Gold Seeker Closing Report: Gold and Silver Gain Over 2.5% and 4.5% to New Highs

	Close	Gain/Loss
Gold	$988.55	+$24.25
Silver	$20.64	+$0.90
XAU	203.32	+3.94%
HUI	501.74	+3.62%
GDM	1511.98	+3.68%
JSE Gold	2645.31	-23.93
USD	73.45	-0.22
Euro	152.63	+0.56
Yen	96.27	-0.84
Oil	$104.52	+$5.00
10-Year	3.693%	+0.114
T-Bond	117.546875	-1.453125
Dow	12254.99	+0.34%
Nasdaq	2272.81	+0.55%
S&P	1333.70	+0.52%

Gold fell to $958.97 in London, but it then rallied back higher throughout most of trade in New York and made a new record high of $993.05 before closing with a gain of 2.51%. Silver dropped to $19.37 in London, but it also rallied back fiercely in New York and rose to a new 27 year high of $20.82 before it closed with a gain of 4.56%.

Euro gold rose to about €645, platinum gained $20 to $2255 to a new record high, and copper gained over 16 cents to about $3.98.

Gold and silver equities rose over 4% by early afternoon before they fell back off a bit with the major indices, but they still ended with over 3.6% gains at new record closing highs.

Report	For	Reading	Expected	Previous
ADP Employment	Feb	-23K	15K	119K
Productivity	Q4	1.9%	1.8%	1.8%
Factory Orders	Jan	-2.5%	-2.5%	2.0%
ISM Services	Feb	49.3	47.5	44.6

The fed’s Beige Book noted that most major parts of the economy are weak and that economic growth has slowed since the beginning of the year. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/01 expected at 360,000 and at 10AM is the Pending Home Sales report for January, but most will likely already be looking forward to Friday’s jobs data.

Oil rose markedly to a new record high of $104.95 as crude inventories surprisingly fell, OPEC said it would keep production levels steady, and Venezuela moved troops to the Columbian border. Crude inventories fell 3.1 million barrels, gasoline inventories built 1.7 million barrels, distillates fell 2.4 million barrels, and refinery utilization rose 1.2% to 85.9%.

The U.S. dollar index fell to yet another new record low despite the fact that interest rates rose and treasuries fell as ISM Services did not contract as much as expected and raised hopes for the ailing economy while the fed continues to ignore inflation that the street seems no longer able to ignore.

The Dow, Nasdaq, and S&P rose in morning trade before they fell after the bailout plan for Ambac was revealed and was not a buyout as some had hoped for, but all three indices rallied back higher to find slight gains by the close.

Among the big names making news in the market today were Ambac, Exxon, Credit Agricole, JBS SA and National Beef Packing, Costco, BJ’s, and Saks.

“April Gold finished up 22.2 at 988.5, 6.5 off the high and 22.5 up from the low.

May Silver closed up 0.945 at 20.785. This was 1.085 up from the low and 0.135 off the high.

The gold market initially waffled around unchanged early in the session before gaining bullish momentum just ahead of mid session. While the gold market didn't seem to be able to definitively extend the mid morning run up throughout the afternoon trade, seeing the Dollar finish weak and also seeing crude oil prices at times up by roughly $5.00 per barrel seemed to give the bull camp a number of bullish arguments. In fact, seeing rising oil, a falling Dollar and strength in equity prices has been referred to in the past as a perfect storm in the precious metals markets. However, given the fact that equity prices fell hard from their highs, the perfect storm in gold was somewhat short lived. Some players suggested that the $1,000 even number zone in gold might be seen as a temporary psychological resistance zone, while others suggest that gold has a number of reasons to extend beyond the $1,000 level.

The March silver contract managed to rise in excess of $1.00 per ounce at times during the session Wednesday. Certainly the round of new highs for the move in silver, sharp gains in oil and a slide in the Dollar had the spec players very interested in the market. In fact, with the copper market reaching up to the highest level since May of 2006 it is possible that traders are beginning to look more favorably at all the quasi industrial commodity markets in a slightly more bullish light.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 2.59 tonnes were added to the trust.

Note: Change in Total Tonnes from yesterday’s data: 1.76 tonnes were removed from the trust.

South Africa’s power delays, Barrick’s (ABX) completed property acquisition, Harmony’s (HMY) protested asset sale, Exeter’s (XRA) secured partner and expanded land position, and First Majestic’s (FR.TO) drill results 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.

American Creek announces appointment of new director and grant of stock options - More
- March 05, 2008 | Item | E-mail

GoldSpring, Inc. Announces Experts to Join Metallurgical Team - More
- March 05, 2008 | Item | E-mail

Noront Resources Ltd.: Windfall Lake Gold Project Update - More
- March 05, 2008 | Item | E-mail

U.S. Precious Metals Authorized Two More Drill Rigs - More
- March 05, 2008 | Item | E-mail

GoldQuest New Gold Discovery in Dominican Republic and Update on Gold Fields Exploration Alliance - More
- March 05, 2008 | Item | E-mail

Plexmar Formally Invited to Present at Meeting - More
- March 05, 2008 | Item | E-mail

Barrick Completes Acquisition of Cortez Property in Nevada - "Barrick Gold Corporation (NYSE:ABX - News)(Toronto:ABX.TO - News) announced today that it has completed its acquisition of the additional 40% interest in the Cortez property from Kennecott Explorations (Australia) Ltd., a subsidiary of Rio Tinto plc, for a total cash consideration of $1.695 billion. The transaction was previously announced on February 21, 2008 when the parties entered into a definitive purchase and sale agreement. Barrick has been entitled to the production and economic benefit of 100% of the property from March 1, 2008." More
- March 05, 2008 | Item | E-mail

Rising price of gold has not spurred production - "A jump in the price of gold over the magical level of $1,000 an ounce would not be enough to bring on a marked increase in production because of uncertainty over long-term prices, logistics problems and a scarcity of projects." More
- March 05, 2008 | Item | E-mail

First Narrows Reports Final Drill Results From Resource Delineation Program at Chester - More
- March 05, 2008 | Item | E-mail

Metanor-Diamond Drilling Program of 15,000m on the Barry Property - More
- March 05, 2008 | Item | E-mail

S.Africa union to protest against Harmony asset sale - "South Africa's National Union of Mineworkers said on Wednesday it would march to Harmony Gold's (HARJ.J: Quote, Profile, Research) Randfontein mine on Thursday in protest against the company's sale of some of its operations.

The NUM, which represents around 280,000 mineworkers, said 8,000 jobs would be affected by the sale of a 60 percent stake in a new uranium company to Pamodzi Resources Fund, Africa's biggest private equity fund." More
- March 05, 2008 | Item | E-mail

Victory Nickel Announces That Manitoba Recognizes Validity of Borehole Licence - More
- March 05, 2008 | Item | E-mail

First Majestic Silver Corp.: Drill Intersects 39.6 Metres of 199 g/t Ag, 3.92% Pb & 4.02% Zn at San Juan Silver Mine - "First Majestic Silver Corp. (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) ("First Majestic" or the "Company") is pleased to announce additional drill results from the ongoing drilling program at the Chalchihuites Group of Properties located in Zacatecas, Mexico." More
- March 05, 2008 | Item | E-mail

Skyline Completes First Stage of Water Licence Application for Bronson Creek - More
- March 05, 2008 | Item | E-mail

AXMIN Inc.: Average Recoveries of 91% Achieved at Kofi Gold Project, Mali - More
- March 05, 2008 | Item | E-mail

Merc Tables Historic Resources-Acquires Lingman Lake Gold Project - More
- March 05, 2008 | Item | E-mail

Full Metal and Altair Commence Drilling at CJ Gold Project, Alaska - More
- March 05, 2008 | Item | E-mail

Inter-Citic Announces Filing of Application for Listing on American Stock Exchange - More
- March 05, 2008 | Item | E-mail

Increase in the grade of the resource at Ketza River is a milestone on the road to production for Yukon-Nevada Gold Corp. - More
- March 05, 2008 | Item | E-mail

133.5 g/t (3.9 oz/t) Gold: Liberty Star's JV Partner Reports One of Sixteen Samples in 2007 Exploration Summary - More
- March 05, 2008 | Item | E-mail

Stratabound Announces 245 Metres of Disseminated Sulphides in First Drill Hole at Melchett Lake, Ontario - More
- March 05, 2008 | Item | E-mail

Peter B. Saba To Join USEC Inc. As Vice President, General Counsel & Secretary - More
- March 05, 2008 | Item | E-mail

DIOS, Hotish Project: 7 Main Uranium Prospect And Drill Targets - More
- March 05, 2008 | Item | E-mail

Ahead of the Bell: Uranium Enrichment - More
- March 05, 2008 | Item | E-mail

Exeter Secures Strategic Partner and Expands Cerro Moro Land Position - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") is pleased to report that it has entered into a letter of intent with Fomento Minera de Santa Cruz Sociedad del Estado ("Fomicruz SE"), a company owned by the Government of Santa Cruz Province, Argentina." More
- March 05, 2008 | Item | E-mail

Vista Gold Corp. Announces That It Expects to Close Its Previously Announced Brokered Private Placement on March 5, 2008 - "Vista Gold Corp. ("Vista" or the "Corporation") (Amex: VGZ; TSX) announced today that it expects to close its previously announced brokered private placement of up to US$32 million in aggregate principal amount of senior secured convertible notes (the "Notes") of the Corporation. For a description of the Notes, the Corporation refers you to its press release dated February 12, 2008." More
- March 05, 2008 | Item | E-mail

Unionized employees at Northgate's Kemess mine turn down tentative collective agreement - Production continues unaffected - "Northgate Minerals Corporation (TSX: NGX, AMEX: NXG) announced today that it has received notification from the International Union of Operating Engineers Local 115 (the "Union") that the unionized employees at the Kemess mine voted to turn down the recently negotiated tentative collective agreement." More
- March 05, 2008 | Item | E-mail

S.Africa building projects may face power delay - "South African power firm Eskom [ESCJ.UL] may delay approval for connecting new construction projects to its grid for up to six months in a bid to alleviate a power crisis, it said on Wednesday.

The crisis forced a shutdown of crucial mines for five days in January and since then mines have been operating with only 90 percent of their usual power, raising fears of massive job losses and helping keep global prices for precious metals high." More
- March 05, 2008 | Item | E-mail

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