Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week

	Close	Gain/Loss	On Week
Gold	$903.10	-$4.20	-1.64%
Silver	$17.105	-$0.095	-0.03%
XAU	177.32	+0.25%	-2.17%
HUI	435.06	+0.18%	-1.94%
GDM	1305.33	-0.04%	-2.55%
JSE Gold	2267.66	-12.51	-5.26%
USD	76.04	-0.11	-0.76%
Euro	146.68	+0.27	+1.07%
Yen	92.90	+0.30	-0.25%
Oil	$96.50	+$0.04	+5.15%
10-Year	3.780%	-0.038	+3.45%
Bond	117.00	+0.59375	-1.45%
Dow	12348.21	-0.23%	+1.36%
Nasdaq	2321.80	-0.46%	+0.74%
S&P	1349.99	+0.08%	+1.40%

Gold rose to $915.50 by about 9AM EST before it fell throughout the rest of the morning in New York and dropped to as low as $897.45 by early afternoon, but it then rebounded into the close and ended with a loss of just 0.46%. Silver rose to $17.48 and fell to $16.94 before it also rebounded into the close and ended with a loss of just 0.55%.

Euro gold fell to about €616, platinum gained $50.50 to $2047.50 to a new record high, and copper rose a few cents to about $3.52.

Gold and silver equities rose over 1% by about an hour into trade, but they then fell off with the metals by late morning and traded near unchanged for the rest of the day.

Report	For	Reading	Expected	Previous
Import Prices	Jan	1.7%	0.5%	-0.2%
Import Prices ex-oil	Jan	0.6%	-	0.3%
Export Prices	Jan	1.2%	-	0.4%
Export Prices ex-ag.	Jan	0.8%	-	0.3%
NY Empire State Index	Feb	-11.7	7.0	9.0
Net Foreign Purchases	Dec	$56.5B	$73.5B	$90.9B
Capacity Utilization	Jan	81.5%	81.4%	81.5%
Industrial Production	Jan	0.1%	0.1%	0.1%
Michigan Sentiment	Feb	69.6	76.5	78.4

Next week’s economic highlights include Building Permits, Housing Starts, CPI, and FOMC minutes on Wednesday and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed survey on Thursday.

Oil rose slightly on worries over Venezuela and a possible output cut from OPEC.

The U.S. dollar index fell and treasuries rose on very poor economic data that also dragged the Dow, Nasdaq, and S&P lower for most of the day.

Among the big names making news in the market Friday were Countrywide, FGIC, Best Buy, and Abercrombie & Fitch.

“April Gold finished down 4.7 at 906.1, 12.9 off the high and 4.9 up from the low.

March Silver closed down 0.137 at 17.118. This was 0.068 up from the low and 0.392 off the high.

The gold market started off the session firmer finding support from initial weakness in the Dollar, expectations for more US rate cuts and safe haven buying against escalating inflation risks this year. Although the Fed chairman thought there were more downside risks for the economy, expectations rates will be cut again certainly improves the appeal of hard assets like gold. The economic news was mixed, but seemed to favor the bear camp a bit since both the manufacturing survey and consumer confidence came in below expectations while industrial production was only a bit better than expected. Into mid-day, with the Dollar trimming losses and oil prices sagging, outside market factors began to weigh on gold which appeared to be part of a broad based selling wave seen in a wide range of commodity markets. But, April gold was able to hold above a key price level as we suspect the sharp upward trajectory in platinum is providing a measure of support.

An early rally in March silver began to fade by mid-session as the market came under pressure from mostly weak economic data and what appeared to be a general liquidation wave in a range of commodity markets ahead of the holiday weekend. A weak manufacturing survey and drop in consumer confidence seemed to more than offset a slightly better than expected reading on industrial production. With equity markets under pressure reflecting concerns of slowing growth if consumers begin to trim spending, economic jitters seemed to be a factor weighing on silver prices. However, gains in copper and platinum seemed to provide enough support enabling silver to hold above a key price level.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.09 tonnes.

Mitsubishi’s increased stake in Northern Dynasty (NAK), Agnico’s (AEM) gold reserves, Fronteer’s (FRG) drilling, Apollo’s (AGT) drilling, Centerra’s (CG.TO) extended deadline, South American’s (SAC.TO) preparation of a NI 43-101 resource compliant study, SNS Silver’s (SNS.V) new president and CEO, Exmin’s (EXM.V) drill results, Oro’s (OSO.V) new VPO and COO, and Silver Dragon’s (SDRG.OB) retracted trenching results were among the big stories in the gold and silver mining industry making headlines Friday.

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

Aura Silver Terminates Option on Pine Creek Property in Idaho; Will Focus on Mexican Projects - More
- February 15, 2008 | Item | E-mail

Antam eyes $3 bln stake in Freeport Indonesia - "Indonesian state miner PT Aneka Tambang Tbk (Antam) ANTM.JK said it may buy up to 18.72 percent of Freeport McMoRan Copper & Gold Inc's (FCX.N: Quote, Profile, Research) Indonesian unit in a deal expected to be worth about $3 billion.

Antam (ATM.AX: Quote, Profile, Research), which is seeking to buy gold producing assets, said it has received "verbal support" from Indonesia's state enterprises ministry to acquire the stake in PT Freeport Indonesia, the unit of the U.S. mining giant which owns and operates the huge Grasberg gold and copper mine in the province of Papua." More
- February 15, 2008 | Item | E-mail

Titan Begins 2008 Exploration Program and Announces Corporate Update - More
- February 15, 2008 | Item | E-mail

Pan American Gold Corporation: Resignation and Appointment of Directors - More
- February 15, 2008 | Item | E-mail

South American Silver Corp. Announces Intention to Develop NI 43-101 Resource at Malku Khota Silver Property - "South American Silver Corp. ("SASC" or the "Company") (Toronto:SAC.TO - News) announced its plans today to proceed with the preparation of a NI 43-101 resource compliant study to establish an initial resource estimate in a portion of its Malku Khota silver-indium-gold property in west central Bolivia." More
- February 15, 2008 | Item | E-mail

Mitsubishi Increases Stake in Northern Dynasty to 9.1% - "Northern Dynasty Minerals Ltd. (Toronto:NDM.TO - News)(AMEX:NAK - News) ("Northern Dynasty" or the "Company") was advised of a Rule 13d-1(c) filing made by Mitsubishi Corporation on February 14, 2008 with the United States Securities & Exchange Commission, whereby Mitsubishi discloses it has acquired an aggregate of 8,296,108 shares of Northern Dynasty." More
- February 15, 2008 | Item | E-mail

Network Exploration signs Investor Relations agreement with Vantage Communications - More
- February 15, 2008 | Item | E-mail

Bonaventure Enterprises Inc.: Additional Drilling at Nevada's Squaw Creek Property Finds Improving Gold Grades and Thicknesses With Depth - More
- February 15, 2008 | Item | E-mail

Trafigura Beheer B.V. Amsterdam's Holdings in Iberian - More
- February 15, 2008 | Item | E-mail

Gee-Ten Ventures Announces Two New Directors and CEO - More
- February 15, 2008 | Item | E-mail

WSR Gold Inc. Announces Agreement With MacDonald Mines Exploration Ltd. to Acquire 75% of the Big Mac Property, McFauld's Lake, Ontario - More
- February 15, 2008 | Item | E-mail

Eagle Plains/Blind Creek Release Results From Drilling Program at Blende Silver/Base-Metal Deposit, Yukon Territory - More
- February 15, 2008 | Item | E-mail

Agnico gold reserves reach record level in 2007 - "Agnico-Eagle Mines said on Friday its gold reserves reached a record 16.65 million ounces at year-end, up 33 percent from the close of 2006." More
- February 15, 2008 | Item | E-mail

Alexis Minerals Presentation at the "Winter 2008 Triple Gold" Conference - More
- February 15, 2008 | Item | E-mail

First Gold Exploration Inc.: Appointment of a New Director - More
- February 15, 2008 | Item | E-mail

First Narrows Restructures Mexican Operations - More
- February 15, 2008 | Item | E-mail

Significant Gold Results from Lydian's Rahovec Discovery in Kosovo - More
- February 15, 2008 | Item | E-mail

Key Appointments Made to Farallon's Management Team - More
- February 15, 2008 | Item | E-mail

Caledonia Appoints Dr. Trevor Pearton as Vice-President, Exploration and Completes a $1,230,000 Private Placement - More
- February 15, 2008 | Item | E-mail

GoldQuest Expands Las Animas Massive Sulphide Project and Defines New Targets Along Strike - More
- February 15, 2008 | Item | E-mail

Merc International Minerals Announces A. Murray Sinclair as Director - More
- February 15, 2008 | Item | E-mail

HudBay Announces 2007 Production and 2008 Outlook - More
- February 15, 2008 | Item | E-mail

International Minerals Reports Second Quarter Financial Results - More
- February 15, 2008 | Item | E-mail

PolyMet Updates EIS Schedule for Its Copper-Nickel-Precious Metals Project - More
- February 15, 2008 | Item | E-mail

AuEx Ventures, Inc.: Long Canyon Core Hole Returns 90 Feet at 0.12 Ounce Per Ton Gold - More
- February 15, 2008 | Item | E-mail

VenCan Gold Corporation Commences Diamond Drill Program at Fern Elizabeth Property - More
- February 15, 2008 | Item | E-mail

North Bay Issues Property Update - More
- February 15, 2008 | Item | E-mail

New Area Yields High-Grade Gold Results From Surface and Underground Sampling at the San Miguel Project in Mexico - More
- February 15, 2008 | Item | E-mail

SNS Silver Appoints Thomas F. Fudge Jr. as President and CEO - "SNS Silver Corporation ("SNS" or the "Company") (CDNX:SNS.V - News) is pleased to announce that it has appointed Thomas F. Fudge Jr. as its new President and Chief Executive Officer. Mr. Fudge, the Company's former Vice President - Operations, replaces Neil Linder who is stepping down at the request of the Company's Board of Directors. Mr. Linder has also resigned as a director. The Company would like to thank Mr. Linder for his years of service to the Company and wish him all the best in his future endeavours." More
- February 15, 2008 | Item | E-mail

Exmin-Penoles Joint Venture Drills High Grade Veins at Maguarichic, Chihuahua, Mexico - "EXMIN Resources Inc. (EXMIN) (CDNX:EXM.V - News) is pleased to announce results from the ongoing drill program at the Maguarichic Project. To date, 2,941.8 metres of core have been drilled in 19 holes in the current campaign. Two holes are currently in progress using a small man-portable rig and a large truck mounted rig. Several holes have intersected veins with high silver and gold values, including 1.15 metres of 786.9 grams per metric ton (g/t) silver, and 0.8 metres with 2.84 g/t gold." More
- February 15, 2008 | Item | E-mail

Paladin Energy Admitted to the Namibian Stock Exchange - More
- February 15, 2008 | Item | E-mail

Fronteer Development Group Inc.: Drilling Extends Strike of High-Grade Gold at Nevada Property - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce drilling has extended oxide gold mineralization at Long Canyon, further defining Nevada's newest gold trend." More
- February 15, 2008 | Item | E-mail

Oro Silver Appoints Thomas Bagan as Vice President Operations and Chief Operating Officer - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) is pleased to announce that Mr. Thomas H. Bagan has joined the company as Vice President Operations and Chief Operating Officer. Mr. Bagan will be vital in bringing Oro Silver's El Compas and Vetagrande projects in Zacatecas, Mexico, into production." More
- February 15, 2008 | Item | E-mail

U.S. Energy Corp. Announces State of Colorado Approval of Molybdenum Exploration Program - More
- February 15, 2008 | Item | E-mail

Silver Dragon Retraction of Previously Released Trenching Results, Cerros Las Minitas Project, Mexico - "The Company recently began a review of the assay results for La Crucitas and discovered that some of the findings were based on preliminary, unofficial data and there may have been discrepancies in the methodologies and calculations used in the averaging of the mineralization data. Because of this, the Company wishes to withdraw this news in order to preserve and maintain a high standard of integrity and correctness of information disclosed to the public." More
- February 15, 2008 | Item | E-mail

Apollo Gold Commences Drilling Program in Mexico - "The Huizopa project is located in the Sierra Madres in the State of Chihuahua, between Alamos Gold’s Mulatos Mine and Minefinder’s Dolores project. Apollo’s property package consists of 170 sq. km and to date the Company has conducted aerial surveys, mapping, geochemical sampling and geophysical surveys which identified three primary geological drill targets, one of which is Puma de Oro." More
- February 15, 2008 | Item | E-mail

Centerra Agrees to Extend Deadline for Kumtor Agreements - "Centerra Gold Inc. (TSX:CG - News) announced today that at the request of the Government of the Kyrgyz Republic, Centerra and Cameco Corporation have agreed to extend the term of the Kumtor agreements entered into by the Government of the Kyrgyz Republic and the companies on August 30, 2007 until April 30, 2008. Centerra has communicated to the Government its expectation that all necessary approvals will be received and the transaction completed by that date." More
- February 15, 2008 | Item | E-mail

Agnico-Eagle's gold reserves and resources at record levels; gold zones extended at Pinos Altos in Mexico and Kittila in Finland - "At December 31, 2007 Agnico-Eagle's proven and probable gold reserves hit a record of 16.7 million ounces, an increase of 33% over the year end 2006 level. The growth in gold reserves of 4.5 million ounces (prior to considering 2007 gold production) was a result of successful definition drilling at our development projects, which converted 1.6 million ounces to reserves, and the acquisition of the Meadowbank project." More
- February 15, 2008 | Item | E-mail

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.