-- Posted 25 February, 2008 | | Source: SilverSeek.com

The Metals:

Gold rose to $952.10 by late trade in Asia and early trade in London before it plunged to $932.80 in midmorning New York trade on more IMF gold sale rumors, but it then rallied back higher into the close and ended with a loss of just 0.68%.  Silver rose to $18.15 before it fell to $17.868, but it also rallied back higher in the last few hours of trade and ended with a gain of 0.44% at a new 27 year closing high.

Euro gold fell to about €633, platinum fell $10.50 to $2135, and copper fell roughly 5 cents to about $3.74.

Gold and silver equities fell over 1% the first half hour of trade, but they then rallied back higher into the close and ended with slight gains.

U.S. Treasury backs IMF gold sales, but Congress can still block  Resource Investor

NY gold falls as U.S. may support IMF gold sales  Reuters

Gold drops on report that U.S. backs IMF gold sales  MarketWatch

U.S. Backs Plan for IMF to Sell Some Gold Reserves  Bloomberg

The Economy:

Existing Home Sales fell less than expected, but they still fell to a 9-year low as the median home price fell 4.6% from a year ago.  Tomorrow at 8:30AM EST brings PPI for January expected at 0.4% and Core PPI expected at 0.2%.  At 10AM is the Consumer Confidence report for February expected at 82.0.

The Markets:

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

Oil traded mostly slightly higher and heating oil set a new all time high near $2.80 on geopolitical worries over Iran, Turkey, and Iraq.

The U.S. dollar index fell slightly despite notable yen losses as traders waited for more economic data and Bernanke testimony later in the week.

Treasuries fell markedly and the Dow, Nasdaq, and S&P rose over 1% after S&P eased credit market worries by reaffirming its AAA credit rating on bond insurers Ambac Financial and MBIA.

Among the big names making news in the market today were Ambac Financial, MBIA, Electronic Arts and Take-Two, Visa, Citigroup, Lowe’s, Getty Images and Hellman & Friedman, and American Tower.

The Commentary:

“April Gold finished down 7.3 at 940.5, 11 off the high and 4.5 up from the low.

March Silver closed up 0.05 at 18.085. This was 0.205 up from the low and 0.065 off the high.

The gold market broke this morning after a US Treasury Department official brought up the idea of IMF gold sales. His comments that he saw the US Congress approving such a sale took the market off of its highs down to below last Friday's low. This was in the wake a some rather bullish attitude regarding inflationary pressures and ongoing energy concerns in mining countries but some negative pressure from lower platinum prices. Later in the day the Treasury official's elaboration referring to work already down with members of Congress to move this along failed to send the market to any new lower territory. So far the news seems to have put longs on edge but has not inspired any massive sell off.

The IMF gold sales talk had little effect on the silver market today as it held strong in the face talk of future sales. Silver also held its own despite lower copper and platinum markets. This morning's existing home sales data more or less confirmed a slumping housing market in the US, with inventories increasing to 4.19 million units, up 5.5% and about a 10.3 month supply. This was bearish for copper but also not good for the economy in general, which should hurt silver as well. However, silver does benefit from inflation ideas as an investment vehicle and from the fact that it may still be a "bargain" relative to other metals.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

A precious metals that's not just an investment but a worldview too

James Turk: More solid gains for the precious metals

Banks lose to deadbeat homeowners as loans sold in bonds vanish

Jason Hommel documents Barrick's continuing huge gold short

Casey Research conference will include GATA perspective

Commerce Department relents, will continue site with economic indicators

Peter Schiff: Inflation is America's greatest export

The Statistics:

As of close of business: 2/22/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.39 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:

NovaGold’s (NG) projects update, Newmont’s (NEM) divestiture deadline extension, Great Basin’s (GBN) production estimate, Northern Dynasty’s (NAK) updated resource estimate, Anatolia’s (ANO.TO) project update, Gold Fields’ (GFI) impact from South Africa’s electricity crisis, Stillwater’s (SWC) fourth quarter profit, Silver Wheaton’s (SLW) record annual earnings, Aquiline’s (AQI.TO) drill results, Bear Creek’s (BCM.V) drill results, Apogee’s (APE.V) drill results, and Apex Silver’s (SIL) operations update 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:

Stillwater Mining Reports Modest Fourth Quarter 2007 Profit, Loss for Full Year; Post-2007 PGM Price Surge - "For the full-year 2007, Stillwater Mining Company reported a net loss of $14.3 million, or $0.15 per fully diluted share, on revenues of $619.2 million. In 2006, the Company reported full-year net income of $7.9 million, or $0.09 per fully diluted share, on revenues of $613.1 million." More
- February 25, 2008 | Item | E-mail

East West Resource Corporation: Second Nickel-Copper-PGE Property Staked East of Norton Deposit, and South of the Double Eagle Discovery - More
- February 25, 2008 | Item | E-mail

Maestro Ventures Announces Key New Board Members, Private Placement of Units - More
- February 25, 2008 | Item | E-mail

Maestro Ventures Closes Private Placement - More
- February 25, 2008 | Item | E-mail

Aurelio Completes Non-Brokered Equity Financing with European Institutional Investors - More
- February 25, 2008 | Item | E-mail

Noront Resources Ltd.: EAGLE TWO HAS LANDED - More
- February 25, 2008 | Item | E-mail

International Barytex Resources Ltd.: Update on DRC Mining Contract Review - More
- February 25, 2008 | Item | E-mail

New Cantech Ventures Inc.: Joint Venture Agreement Discussions - More
- February 25, 2008 | Item | E-mail

North American Gem Inc. Announces Completion of 2008 Louise Lake Program; Sub-"Terminator" Mineralization Identified - More
- February 25, 2008 | Item | E-mail

Lake Shore Gold Completes Financing and Enters Into Strategic Alliance With Hochschild Mining plc - More
- February 25, 2008 | Item | E-mail

Wesdome Gold Mines Ltd. - More encouraging results from exploration at the Kiena Mine - More
- February 25, 2008 | Item | E-mail

Gold World's Chinese Gold/Silver Joint Venture Accepted For Filing - More
- February 25, 2008 | Item | E-mail

Completion of transaction to acquire 19.9% stake in Lake Shore Gold Corp. - More
- February 25, 2008 | Item | E-mail

Forsys Receives Water Permits - More
- February 25, 2008 | Item | E-mail

Great Western Minerals Group Updates Activities - More
- February 25, 2008 | Item | E-mail

Matamec Appoints Ambleside Point Communications as Investor Relations Firm for Western Canada - More
- February 25, 2008 | Item | E-mail

Thompson Creek to present at BMO Capital Markets 2008 Global Metals and Mining Conference - More
- February 25, 2008 | Item | E-mail

Yukon Gold Signs 4000 Meter Drill Contract at its Marg Deposit - More
- February 25, 2008 | Item | E-mail

Skyharbour Resources' Drilling Program Begins on South Bay Cu-Zn-Ag Project, Red Lake, NW Ontario - More
- February 25, 2008 | Item | E-mail

Luna Gold awarded major landholding in the Aurizona Gold Belt, Brazil - More
- February 25, 2008 | Item | E-mail

Environmental Review Board Recommends In Favor Of Tamerlane's Pine Point Project - More
- February 25, 2008 | Item | E-mail

Inspiration Intersects 0.742% Ni Over 11.45m or 37.57Ft Containing 1.527%Ni Over 3.90m or 12.80Ft and 0.556% Ni Over 28.02m or 91.93 Ft - More
- February 25, 2008 | Item | E-mail

Waseco Confirms AREVA Participation - More
- February 25, 2008 | Item | E-mail

SLAM Exploration announces gold values up to 2 oz per ton at Fort Hope Gold Mine - More
- February 25, 2008 | Item | E-mail

First Metals Invites Shareholders to the Fabie Bay Mine Opening - More
- February 25, 2008 | Item | E-mail

African Gold Group Retains AGORACOM to Provide Google Search Engine IR Program and Social Network for Shareholders - More
- February 25, 2008 | Item | E-mail

Eastern Goldfields, Inc. Announces Acceptance of Its Offer to Acquire the Entire Issued Capital of Barbrook Mines Limited - More
- February 25, 2008 | Item | E-mail

Extract Resources Ltd Announces Update on Rossing South Uranium Exploration - More
- February 25, 2008 | Item | E-mail

Arianne Appoints Alain Vachon to the Board of Directors - More
- February 25, 2008 | Item | E-mail

Completion of Sale of President Steyn Gold Mine - More
- February 25, 2008 | Item | E-mail

Adex Mining Confirms Delivery of First of Two Drill Rigs and Updates 2008 Development Activities at Mount Pleasant - More
- February 25, 2008 | Item | E-mail

Kobex Resources Ltd.: Metallurgical Test Results Confirm Molybdenum Grade and Recovery Projections; Non Acid Generating Tailing Produced - More
- February 25, 2008 | Item | E-mail

Caledonia Mining Corporation Accepts Offer of R70 Million for Barbrook Gold Mine - More
- February 25, 2008 | Item | E-mail

New Guinea Gold Announces Exercise of February 2008 Warrants - More
- February 25, 2008 | Item | E-mail

Victory Nickel Provides Update on Minago Nickel Project - More
- February 25, 2008 | Item | E-mail

Alpha Gold Intersects New Skarn Zone at Lustdust - More
- February 25, 2008 | Item | E-mail

Bruce Power Ontario Bruce 5 reactor shut - More
- February 25, 2008 | Item | E-mail

Frontera Copper Provides Update on Operations - More
- February 25, 2008 | Item | E-mail

Skyharbour Resources' Drilling Program Begins on South Bay Cu-Zn-Ag Project, Red Lake, NW Ontario - More
- February 25, 2008 | Item | E-mail

Creston hires Manager of Engineering Studies - More
- February 25, 2008 | Item | E-mail

Silver Wheaton profit inches up, sales to jump - "Fourth-quarter profit at Silver Wheaton Corp (SLW.TO: Quote, Profile, Research) edged higher, and the Canadian company said a couple of silver-purchase contracts signed last year should nearly double sales by 2010." More
- February 25, 2008 | Item | E-mail

General Metals Drilling Intersects 205 Feet of Near Surface Oxide Mineralization in Hole GM-17, 150 Feet in Hole GM-19, 125 Feet in Hole GM-22 - More
- February 25, 2008 | Item | E-mail

Marathon PGM-Cu Project Receives Positive Metallurgical Testing Results - More
- February 25, 2008 | Item | E-mail

ANDINA Minerals Inc.: Dorado West Zone Drilling Returns 836 Metres Grading 0.64 g/t Gold - More
- February 25, 2008 | Item | E-mail

FNX Expands 2450 Level High-Grade Resource and Announces Additional High-Grade Drill Results in the Podolsky 2000 Deposit - More
- February 25, 2008 | Item | E-mail

Sherwood Reports 2007 Production Results & 2008 Production Estimate for Minto Mine - More
- February 25, 2008 | Item | E-mail

Colorado Goldfields Inc. Announces Assay Results From 2007 Program - More
- February 25, 2008 | Item | E-mail

Assay Results from Underground Exploration Program at Workman's Bench Reveal Gold Grades as High as 1.04 toz/ton, and Antimony Grades up to 64.34% - More
- February 25, 2008 | Item | E-mail

Moto Gold Project-Completion of Underground Concept Study - More
- February 25, 2008 | Item | E-mail

Cambridge Mineral Resources plc: Update on Progress on Quintana and El Cinco Gold Mine Projects - More
- February 25, 2008 | Item | E-mail

African Copper Plc: The Revised Mowana Mine Production Schedule Provides for Outstanding Growth in the First Five Years - More
- February 25, 2008 | Item | E-mail

Nass Valley announces drilling results - More
- February 25, 2008 | Item | E-mail

Norsemont Mining Closes C$10 Million Private Placement - More
- February 25, 2008 | Item | E-mail

Rocher Deboule Minerals Corp.: Arizona Manganese Update at Artillery Peak, AZ and Permit Applications for IOCG Target, British Columbia - More
- February 25, 2008 | Item | E-mail

Pacific North West Capital Corp. - Stock Options Granted - More
- February 25, 2008 | Item | E-mail

StrataGold announces grant of stock options - More
- February 25, 2008 | Item | E-mail

Stratagold promotes VP, Corporate Development - More
- February 25, 2008 | Item | E-mail

Fronteer's Aurora Exceeds Annual Resource Target, Adds Four Projects - More
- February 25, 2008 | Item | E-mail

Denison's Midwest mine capital spending C$435 mln - More
- February 25, 2008 | Item | E-mail

Waseco Confirms AREVA Participation - More
- February 25, 2008 | Item | E-mail

Frontier Pacific & Solex Joint Venture Reports Drill Results from the Calvario II Prospect, Macusani Uranium Project, Peru - More
- February 25, 2008 | Item | E-mail

Mega Uranium Provides Results of Drilling at Mustang Lake and Bruce River Properties and Announces Plans for 3,500 Metre Winter Drill Program at Mustang Lake - More
- February 25, 2008 | Item | E-mail

Aurora Exceeds Annual Resource Target and Adds Four New Deposits to Project Pipeline - More
- February 25, 2008 | Item | E-mail

Liberty Star Prioritizes 45 Pipes for Sequential Drilling - More
- February 25, 2008 | Item | E-mail

Laramide Announces Gulf Mines Northern Territory Joint Venture Drilling Results - More
- February 25, 2008 | Item | E-mail

Denison Provides Update on Midwest Uranium Project - More
- February 25, 2008 | Item | E-mail

Vena and Cameco Announce Uranium Drill Results in Macusani, Peru - More
- February 25, 2008 | Item | E-mail

NovaGold Provides Update on its Portfolio of Projects - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today provided an update on its portfolio of projects. NovaGold's year-end financials and Annual Information Form will be released on February 28." More
- February 25, 2008 | Item | E-mail

Newmont Receives Divestiture Deadline Extension From Indonesian Government - "Newmont Mining Corporation (NYSE: NEM - News) today announced that it had requested and received an extension of the Government-imposed deadline to complete agreements in principle to divest 10% of PT Newmont Nusa Tenggara (PTNNT), owner of the Batu Hijau mine in Indonesia. The government extended the deadline until March 3, 2008. If an agreement to sell shares in PTNNT to the local governments cannot be reached by this date, or a further extension of the deadline is not granted, PTNNT may be forced to protect its interests by resorting to conciliation or arbitration." More
- February 25, 2008 | Item | E-mail

Great Basin Gold on Track to Mine 80,000 Au Equivalent Ounces in 2008 - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBG) ("Great Basin Gold" or the "Company") today announced that the Hollister mine development project is on track to mine 80,000 gold equivalent ounces (73,800 ounces of gold and 361,000 ounces of silver) under the terms of the existing state and federal permits and recover 66,400 oz of gold and 289,000 oz of silver at a cash cost of approximately US$400/oz for 2008." More
- February 25, 2008 | Item | E-mail

Aquiline Announces Calcatreu Drill Results Up to Cut-Off for Pending Resource Estimate - "Aquiline Resources Inc. ("Aquiline" or the "Company") (Toronto:AQI.TO - News) is pleased to report additional drill results from 106 drill holes completed during the 2007 exploration program at the Calcatreu Gold Project in Rio Negro Province, Argentina. A total of 612 holes in 68,582 metres of diamond and RC drilling were drilled since 2003, 555 of which (61,303 metres) were drilled by Aquiline since the project was acquired from Newmont Mining Corporation in 2003." More
- February 25, 2008 | Item | E-mail

Bear Creek's Santa Ana drilling expands silver mineralization beyond current resource; Positive metallurgical results - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results of 13 additional diamond drill holes (2,398 meters), eight of which occur outside of the current resource boundaries (see press release dated 24 January 2008). Drilling at Santa Ana now totals 24,224 meters in 133 drill holes. Santa Ana is located 200 kilometers south of the Company's world-class Corani silver-base metal deposit in southeastern Peru." More
- February 25, 2008 | Item | E-mail

Northern Dynasty Minerals Ltd.: Updated Resource Estimate Confirms Pebble East as One of the World's Most Important Copper-Gold-Molybdenum Deposits - "Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. ("Northern Dynasty" or the "Company") (Toronto:NDM.TO - News)(AMEX:NAK - News) is pleased to announce an updated estimate of mineral resources at the Pebble East copper-gold-molybdenum deposit, following the completion of 157,000 feet of drilling in 36 holes during 2007." More
- February 25, 2008 | Item | E-mail

Apogee Accelerates Delineation Drill Program at the Pulacayo Silver Deposit-Increasing to One Underground and Three Surface Drills - "Highlights of recent drilling include drill hole PUD-045 which intersected 61 meters grading 262.5 g/t silver, 0.79 % lead, and 2.93 % zinc including 31.0 meters grading 472.8 g/t silver, 0.90 % lead and 4.19 % zinc and hole PUD-051 which intersected 35.0 meters grading 321.11 g/t Silver, 1.04 % Lead and 3.11 % Zinc within a thick mineralized intersection of 96.0 meters grading 142.82 g/t Silver, 0.79 % Lead and 2.29 % Zinc." More
- February 25, 2008 | Item | E-mail

Anatolia Provides Copler Gold Project Update - "Anatolia Minerals Development Limited ("Anatolia") (TSX:ANO - News) today announced an update for the oxide development phase of its 100%-owned Copler Gold Project, located in east-central Turkey. This initial phase of development anticipates mining the open-pittable oxide portion of the deposit over a 10-year period, producing 1.8 million ounces gold and 2.2 million ounces silver." More
- February 25, 2008 | Item | E-mail

Apex Silver Provides Operations Update - "Apex Silver Mines Limited (AMEX:SIL - News) today provided an update regarding the San Cristobal mine, exploration activities and organizational changes. The company expects to release its 2007 earnings and file its report on Form 10-K for the year ended December 31, 2007 on February 29, 2008." More
- February 25, 2008 | Item | E-mail

Silver Wheaton Reports Record Annual Earnings and Operating Cash Flows - "Silver Wheaton Corp. (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce record annual 2007 net earnings of US$92 million (US$0.41 per share) and record operating cash flows of US$119 million (US$0.54 per share). Fourth quarter net earnings and operating cash flows were US$25 million (US$0.11 per share) and US$34 million (US$0.15 per share), respectively." More
- February 25, 2008 | Item | E-mail

Electricity Crisis Puts 6,900 Gold Fields Jobs at Risk and Further Effect on Production - "Gold Fields will host a teleconference on Monday, February 25, at 16:30 Johannesburg time, to discuss the impact of the power rationing on its South African Operations. The details of the teleconference appears at the bottom of this press release." More
- February 25, 2008 | Item | E-mail

SAfrica power crisis hits mine output, jobs - "A power crisis in South Africa has forced miners to partially close mines, curbed output and put jobs at risk, triggering threats of street protests by unions in the world's top precious metals producer.

South Africa's key mining industry, a big foreign exchange earner and job creator, ground to a halt for five days last month as an electricity shortage became a national emergency." More
- February 25, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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