-- Posted 27 February, 2008 | | Source: SilverSeek.com

The Metals:

Gold rose to as high as $963.10 by late trade in Asia before it fell to see only about a 0.5% gain at $951.95 by late morning in New York, but it the rallied back higher for most of the rest of trade and ended with a gain of 1.3% at a new record high.  Silver rose to a new 27 year intraday high of $19.465 in London before it dropped to $18.90 by late morning in New York, but it also rallied back higher in the last couple of hours of trade and ended with a gain of 2.6% at a new 27 year closing high.

Euro gold rose to €634, platinum lost $1 to $2129, and copper rose nearly 6 cents to about $3.84.

Gold and silver equities (the XAU and HUI) rose over 3% to new record intraday highs before they fell back off a bit in the last few hours of trade along with the major indices, but they still ended with over 2% gains at new record closing highs.  The GDM closed less 1% away from a new high.

The Economy:

Bernanke stated in his testimony before congress today that the economic situation has become distinctly less favorable and that was interpreted by many to mean that the fed will almost certainly be cutting rates by another 50 basis points at their next meeting on March 18^th.

The Markets:

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

After hitting a new record high of $102.08 overnight, oil fell back below $100 in New York after inventory reports came in better than expected.  Crude inventories built 3.2 million barrels, gasoline inventories built 2.7 million barrels, and distillates fell 2.5 million barrels.  Refinery runs also rose a better than expected 1.2% to 84.7%.

The U.S. dollar index fell markedly to another new record low as more poor economic data and dovish Bernanke testimony indicated that the fed will continue to cut interest rates.

Treasuries fell midday despite another round of worse than expected economic data as the Dow, Nasdaq, and S&P rose after OFHEO raised mortgage portfolio limits for Fannie and Freddie to ease liquidity concerns and Bernanke reassured Wall Street that the fed will remain vigilant about a weakened economy, but that was not enough to overcome stagflationary worries by the end of the day as bonds ended slightly higher and equities ended mixed and near unchanged.

Among the big names making news in the market today were Fannie Mae and Freddie Mac, Harrah’s, Microsoft, Toll Brothers, and Moody’s, S&P, and MBIA.

The Commentary:

“April Gold finished up 12.1 at 961, 3 off the high and 7 up from the low.

March Silver closed up 0.49 at 19.21. This was 0.31 up from the low and 0.13 off the high.

The gold market started out on a positive note Wednesday morning, sagged into the first set of US economic data and then recovered sharply just ahead of mid session. It is possible that news of changes to Fannie Mae and Freddie Mac temporarily deflated financial concerns and that was probably responsible for the early morning correction in gold. In the end, the gold market was able to discount the threat of too much slowing from the numbers and instead managed to benefit from ongoing noted weakness in the US Dollar. Apparently some players also saw the US Federal Reserve Chairman testimony as a development that facilitated flight to quality or safe haven buying of gold. However, the gold bulls were able to discount a setback in energy and equity prices and that would seem to suggest that the bull camp in gold was embracing a number of themes. It probably goes without saying that fund buying interest contributed to the gains in gold on Wednesday, especially since the US Dollar at times appeared to be in a virtual freefall.

Like the gold market, the silver market started out firm Wednesday, saw a minor correction in the wake of scheduled US data but then managed to regain its footing and climb back above the $19.00 level prior to mid session. However, even more impressive is the fact that March silver remained firm into the afternoon trade despite an early afternoon correction in oil and equity prices. Surprisingly weakness in platinum prices throughout the trading session Wednesday didn't seem to discourage the buyers of silver.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Fed chairman signals another interest rate cute

Greenspan tells Gulf oil producers to dump the dollar

Please don't expect sustained inflation, Bank of England deputy wimpers

Ted Butler: The real deal

Fed's vice chairman expects recession to quell inflation

The Statistics:

As of close of business: 2/26/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.05 tonnes.

COMEX Gold Trust (IAU)

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

Silver Trust (SLV)

Note: Change in Total Tonnes from yesterday’s data: 123.3 tonnes were added to the trust.

The Stocks:

AngloGold’s (AU) hedge book, Goldcorp’s (GG) and Barrick’s (ABX) Pueblo Viejo Project, Buenaventura’s (BVN) labor strike, Newmont’s (NEM) near agreement with Indonesia, Silver Standard’s (SSRI) closed note sale, Minefinders’ (MFN) drill results, Metalline’s (MMG) silver assays, and Orko Silver’s (OK.V) assay results 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:

Polar Star Options Yoanca Property in Chile - More
- February 27, 2008 | Item | E-mail

StrataGold announces drill contract for Dublin Gulch, Yukon - More
- February 27, 2008 | Item | E-mail

Spruce Ridge Intersects 1.3 metres of 8.07 g/t Au at Nora Lake - More
- February 27, 2008 | Item | E-mail

UC Resources McFaulds Lake Update - More
- February 27, 2008 | Item | E-mail

Fission Energy Announces Encouraging 2007 Waterbury Lake Drill Results-0.10% U3O8 Intersected Over 3.6m Including 0.30% U3O8 Over 1.1 Meters - More
- February 27, 2008 | Item | E-mail

Amarc Appoints Vice President Corporate Development - More
- February 27, 2008 | Item | E-mail

Moydow Announces Update on Activities - More
- February 27, 2008 | Item | E-mail

MDN Purchases Two Properties in the Chibougamau Area From DIAGNOS - More
- February 27, 2008 | Item | E-mail

Los Andes Copper Intersects 0.41% Cu Over 432 Metres - More
- February 27, 2008 | Item | E-mail

DIAGNOS Announces the Sale of Two Base Metals Properties in Chibougamau to MDN Inc. - More
- February 27, 2008 | Item | E-mail

Puma Exploration : 1 Million Ounces of Silver in the Hache Lens (NI 43-101 Compliant) - More
- February 27, 2008 | Item | E-mail

Blue Sky and Eagle Plains to Drill Saskatchewan Uranium Projects - More
- February 27, 2008 | Item | E-mail

Eagle Plains / Blue Sky to Drill Saskatchewan Uranium Projects - More
- February 27, 2008 | Item | E-mail

Coronation Responds re Special Meeting Matters - More
- February 27, 2008 | Item | E-mail

Goldeye Exploration & Tribute Minerals Initiate an Airborne Geophysical Survey in the James Bay Lowlands 'Ring of Fire' - More
- February 27, 2008 | Item | E-mail

Bolero Resources Corp. announces changes to Board of Directors and corporate update on Silver Creek and Bald Butte - More
- February 27, 2008 | Item | E-mail

Gravity West Received 2007 Soil Sample Results for the Gin Property in Northern BC - More
- February 27, 2008 | Item | E-mail

Rockcliff Resources Inc.: Drilling Continues to Hit VMS Mineralization at the Rail Property - More
- February 27, 2008 | Item | E-mail

Gold World Resources Files Technical Report 43-101 On The Yangjiagou ("Ming") Gold/Silver Project, China - More
- February 27, 2008 | Item | E-mail

Kinbauri Identifies New Gold-Copper Zone at El Valle, Intersects 12.9 g Au/t and 0.54% Cu over 4.3m - More
- February 27, 2008 | Item | E-mail

Pacific North West Capital Corp. & SOQUEM Agree to Phase III PGM Budget - More
- February 27, 2008 | Item | E-mail

Reunion Gold Corporation Announces its Financial Results for the 3rd Quarter Ended December 31, 2007 and Appointment of Investor Relations Manager - More
- February 27, 2008 | Item | E-mail

Vena Submits Initial NI 43-101 Report on Azulcocha Zinc Project - More
- February 27, 2008 | Item | E-mail

Explorator Announces Initial 43-101 Mineral Resource Estimate - More
- February 27, 2008 | Item | E-mail

Freegold Commences 40,000 foot Phase 2 Expansion Drill Program at Golden Summit - More
- February 27, 2008 | Item | E-mail

Amerigo Declares Semi-Annual Dividend - More
- February 27, 2008 | Item | E-mail

Uranium 308 Corp.: Complete Multi-Element & Uranium Assay Results of Janchivlan Diamond Drill Core Samples Received From SGS Group Lab - More
- February 27, 2008 | Item | E-mail

Terra Ventures Inc./Hathor Exploration Limited: Midwest Northeast Project Update - More
- February 27, 2008 | Item | E-mail

Romarco Intercepts 23 Meter Zone of 5.4 g/t at Haile - More
- February 27, 2008 | Item | E-mail

Amerigo Resources Ltd.: Cash Flow From Operating Activities of US$31M Compared to US$27M in 2006 - More
- February 27, 2008 | Item | E-mail

Colossus Minerals Inc. Makes Management Appointments - More
- February 27, 2008 | Item | E-mail

Midland Exploration Signs Final Agreement With Agnico-Eagle for its James Bay Gold Properties - More
- February 27, 2008 | Item | E-mail

Chariot Announces Drill Intercepts as High as 9.07% Cu Over 4 Metres From HG Sulphide Zone - More
- February 27, 2008 | Item | E-mail

Mengold Expands Ground Position Around its Burchell Lake Property - More
- February 27, 2008 | Item | E-mail

Skygold Ventures Ltd.: Spanish Mountain Drilling Results Continue to Confirm Continuity of Main Zone Gold Mineralization - More
- February 27, 2008 | Item | E-mail

Stratabound Updates Elmtree and Captain Projects - More
- February 27, 2008 | Item | E-mail

Powertech Completes 10 Hole Coring Program at Dewey-Burdock Project - More
- February 27, 2008 | Item | E-mail

Canadian Shield Intersects a Total of 70.5 Metres Grading 71.8 g/t Silver and 0.842 g/t Gold at La Estrella - More
- February 27, 2008 | Item | E-mail

Adventure Gold Plans 3,000 Meter Drill Program in the Val D'or Region of Quebec - More
- February 27, 2008 | Item | E-mail

Avalon to Begin Trading on the Toronto Stock Exchange - More
- February 27, 2008 | Item | E-mail

General Metals Management Gets Board Approval for Acquisition of Near Term Production Properties Under Review to Expand Company's Mining Portfolio - More
- February 27, 2008 | Item | E-mail

Silver Standard Closes Sale of US$138 Million of Convertible Notes - "The over-allotment option granted to the initial purchasers was exercised in full and net proceeds realized from the offering were approximately US$134 million, after underwriting commissions and issue expenses. As previously announced, Silver Standard expects to use a part of the net proceeds of the offering to finance a portion of the development costs of its Pirquitas Project and to use the balance of the net proceeds for the exploration of its other properties, for working capital and for general corporate purposes." More
- February 27, 2008 | Item | E-mail

AngloGold Still Wild Card to Gold Dehedging in 2008 - "Statistics released on Tuesday show gold hedging declined by 2.3 million ounces in the fourth quarter of 2007 - the 23rd consecutive decline. With gold prices rallying to record highs, this comes as little surprise. The real surprise will come if and when AngloGold Ashanti closes out its massive gold hedge book early." More
- February 27, 2008 | Item | E-mail

Goldcorp Reports Progress at Pueblo Viejo Project - "Goldcorp is pleased to announce that Barrick Gold Corporation today submitted a feasibility study and Project Notice to the Government of the Dominican Republic to proceed with the Pueblo Viejo project." More
- February 27, 2008 | Item | E-mail

Barrick Gold Corporation: Pueblo Viejo Project Moves Forward-Represents Largest Foreign Investment in the Dominican Republic - "Pueblo Viejo Dominicana Corporation (PVDC), a company jointly owned by Barrick Gold Corporation (60%) and Goldcorp Inc. (40%), announced today that it has submitted a feasibility study and the project notice to the Government of the Dominican Republic in order to proceed with the Pueblo Viejo project. Pueblo Viejo is a $2.7 billion gold mining project located about 100 kilometers northwest of Santo Domingo in the Sanchez Ramirez province and would represent the largest foreign investment in the country. Currently, there are several hundred Dominicans working at the project site who have already contributed to the success of the project." More
- February 27, 2008 | Item | E-mail

Timberline Signs Definitive Purchase Agreement to Acquire Small Mine Development, LLC - More
- February 27, 2008 | Item | E-mail

Timberline Signs Definitive Purchase Agreement to Acquire Small Mine Development, LLC - More
- February 27, 2008 | Item | E-mail

Goldeye Explorations & Tribute Minerals Initiate an Airborne Geophysical Survey in the James Bay Lowlands 'Ring of Fire' - More
- February 27, 2008 | Item | E-mail

Gold Crest Mines, Inc. Reports on NSR Option Acquisition - More
- February 27, 2008 | Item | E-mail

Marathon Enters into Option and JV Agreement with North Range Resources on Tim's Brook Property, NL - More
- February 27, 2008 | Item | E-mail

Tombstone Exploration Continues to Develop and Expand Mining Area - More
- February 27, 2008 | Item | E-mail

Carpathian Gold Inc.: Update on Romanian Exploration and Infill Drilling on the Rovina Property - More
- February 27, 2008 | Item | E-mail

Aurelio Completes $1.5 Million Private Placement Financing With Institutional Investors - More
- February 27, 2008 | Item | E-mail

Corex Announces Melchor Ocampo Exploration Update - More
- February 27, 2008 | Item | E-mail

Amera Options Three Gold Projects in Peru - More
- February 27, 2008 | Item | E-mail

Medoro Resources Announces Private Placement - More
- February 27, 2008 | Item | E-mail

Minefinders Corporation Ltd.: High-Grade Satellite Deposit Delineated at the Dolores Mine - "Minefinders Corporation Ltd. (the "Company")(Toronto:MFL.TO - News)(AMEX:MFN - News) is pleased to report results from recent drilling of the Dolores East Dike satellite target, located approximately 200 meters from the eastern edge of the Dolores open pit mine." More
- February 27, 2008 | Item | E-mail

Alberta Star Intersects 9.37 Meters of 0.573% Copper, 0.043% Uranium (U3O8) Including 1.06 Meters of 0.142% Uranium (U3O8) Mineralization - More
- February 27, 2008 | Item | E-mail

Majescor and Azimut Outline 392 High-Priority Uranium Targets at South Rae, Nunavik, Quebec-Stake Additional 22,000 Hectares - More
- February 27, 2008 | Item | E-mail

Western Uranium Corporation Announces Completion of a Compliant NI-43-101 Resource Estimation on the Kings Valley Uranium Project - More
- February 27, 2008 | Item | E-mail

Azimut and Majescor outline 392 priority uranium targets on the South Rae property, Nunavik, Quebec - More
- February 27, 2008 | Item | E-mail

Energy Fuels Closer to Full Production at the Whirlwind Mine - More
- February 27, 2008 | Item | E-mail

CanAlaska commences drilling at Cree East and Lake Athabasca uranium projects - More
- February 27, 2008 | Item | E-mail

Metalline Mining Company Announces Silver Assays - "Diamond drill hole D1061212, in the Plaza Rica area of the San Salvador mine, assayed an average of 129 grams silver per tonne and 3.8% zinc over an interval of 54 meters from 15 to 69 meters depth in the hole. Additional drill results from this area, the Plaza Rica, were announced in press releases dated May 11 and 24, 2006 and from drilling west of the San Salvador shaft in a release dated November 21, 2007." More
- February 27, 2008 | Item | E-mail

Peru miner Buenaventura says hit by labor strike - "Peruvian precious metals producer Buenaventura (BUEv.LM: Quote, Profile, Research)(BVN.N: Quote, Profile, Research) said Wednesday a labor strike hit its Uchucchacua mine, and a union official said workers at three other mines had joined the walkout.

"It's stopped," Carlos Galvez, Buenaventura's finance chief, said of Uchucchacua. He said it was too early to know if three other mines were hit by the strike." More
- February 27, 2008 | Item | E-mail

Orko Silver Hits Massive Intercept on Martha Vein - "A deepening of hole BP06-75 was performed in late 2007, from 250 metres to a new depth of 521 metres, and the extended hole name was changed to BP06-75ext. The Martha Vein was intersected at a depth of 351.22 to 393.42 metres for a true width of 39.66 metres grading gold 0.370 g/t and silver 235.2 g/t, for a silver-equivalent of 257.5 g/t." More
- February 27, 2008 | Item | E-mail

Newmont says close to agreeing unit divestment - "Giant U.S. mining group Newmont Mining Corp (NEM.N: Quote, Profile, Research) said on Wednesday that it is "very close" to an agreement on divesting shares in its Indonesian unit.

The Indonesian government had extended the deadline for Newmont to divest a 10 percent stake in its local arm, PT Newmont Nusa Tenggara, to March 3." More
- February 27, 2008 | Item | E-mail

Barrick sends Pueblo Viejo study to Dominican govt - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research) said on Wednesday it has submitted an updated feasibility study on its jointly-owned Pueblo Viejo project to the government of the Dominican Republic, confirming that it and partner Goldcorp (G.TO: Quote, Profile, Research) will spend about $2.7 billion to build the mine." More
- February 27, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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