquidation. While there were some early suggestions that reports of lower physical demand were undermining gold prices that same type of news from India overnight, didn't seem to weigh that heavily on the US gold market early in the trading session. Surprisingly, a generally weak US Dollar also failed to support April gold witch ended up forging a rather surprising decline on the charts.

The silver market did manage another new high for the move before falling back rather definitively in afternoon action. Apparently seeing positive leadership from the US equity market failed to support silver prices and with platinum and copper prices also falling back rather definitively from their highs, the silver market seemed to be caught in a tide of outside market selling. With a long list of physical commodity markets under pressure on Tuesday, it is possible that silver was also seeing pressure from non metals market action.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.18 tonnes.

Exeter’s (XRA) drill results, Newmont’s (NEM) mine stake in Indonesia, Freeport’s (FCX) 2008 output, Endeavour’s (EXK) exploration review and outlook, Coeur’s (CDE) mine pre-commissioning, and Hecla’s (HL) mine acquisition 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.

General Moly to Begin Trading on Toronto Stock Exchange (TSX) on February 14, 2008 - More
- February 12, 2008 | Item | E-mail

Magnum Uranium Completes 80% Earn-in on San Rafael Joint Venture - More
- February 12, 2008 | Item | E-mail

San Gold Adds Key Management Positions - More
- February 12, 2008 | Item | E-mail

Drill Program Underway at Mengold's Shebandowan Properties - More
- February 12, 2008 | Item | E-mail

American Bonanza Signs a Letter of Intent With Gryphon Gold Corporation to Merge the Companies - More
- February 12, 2008 | Item | E-mail

HudBay Announces Updated Mineral Reserves and Resources - More
- February 12, 2008 | Item | E-mail

Queensland Minerals Announces Further Impressive Gold-Copper Results From the Lynd Anastasia Project in North Queensland, Australia and Extension of Credit - More
- February 12, 2008 | Item | E-mail

First Quantum Minerals Publishes Resource for Guelb Moghrein Copper-Gold Mine in Mauritania - More
- February 12, 2008 | Item | E-mail

CGW anticipates successful drill programs at Dolly Varden and the Victoria Mine for 2008 - More
- February 12, 2008 | Item | E-mail

Gryphon Gold Announces Financial Results for December 31, 2007 - More
- February 12, 2008 | Item | E-mail

Geodex Announces Private Placement Closing - More
- February 12, 2008 | Item | E-mail

Silvermet Progresses Its Waelz Kiln Zinc Project in Turkey - More
- February 12, 2008 | Item | E-mail

Solid closes $60,000 debt financing - More
- February 12, 2008 | Item | E-mail

Endeavour Silver Corp. - Exploration Review Of 2007 And Exploration Outlook For 2008 - "Endeavour Silver Corp. (EDR: TSX, EXK: AMEX, and EJD: Frankfurt) delivered additional exploration success in 2007, highlighted by the discovery of new polymetallic mineralization on the El Cometa mine property, part of Endeavour's Parral Project located in the historic mining district of Hidalgo de Parral, Chihuahua State, Mexico." More
- February 12, 2008 | Item | E-mail

Lincoln Gold Commences Drilling on Pine Grove Property, Nevada - More
- February 12, 2008 | Item | E-mail

Geovic Mining Corp. Announces Recent Developments - More
- February 12, 2008 | Item | E-mail

Typhoon Intersects 4.33 g/t Au Over 40 Meters - More
- February 12, 2008 | Item | E-mail

First Nickel Provides 2008 Guidance - More
- February 12, 2008 | Item | E-mail

Inspiration Intersects 0.510% Ni Over 9.35m or 30.68ft and 1.842% Ni Over 1.80m or 5.91ft Containing 5.00% Ni Over 0.54m or 1.77ft (True Width) - More
- February 12, 2008 | Item | E-mail

Alix Provides Corporate Update for 2008 Field Season - More
- February 12, 2008 | Item | E-mail

Peregrine Discovers Strong and Large Scale Uranium Anomalies on Baffin Island and Acquires 1.3 Million Hectares of New Mineral Permits - More
- February 12, 2008 | Item | E-mail

Uranium Bay Transfers Non-Uranium Properties to its Subsidiary and Commences Listing Process - More
- February 12, 2008 | Item | E-mail

Robex - Exploration work begins on Wili-Wili - More
- February 12, 2008 | Item | E-mail

Benton and Pacific North West to jointly explore Swayze Greenstone Belt - More
- February 12, 2008 | Item | E-mail

Continuum commences drilling at its 100% owned Tres-Hermanas project - More
- February 12, 2008 | Item | E-mail

CNG Completes Phase 2 on Bullard Pass Gold Project - More
- February 12, 2008 | Item | E-mail

Goldstake Explorations Inc.: McGarry Gold-Diamond Project Update - More
- February 12, 2008 | Item | E-mail

Raven Gold Corp.-Receives NI 43-101 Technical Report on La Currita - More
- February 12, 2008 | Item | E-mail

RSM Gold-Silver Exploration Plans for 2008 in Nevada - More
- February 12, 2008 | Item | E-mail

IMA's Treasury Now at CDN $25,000,000 - More
- February 12, 2008 | Item | E-mail

Uranium 308 Corp.: Two New Anomalous Mineralized Zones Discovered - More
- February 12, 2008 | Item | E-mail

Acrex options Don's Lake Gold Property, northwestern Ontario - More
- February 12, 2008 | Item | E-mail

Timberline Resources Corporation Provides Update on Its Anticipated Acquisition of Small Mine Development, LLC - More
- February 12, 2008 | Item | E-mail

Rockcliff Adds Second Drill and Provides Update on Its Snow Lake VMS Project, Manitoba - More
- February 12, 2008 | Item | E-mail

Sierra Gold Announces Initial Extraction and Sale of Gold From Sierra Leone Property - More
- February 12, 2008 | Item | E-mail

Serengeti Intersects 280 m Grading 0.47% Copper, 0.63 g/t Gold at Kwanika - More
- February 12, 2008 | Item | E-mail

Freegold Ventures Appoints Robert Jackson to its Board - More
- February 12, 2008 | Item | E-mail

Nevada Copper Mobilizes Two Drills and Commences 15,000 Meter Drill Program - More
- February 12, 2008 | Item | E-mail

Rochester Stakes Additional Ground in Nayarit, Mexico - More
- February 12, 2008 | Item | E-mail

Tumipampa: first drilling results - More
- February 12, 2008 | Item | E-mail

Pacific North West Capital Corp. and Benton Resources Corp. Sign a Join Venture Agreement to Explore the Swayze Greenstone Belt for Ni-Cu-PGM Mineralization - More
- February 12, 2008 | Item | E-mail

Probe Mines Closes $2,000,000 Non-Brokered Private Placement with the MineralFields Group to Explore McFauld's Lake Project - More
- February 12, 2008 | Item | E-mail

Independent Nickel Drills 69 Metres of 1.01% Nickel - More
- February 12, 2008 | Item | E-mail

JNR Announces Drilling Program on South Fork Uranium Project, Saskatchewan - More
- February 12, 2008 | Item | E-mail

Uranium Power Corp. Announces Major Drill Program for South Fork Uranium Project, Saskatchewan - More
- February 12, 2008 | Item | E-mail

Mega Uranium Ltd.: Cash Minerals Elects to Earn 75% Interest in Igor Uranium Property - More
- February 12, 2008 | Item | E-mail

Cash Minerals Elects to Earn 75% Interest in Igor Uranium Property - More
- February 12, 2008 | Item | E-mail

NWT Uranium cured of default over Quebec properties - More
- February 12, 2008 | Item | E-mail

Azimut considers NWT Uranium Corp. has cured its default in respect of the North Rae and Daniel Lake properties - More
- February 12, 2008 | Item | E-mail

Silver Spruce Resources Inc.: Three Drills Working on Snegamook Property; Camp Construction Complete on Mount Benedict Property - More
- February 12, 2008 | Item | E-mail

Crescent Resources Reports Positive Drilling Results From Oviedo Uranium Project Paraguay - More
- February 12, 2008 | Item | E-mail

Blue Sky Uranium Corp.: Eagle and Karin Lake Agreements Amended - More
- February 12, 2008 | Item | E-mail

Exeter Resource Corporation: Drilling on the Escondida Vein System at Cerro Moro Returns More High Grade Mineralization - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that diamond drilling, within and along strike of the high grade gold-silver Escondida Vein structure at Cerro Moro, continues to intersect high grades below shallow low grade mineralization." More
- February 12, 2008 | Item | E-mail

Coeur Begins Pre-Commissioning of San Bartolome Silver Mine in Bolivia - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) announced today that it has begun pre-commissioning activities at its San Bartolomé silver mine, which is expected to produce over ten million ounces of silver during its first twelve months of full-scale operations." More
- February 12, 2008 | Item | E-mail

Hecla Acquires 70.3% of Greens Creek Mine for $750 Million - “We are extremely excited about acquiring the rest of Greens Creek, giving us a tremendous world-class silver asset. We know the operation intimately and believe the operational risks are low. The cash cost per ounce of silver produced at Greens Creek, including by-product credits, is among the lowest in North America. Greens Creek has a strong track record of environmental and safety performance, a long mine life, and an excellent cadre of talented people. And it nearly doubles our silver production while improving our position as the lowest-cost silver producer.” More
- February 12, 2008 | Item | E-mail

Indonesia Tells Newmont To Reduce Stake In Mine - "The Indonesian government has issued a "sell down or leave" warning to Newmont Mining Corp., forcing the U.S. company to divest a portion of its shareholding of a gold and copper mine in the province of West Nusa Tenggara.

The authority has given a deadline to Newmont Mining (nyse: NEM - news - people ) to sell a combined 10% stake in one of its local units, called PT Newmont Nusa Tenggara, by Feb. 22. If Newmont fails to do so, its mining contract with the central government will be terminated, Mangantar Marpaung, the Energy Ministry's director for coal and mineral development, said Tuesday." More
- February 12, 2008 | Item | E-mail

Freeport Indonesia sees '08 copper output up, gold down - "The Indonesian unit of Freeport-McMoran Copper & Gold Inc. (FCX.N: Quote, Profile, Research) said on Tuesday it expects copper output to rise 6 percent this year as it explores new areas in its Grasberg mine.

Copper output at the Gasberg mine in far-flung Papua province is likely to rise to 1.2 billion pounds (544,316 tonnes) in 2008 from 1.13 billion pounds last year, said Mindo Pangaribuan, spokesman for PT Freeport Indonesia." More
- February 12, 2008 | Item | E-mail

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