Gold Seeker Closing Report: Gold Falls First Session in 6 and Silver Falls First Session in 11

	Close	Gain/Loss
Gold	$964.30	-$16.95
Silver	$19.74	-$0.31
XAU	195.62	-3.63%
HUI	484.23	-3.47%
GDM	1458.38	-3.46%
JSE Gold	2669.24	+43.41
USD	73.67	-0.01
Euro	152.07	+0.23
Yen	97.11	+0.34
Oil	$99.52	-$2.93
10-Year	3.579%	+0.045
T-Bond	119.00	-0.671875
Dow	12213.80	-0.37%
Nasdaq	2260.28	+0.07%
S&P	1326.75	-0.34%

Gold rose to as high as $988.15 in London and got within $1.40 of yesterday’s record high, but it then plummeted to as low as $960.95 by late morning in New York and ended near its low with a loss of 1.7%. Silver climbed to $20.55 in London to come within 6 cents of yesterday’s 27 year high, but it then fell to as low as $19.65 by late morning in New York and ended near its low with a loss of 1.5%.

Both metals fell to new lows of $956.00 and $19.52 in after hours access trade before they rebounded back near their COMEX close levels by the time of writing (4PM EST).

Euro gold fell near €633, platinum rose to $2299 before it fell to close with a gain of just $6.50 to $2235 at a new record closing high, and copper fell over 10 cents to about $3.82.

Gold and silver equities fell nearly 5% from this morning’s new all-time highs by early afternoon before they rebounded a bit in the last couple of hours of trade, but they still ended with over 3% losses.

There were no major economic reports today, but Bernanke’s banking speech and bleak housing outlook did have a few talking. Tomorrow at 8:15 AM EST brings ADP Employment for February expected at 15,000. At 8:30 is Productivity for the fourth quarter expected at 1.8%, at 10AM are Factory Orders for January expected at -2.5% and ISM Services for February expected at 47.5, and at 2PM is the fed’s beige Book.

Oil fell back under $100 ahead of tomorrow’s expected crude inventory build and before OPEC’s meeting that is expected to leave output unchanged, but some are speculating the cartel may cut production and that encouraged many traders in a mostly long market to take profits ahead of the events.

The U.S. dollar index found just slight losses for the third day in a row, but it still fell to a new record low as the yen continued to rise on speculation the fed may cut interest rates by 75 basis points this month. The Bank of Canada cut interest rates today by 50 basis points as expected, but the Canadian dollar still fell as the central bank indicated that more rate cuts are to come. The Australian dollar also fell despite a widely expected Reserve Bank of Australia 25 basis point hike as their statement also indicted a more dovish and neutral stance in the future.

Treasuries fell in late trade after another round of rumors surfaced about a bailout for bond insurer Ambac.

The Dow, Nasdaq, and S&P fell markedly for most of trade on poor forecasts from a variety of companies, but all three indices rallied back higher in late trade and ended mixed and near unchanged on some encouraging afternoon comments from Amazon and Cisco in addition to the Ambac rumors.

Among the big names making news in the market today were Ambac, Amazon, Cisco, Jackson Hewitt, Google, Intel, Citigroup, Staples, and Walgreen.

“April Gold finished down 17.9 at 966.3, 22.2 off the high and 3.3 up from the low.

May Silver closed down 0.34 at 19.84. This was 0.05 up from the low and 0.78 off the high.

The gold market was at least partially undermined as a result of the broad based physical commodity market selling seen in the markets on Tuesday. Apparently seeing the Dollar mostly weak wasn't the dominating focus of the gold trade as gold fell sharply after an attempt to return to the record highs from the prior session early in the trade. It almost seemed as if growing negative sentiment toward the US economy prompted a deflating of prices across the board, especially with a Fed member predicting a sluggish period ahead and another Fed member suggesting that the Us economy had very significant downside risk. In short, the gold market might have been undermined by too much growth and perhaps because of its recent overbought condition.

Like the gold market, the silver market on Tuesday seemed to become a little more concerned about the prospect of too much slowing. While the flight to quality mentality generally remained in place, seeing a host of physical commodities come under pressure and also seeing the US Fed predicting the prospect of significant US slowing probably prompted a number of spec and fund longs to bank profits. With platinum and copper prices also under significant pressure and oil prices falling by as much as $4.00 per barrel below their early highs, there seemed to definitively be a bearish outside market environment for silver.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 8.29 tonnes and the LSE added 3.27 tonnes.

Gold Fields’ (GFI) mine accident, Banro’s (BAA) corporate update, Orezone’s (OZN) increased resources, Sterling mining’s (SRLM.OB) TSX opening, Coeur’s (CDE) CFO appointment, and ECU’s (ECU.TO) exploration and production objectives 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.

Mexico welcomes new mining rush - "They are hardly the conquistadors that tapped open gold veins centuries ago, but the world's mining industry has once again descended upon Mexico in search of new sources of precious metals.

Drawn not only by rich gold and silver deposits, but also a stable and easy-to-navigate regulatory regime, the rush to Mexico by foreign mining firms pushed the total value of the country's mining production to a record $7.2-billion (U.S.) last year." More
- March 04, 2008 | Item | E-mail

Manicouagan Reports Results From Brabant Lake Drilling-Assays Up to 17.04% Zinc Over 5.71 Metres and 135.4 Grams Per Tonne Silver Over 8.97 Metres - More
- March 04, 2008 | Item | E-mail

Melkior Announces Closing of the Sale of its Otish Interest to Kakanda - More
- March 04, 2008 | Item | E-mail

RX Exploration Inc. to Begin Underground Drilling - More
- March 04, 2008 | Item | E-mail

Jasper Mining Corp. completes $367,500 non-brokered financing - More
- March 04, 2008 | Item | E-mail

SRA Announces Mill Start Up at Gordonsville - More
- March 04, 2008 | Item | E-mail

Purepoint Uranium Group Inc.: Responds to United Uranium's Claims - More
- March 04, 2008 | Item | E-mail

Western Warrior appoints new President and Chief Executive Officer - More
- March 04, 2008 | Item | E-mail

Nevada Exploration Inc. ("NGE") announces full exercise of Series' A Warrants, second tranche of Private Placement and granting of options - More
- March 04, 2008 | Item | E-mail

Sterling Mining Celebrates TSX Opening and Updates Current Status - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) was profiled on February 27, 2008 at the Toronto Stock Exchange to celebrate its listing where Ray De Motte and company representatives opened the market in Toronto. The ceremony coincides with the Prospectors and Developers Association of Canada's Annual Convention (PDAC) at which Sterling is an exhibitor (booth 3141) and where over 18,000 delegates are expected to attend." More
- March 04, 2008 | Item | E-mail

Baltic Shareholders Approve Plan of Arrangement - More
- March 04, 2008 | Item | E-mail

Opawica Explorations Inc. ("Opawica"/ the "Company") Announces Dingman Property Results and Atikwa Lake Property Update - More
- March 04, 2008 | Item | E-mail

StrataGold announces board of directors appointment - More
- March 04, 2008 | Item | E-mail

North Atlantic Resources Ltd.: Drilling Results From the Kourouba Gold Project, Mali - More
- March 04, 2008 | Item | E-mail

Gemini/Silver Shield Shareholders Approve Name Change to Silver Shield Resources Corp. - More
- March 04, 2008 | Item | E-mail

Ressources Appalaches: Discovery of Extensions of the Ecum Secum Mine - More
- March 04, 2008 | Item | E-mail

Abcourt's Drilling Has Intersected a Wide Massive Sulphide Zone on Aldermac Property - More
- March 04, 2008 | Item | E-mail

CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - More
- March 04, 2008 | Item | E-mail

Bonaventure Launches Winter Drill Campaign At K9 - More
- March 04, 2008 | Item | E-mail

Sierra Gold Announces Second Gold Sale From Sierra Leone Property; Hires Local Geologist - More
- March 04, 2008 | Item | E-mail

Freegold Commences Systematic Deeper Core Drilling at Golden Summit - More
- March 04, 2008 | Item | E-mail

Phase I Drill Program Underway on Golden Arrow's San Jose Gold Project, Argentina - More
- March 04, 2008 | Item | E-mail

Millstream Intersects 7.39 opt. Gold (229.83 g/t) in Exploration Drift at Tamarack Gold Property - More
- March 04, 2008 | Item | E-mail

Romarco Terminates Red Canyon Option - More
- March 04, 2008 | Item | E-mail

Midland Identifies Several New VTEM Exploration Targets on the Weedon Property - More
- March 04, 2008 | Item | E-mail

Caledonia Mining Accepts Offer of C$3.81 Million for Eersteling Gold Mine - More
- March 04, 2008 | Item | E-mail

NFX Gold Begins Drilling Program South of Larder Lake and Appoints Exploration Team - More
- March 04, 2008 | Item | E-mail

SLAM Exploration announces appointment of Director - More
- March 04, 2008 | Item | E-mail

Luna Gold awards 6,000 meter drill contract and provides exploration update for the Cachoeira project - More
- March 04, 2008 | Item | E-mail

DPM Exploration Drilling Supports Potential for Bulk Mineable Open Pit Polymetallic Mineralization at Shahumyan Mine, Kapan, Southeast Armenia - More
- March 04, 2008 | Item | E-mail

Lero Announces Board Restructuring - More
- March 04, 2008 | Item | E-mail

Golden Dawn Acquires Three Gold Exploration Properties in the Kirkland Lake Area, Ontario, Canada. - More
- March 04, 2008 | Item | E-mail

Franconia Minerals Announces 320 Feet of 0.59% Copper & 0.19% Nickel in Latest Hole at Birch Lake Copper-Nickel-PGM Project - More
- March 04, 2008 | Item | E-mail

Gitennes intersects Urumalqui silver-gold vein at depth - More
- March 04, 2008 | Item | E-mail

Duluth Metals hits higher grade mineralization in Eastern Area - More
- March 04, 2008 | Item | E-mail

Golden Goose gives SGS Lakefield the go-ahead for Lac Levac metallurgical testing - More
- March 04, 2008 | Item | E-mail

New Oroperu Resources Inc.: Barrick Drills 24,462 m in 2007 At Tres Cruces - More
- March 04, 2008 | Item | E-mail

Merit Mining Commissions its Greenwood Gold Project Mill - More
- March 04, 2008 | Item | E-mail

Uranium Energy Corp Reports Independent NI 43-101 Resource Estimate at Goliad Project - More
- March 04, 2008 | Item | E-mail

NovaGold Completes 2007 Year-End Reports - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that, in follow up to its news release of February 28, 2008, the Company has filed its annual consolidated financial statements for its fiscal year ended November 30, 2007 as well as its Management's Discussion and Analysis and annual information form for the same period." More
- March 04, 2008 | Item | E-mail

Coeur Announces Appointment of Mitchell J. Krebs to Chief Financial Officer and Promotes Key Accounting Executives - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced the appointment of Mitchell J. Krebs, presently Senior Vice President - Corporate Development, to the position of Senior Vice President - Chief Financial Officer. Mr. Krebs will replace James A. Sabala, who will resign effective March 21, 2008 to pursue other opportunities." More
- March 04, 2008 | Item | E-mail

Banro issues corporate update - "Following a comprehensive review of Banro's strategic alternatives by the Company, it has been determined that, in view of the Company's mineral potential and the current fundamentals of the gold market, the Company will aggressively pursue development of new mines at its wholly-owned Twangiza and Namoya gold projects. Pre-feasibilty studies of both of these projects are well-advanced and are scheduled to be completed in June 2008. A number of development scenarios, each of which is flexible and not dependent on economies of scale, are being considered. The pre-feasibility studies follow on the Preliminary Assessment Studies of Twangiza and Namoya, the results of which were announced on July 30, 2007 and July 3, 2007 respectively." More
- March 04, 2008 | Item | E-mail

ECU Silver Announces Near-Term Resource and Production Objectives - "On Thursday, February 28th, 2008 the management and Board of Directors of ECU met to discuss, review and approve the Company's exploration and production objectives for the remainder of 2008. This was necessitated by the fact that the recently released NI 43-101 Resource Estimate (see press release dated January 24, 2008) highlighted a Potential that was much greater than management's original expectations. Consequently, a renewed focus on converting a portion of Potential into Inferred Resources was determined to be the best course of action to enhance shareholder value in the near-term." More
- March 04, 2008 | Item | E-mail

Orezone Increases Bondi Project Resources - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) is pleased to announce a significant increase in the National Instrument 43-101 compliant gold resource of its Bondi Project in Burkina Faso, West Africa. The estimate, performed by Met-Chem Canada Inc., of Montreal, Quebec, confirms a 73% increase in the measured and indicated mineral resource and a 333% increase in the inferred resource as compared to the November 2004 Met-Chem Report (Tables 1 & 2)." More
- March 04, 2008 | Item | E-mail

Gold Fields accident traps worker, another missing - "South Africa's Gold Fields (GFIJ.J: Quote, Profile, Research) said on Tuesday that rescue efforts were underway after one employee remained pinned under rocks and another was still missing after an accident at its Beatrix mine.

The company said in a statement that the incident occured after a fall of ground in a stope 750 metres below the surface at the No. 1 shaft of the mine in the Free State." More
- March 04, 2008 | Item | E-mail

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