-- Posted 28 February, 2008 | | Source: SilverSeek.com

The Metals:

Gold fell over $5 to as low as $952.97 by late trade in Asia, but it then rallied higher for most of the rest of trade in London and New York and set a new record intraday high of $967.10 before it came back off just slightly in the last couple hours of trade and ended with a gain of 0.70%.  Silver dropped to $19.03 before it rose to a new 27 year intraday high of $19.833 by early afternoon in New York and closed with a gain of 2.3%.

Euro gold fell back near €633 on continued remarkable euro strength, platinum gained $3.50 to $2132.50, and copper gained a few cents to about $3.87.

Gold and silver equities rose about 2% to new record intraday highs by midmorning before they fell back off a bit as the major indices fell over 1% by early afternoon, but the XAU, HUI, and GDM then rallied to new highs in the last couple hours of trade as gold and silver added on to their COMEX gains in after hours access trade and all three indices ended at new record highs.

At the time of writing (4PM EST) gold has risen to as high as $972.50 and silver has climbed back above $19.80 in after hours access trade.

The Economy:

Bernanke spoke before the senate banking committee today and commented that he thought there may be some bank failures coming.  He dismissed the idea that we are in a 70’s style stagflation and expected inflation to moderate and economic growth to return.

Tomorrow at 8:30AM EST brings Personal Income and Spending for January both expected at 0.2%, Core PCE Inflation expected at 0.3%, and Core PCE Prices expected at 0.2%.  At 9:45 is Chicago PMI for February expected at 49.5 and at 10AM is Michigan Sentiment for February expected at 70.0.

The Markets:

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

Oil rose about 3% to a new record high, heating oil rose to a new record high over $2.85, and natural gas rose over 4% to above $9.47 as natural gas stocks fell 151 billion cubic feet.  Continued cold weather in the US, a fire at a gas terminal in the UK, and a new attack in Nigeria that shut down production also added to the bullish energy case.

The U.S. dollar index fell to a new record low for the third straight session after more poor economic data and more dour testimony from Bernanke.

Treasuries rose as the Dow, Nasdaq, and S&P fell on more weak economic data, another new record low dollar, more new record highs for oil and gold, and Bernanke’s warning over possible bank failures.

Among the big names making news in the market today were Sprint, Freddie Mac, Sears, Thornburg, and Cablevision.

The Commentary:

“April Gold finished up 6.5 at 967.5, 2 off the high and 7.5 up from the low.

March Silver closed up 0.42 at 19.63. This was 0.37 up from the low and 0.15 off the high.

The gold market was modestly lifted Thursday by concerning dialogue from the US Federal Reserve Chairman. Surprisingly the gold market wasn't undermined by renewed talk of the IMF gold sales debate or as a result of softer than expected US economic data. With the IMF hinting at a spreading out of the recently discussed gold sale on Thursday, the gold market was clearly relieved that there would not be a surge in physical supply coming to the market. However, the gold market did seem to garner some support from the idea that the US Fed was probably poised for another interest rate cut. However, with another new all time high forged in the energy complex on Thursday afternoon and the Fed suggesting that the current inflation threat is more concerning than the price pressures facing the US economy in 2001, it is clear that inflation and flight to quality buying interest is surfacing from a number of angles. With the US Dollar also extending its initial downside slide in the afternoon trade on Thursday, it would seem like the markets are capable of pushing the Dollar lower without the benefit of scheduled data.

The silver market easily managed another new high for the move on Thursday and managed the gains off a series of outside market developments. In fact, the weak Dollar and surging gold prices seemed to be the primary forces driving silver up early in the session, but with energy prices gathering some upside momentum in the afternoon trade and the US equity market coming under more intense selling pressure, it is possible that safe haven or flight to quality speculation fueled some of the gains. One might even suggest that late strength in corn and soybean prices added into the bull's case in silver on Thursday.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

G7's readiness to 'stabilize' markets reiterated by Japanese official

Another public pension fund official recommends gold

Calpers approves big increase in commodity investments

Even Rhona O'Connell thinks IMF gold sales will mean little

Ron Paul shares the political wealth with like-minded candidates

Industrial, political pressure rises on ECB to weaken euro

Russia quietly starts to shift its oil trade into rubles

Asian central banks intervene to slow dollar's fall

The Statistics:

As of close of business: 2/27/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

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: 92.47 tonnes were added to the trust.

The Stocks:

Buenaventura’s (BVN) output loss due to a strike, Aurizon’s (AZK) drill results, IAMGOLD’s (IAG) project sale, Claude’s (CGR) exploration results, Rainy River’s (RR.V) initial resource estimate, Canyon’s (CAU) drill results, Crystallex’s (KRY) project update, Keegan’s (KGN) augur sample, Golden Star’s (GSS) updated reserves and resources and fourth quarter results, NovaGold’s (NG) delay in results, Coeur’s (CDE) exploration results, and Scorpio’s (SPM.TO) drill 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:

Blue Note Mining responds to charge of environmental breach - More
- February 28, 2008 | Item | E-mail

High American Gold Inc. Conditionally Settles Debt for Shares and Enters Into a Share Exchange Agreement - More
- February 28, 2008 | Item | E-mail

Wildwood Management Corp. Completes Agreement to Process Tailings on Pelcayo Tailings Properties in Bolivia - More
- February 28, 2008 | Item | E-mail

World Ventures Inc. - Private Placement Financing - More
- February 28, 2008 | Item | E-mail

Aurizon Reports Further Drilling Results at Joanna - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce additional drilling results from the East block of its Joanna project, located 20 kilometres from Rouyn-Noranda, in north-western, Quebec." More
- February 28, 2008 | Item | E-mail

Nuinsco Resources Limited: Development in Ore Begins at Corner Bay Copper Project - More
- February 28, 2008 | Item | E-mail

International Wayside Gold Mines Ltd.-Drill Program Results: Replacement Style Mineralization Intersected - More
- February 28, 2008 | Item | E-mail

IAMGOLD Continues Rationalization of Exploration Portfolio - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce the sale of its 34% interest in the Nyakafuru Project in Tanzania to Resolute Mining Ltd. ("Resolute"). The Nyakafuru Project is located approximately 120 kilometres from Resolute's Golden Pride Mine in Tanzania." More
- February 28, 2008 | Item | E-mail

Molycor Gold Corp.: Private Placement - More
- February 28, 2008 | Item | E-mail

GoldSpring, Inc. Announces Positive 2008 Drill Results - More
- February 28, 2008 | Item | E-mail

Claude Resources Releases Madsen Fork Zone Exploration Results - "Claude Resources today reported on its gold exploration results from the Fork Zone area of the Madsen property located at Red Lake, Ontario. The results augment those released for the Russet South area on February 26 2008." More
- February 28, 2008 | Item | E-mail

Rainy River Announces Initial Resource Estimate for the 17/ODM, 433 and Cap Zones in Richardson Township, Northwestern Ontario - "The estimate was performed by Caracle Creek International Consulting Inc. (CCIC), an independent geological consulting firm based in Sudbury, Ontario. At a 0.5 g/t Au block cut-off, a total of 1,386,000 million ounces of contained gold and 2,896,000 million ounces of contained silver has been defined in the indicated category, in addition to 2,233,000 million ounces of contained gold and 5,109,000 million ounces of contained silver in the inferred category." More
- February 28, 2008 | Item | E-mail

MPH Ventures Corp.: 1st Phase Drilling Completed at High-Grade Pidgeon Molybdenum Deposit in NW Ontario - More
- February 28, 2008 | Item | E-mail

Nomination of Mr. Denis Simoneau as Chairman of First Gold Exploration - More
- February 28, 2008 | Item | E-mail

Sable Resources Ltd. - Milling commenced - More
- February 28, 2008 | Item | E-mail

SEMAFO and GoviEx Close Uranium Transaction - More
- February 28, 2008 | Item | E-mail

Gentor receives assay reports indicating high grade moly, tungsten and silver mineralization at its Idaho moly project - More
- February 28, 2008 | Item | E-mail

Mirasol Reports High Grade Silver-Gold-Lead from the Cerro Plomo Breccia - More
- February 28, 2008 | Item | E-mail

Normabec Intercepts 35.18 g/t Au Over 5.0 Meters on Pitt Gold - More
- February 28, 2008 | Item | E-mail

Radius Provides an Update on Its Nicaragua Exploration Programs - More
- February 28, 2008 | Item | E-mail

Pershimco Hires Scott Wilson for the Courville Project - More
- February 28, 2008 | Item | E-mail

Denison Mines says uranium price near bottom - More
- February 28, 2008 | Item | E-mail

Coro Announces Appointment of Auramet to Assist With Debt Financing of Cerro Negro - More
- February 28, 2008 | Item | E-mail

Alturas Signs Joint Venture With Minera IRL on Chapi-Chapi and Doubles Land Position in Utupara District - More
- February 28, 2008 | Item | E-mail

Queenston Provides Update on Deep Kirkland Lake Drilling - More
- February 28, 2008 | Item | E-mail

Atomic signs final letter of intent to acquire Tanzanian property package - More
- February 28, 2008 | Item | E-mail

Richmond Minerals Inc. - Triple Lakes drilling commenced - More
- February 28, 2008 | Item | E-mail

JNR Provides Further Update on Athabasca Basin Exploration Activities - More
- February 28, 2008 | Item | E-mail

Continuum increases exploration on Oaxaca gold projects - More
- February 28, 2008 | Item | E-mail

Ivorian gold output to rise to 8.5 T in 2008 - "Ivory Coast's gold production will rise to 8.5 tonnes this year from 1.5 tonnes in 2007 as new mines start operations, the Energy and Mines Ministry said on Thursday.

"Annual gold output will rise from 1.5 tonnes to 8.5 tonnes from 2008, with the start of production at the gold mines of Bonikro and Angovia," said a ministry presentation obtained by Reuters on Thursday." More
- February 28, 2008 | Item | E-mail

Verena Announces 66.7% Increase in Indicated Resource Estimate for Volta Grande - More
- February 28, 2008 | Item | E-mail

Strait Gold Starts Geophysical Surveys at San Jorge, Pallcamachay - More
- February 28, 2008 | Item | E-mail

Chapleau Resources Ltd.: Company Closes Recently Announced Private Placement - More
- February 28, 2008 | Item | E-mail

Campbell Resources makes good progress at its Copper Rand Mine and Corner Bay project - More
- February 28, 2008 | Item | E-mail

Melkior Drills Launay Gold and Begins Work on Eldorado Nickel - More
- February 28, 2008 | Item | E-mail

Yale Announces That Geophysics Identifies Possible Extentions to the La Verde Grande Deposit - More
- February 28, 2008 | Item | E-mail

Rocmec Begins a 1000 Metre Drill Campaign in Peru to Complete Final Phase of Due Diligence - More
- February 28, 2008 | Item | E-mail

SAfrica unions to strike if jobs lost in power crisis - "South Africa's main labour federation COSATU threatened on Thursday to strike if any workers in the country lost their jobs due to an electricity crisis that it blamed on government negligence.

Zwelinzima Vavi, the general secretary of COSATU, told a news conference 12,000 mining jobs were on the line while others in the manufacturing sector also were under threat due to company losses linked to cuts by state-owned power utility Eskom [ESCJ.UL]." More
- February 28, 2008 | Item | E-mail

SIRIOS Hits 0.62%U308 in Rock Samples on OPINACA NORD - More
- February 28, 2008 | Item | E-mail

Centrasia Intersects 126.3 Metres of 0.34% Nickel From Surface, Including 6 Metres of 0.72% Nickel - More
- February 28, 2008 | Item | E-mail

Typhoon Moves in Another Drill and Identifies New Targets at Fayolle - More
- February 28, 2008 | Item | E-mail

Vior Acquires Gold and Base Metal Property in the Chibougamau-Chapais Area - More
- February 28, 2008 | Item | E-mail

GLR Resources Inc. completes private placement financing - More
- February 28, 2008 | Item | E-mail

Lundin Mining Releases Preliminary Q4 2007 Results - More
- February 28, 2008 | Item | E-mail

Lithic Finds High Indium Values at the Crypto Zinc Project - More
- February 28, 2008 | Item | E-mail

Tinka Identifies Continuation of Colquipucro Sandstone Host Rock - More
- February 28, 2008 | Item | E-mail

Lund Gold Ltd.: Option Agreement With Noront Resources Ltd. to Aquire 50% of 13 Claim Blocks in "Ring of Fire" - More
- February 28, 2008 | Item | E-mail

ATW Expands Burnakura-80 Meter Step-out From Underground Workings - More
- February 28, 2008 | Item | E-mail

Murgor outlines open pit potential at the Fon deposit Flin Flon belt, Northern Saskatchewan - More
- February 28, 2008 | Item | E-mail

Kenbridge deep drilling returns 7.21% Ni over 5.5 metres - More
- February 28, 2008 | Item | E-mail

Happy Creek appoints Brian Welwood as Director and Chief Financial Officer - More
- February 28, 2008 | Item | E-mail

Acrex options Honeymoon Area Mineral Claims near Kamloops, British Columbia - More
- February 28, 2008 | Item | E-mail

International PBX Ventures Ltd. To Drill Tabaco Copper Porphyry 3D IP Anomaly - More
- February 28, 2008 | Item | E-mail

Gowest Reports Surface Sampling Results From Molybdenite Lake - More
- February 28, 2008 | Item | E-mail

Golden Chalice Resources Inc. Building on Nickel Discovery - More
- February 28, 2008 | Item | E-mail

Creston Appoints Chief Operating Officer - More
- February 28, 2008 | Item | E-mail

Drill Program Underway at Gossan's Bird River Property - More
- February 28, 2008 | Item | E-mail

Luna Gold intercepts 40.00 m of 2.32 g/t Au and 9.00 m of 4.11 g/t Au at the Aurizona Gold Project, Brazil - More
- February 28, 2008 | Item | E-mail

Colombia Goldfields Ltd. Reports on Marmato Diamond Drilling - More
- February 28, 2008 | Item | E-mail

Capstone Mining December 31, 2007 Four Month Stub Period Results - More
- February 28, 2008 | Item | E-mail

Peregrine Discovers Strong Platinum and Base Metal Anomalies on Chidliak, Baffin Island - More
- February 28, 2008 | Item | E-mail

Virgin Metals Releases Updated Los Verdes Resource Estimate - More
- February 28, 2008 | Item | E-mail

Adex Mining Commences Drilling at Mount Pleasant - More
- February 28, 2008 | Item | E-mail

Eagle Hill Exploration Corporation: MAC Project Mineralized Area Greater Than Previously Indicated - More
- February 28, 2008 | Item | E-mail

Castillian Intersects 14.40 Meters Grading 1.05% Nickel and 0.33% Copper, Provides Remaining Drill Results for 2007 Delineation Drilling - More
- February 28, 2008 | Item | E-mail

Mega Silver Grants Incentive Options - More
- February 28, 2008 | Item | E-mail

Tournigan Confirms High-Grade Gold Veins at Curraghinalt With Additional Deep Drill Hole - More
- February 28, 2008 | Item | E-mail

Joint Venture in Turkey with Ariana Resources - More
- February 28, 2008 | Item | E-mail

U.S. Precious Metals Announces Surface Sample Assay - More
- February 28, 2008 | Item | E-mail

Euromax completes second hole at Ilovitza porphyry intersecting 514 metre quartz-sulphide stockwork - More
- February 28, 2008 | Item | E-mail

Silverado Launches Chinese Website to Attract Asian Stock Market Investors - More
- February 28, 2008 | Item | E-mail

Golden Phoenix to Make Presentations During Mine Conferences in Toronto and Chicago - More
- February 28, 2008 | Item | E-mail

Hawthorne Gold Corp. and Eureka Resources Inc.: Frasergold Underground Bulk Sampling Yields Positive Results - More
- February 28, 2008 | Item | E-mail

Magnus International Resources Completes the First 2,037m Phase of Drilling at the Lugazi Project in Uganda - More
- February 28, 2008 | Item | E-mail

Bolivia's silver mountain regains lost luster - "Vast silver deposits buried in the mountains around this Bolivian city transformed it into one of the world's richest and the epicenter of global mining four centuries ago.

Now, Bolivians are hoping that Potosi, devastated by a collapse of tin prices in the 1980s, will regain some of its lost luster." More
- February 28, 2008 | Item | E-mail

UCR receives assay results grading up to 1.693% U(3)O(8) - More
- February 28, 2008 | Item | E-mail

Uranerz Files NI 43-101 Technical Report on Potential Uranium Exploration Target for Arkose Property - More
- February 28, 2008 | Item | E-mail

Additional wide mineralized zones of uranium drilled in Quebec - including 156 meters of 0.015% U(3)O(8) - More
- February 28, 2008 | Item | E-mail

Fission Energy Corp. Appoints Jody Dahrouge President & Chief Operating Officer - More
- February 28, 2008 | Item | E-mail

Preliminary Significant Results on Opinaca North: Dios Hits 0.62%U308 in the Exposed Rocks - More
- February 28, 2008 | Item | E-mail

CanAlaska Uranium Announces Extensive Uranium Mineralization at NE Wollaston Project - More
- February 28, 2008 | Item | E-mail

Canyon Reports Positive Cecil R Drilling - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company ("Canyon"), is pleased to announce the results of a 15-hole 4,800 foot reverse circulation drilling campaign completed in January at its Cecil R property located five miles north of its Briggs Mine in Inyo County, California." More
- February 28, 2008 | Item | E-mail

NovaGold's 2007 Year-End Reports to Be Filed by March 7 - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) announces that it will be a few days late in filing its 2007 consolidated financial statements, management's discussion and analysis, annual information form and form 40-F. The Company expects to release its year-end reports on or before March 7, 2008." More
- February 28, 2008 | Item | E-mail

Coeur Reports Significant Results from Its 2007 Exploration Program - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced significant results from its $14.9 million exploration program during 2007. Coeur’s exploration strategy continued to focus on cost-effectively adding new mineralization at its existing properties while continuing to expand the Company’s greenfields initiatives." More
- February 28, 2008 | Item | E-mail

Crystallex Updates Shareholders on the Las Cristinas Project - "During 2007, our project partner the Corporacion Venezolana de Guayana ("CVG"), was formally notified by the Ministry of the Environment and Natural Resources of Venezuela ("MinAmb") that all the requirements for the issuance of the Las Cristinas Environmental permit had been fulfilled." More
- February 28, 2008 | Item | E-mail

Santa Teresa Deposit Continues to Deliver with Underground Drilling Reporting 9.20 metres grading 223 g/t Ag, 5.77% Zn, 0.82% Cu, 4.75% Pb and 0.020 g/t Au - "Scorpio Mining Corporation (TSX:SPM - News) is pleased to report additional underground drill results targeting the Santa Teresa deposit from the 10th, 9th and 6th Levels of the Nuestra Senora ramp of its 100% owned Nuestra Senora project, Sinaloa State, Mexico." More
- February 28, 2008 | Item | E-mail

Golden Star Reports Financial Results for Fourth Quarter and Year-End 2007 - "We had a net loss of $36.4 million or $0.159 per share, on revenues of $175.6 million for 2007 compared to net income of $64.7 million or $0.312 per share on revenues of $122.6 million for 2006." More
- February 28, 2008 | Item | E-mail

Keegan Discovers Up to 4900 ppb Gold in Augur Sample at Asumura Property Northwest Structure; Drill Program to Commence in March - "The results of the augur sampling refine the target by showing several parallel, en echelon style NNE zones with significant gold values. The largest of these zones is over 2 km long and up to 320 meters wide of greater than 50 ppb Au and contains saprolite values as high as 3420 ppb Au. A 260 meter wide parallel zone to the west has values up to 4911 ppb Au and 1558 ppb Au." More
- February 28, 2008 | Item | E-mail

Golden Star Updates Mineral Reserves and Mineral Resources at December 31, 2007 - "Mineral Reserves, after mining depletion, increased by 780,000 ounces, or 19%, during 2007 to 62.3 million tonnes grading 2.46 grams per tonne (g/t) for contained gold of 4.93 million ounces at year end. The increase was a result of the conversion of Mineral Resources at our Hwini-Butre and Benso properties into Mineral Reserves, an increased gold price assumption and a focused drill program around our operating mines to convert and better define our Mineral Resources (as defined below). These gains were offset by increasing cost factors, design changes and mining depletion." More
- February 28, 2008 | Item | E-mail

Peru miner Buenaventura says strike cuts output - "Peruvian precious metals producer Buenaventura (BUEv.LM: Quote, Profile, Research)(BVN.N: Quote, Profile, Research) said Thursday it will lose output of 2,800 ounces of gold and 100,000 ounces of silver during a three-day strike at four of its mines." More
- February 28, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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