Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 2%

	Close	Gain/Loss
Gold	$975.15	-$13.40
Silver	$20.13	-$0.51
XAU	202.77	-0.27%
HUI	502.17	+0.09%
GDM	1511.13	-0.06%
JSE Gold	2727.21	+81.90
USD	72.94	-0.51
Euro	153.60	+0.97
Yen	97.18	+0.91
Oil	$105.47	+$0.95
10-Year	3.622%	-0.071
T-Bond	117.953125	+0.40625
Dow	12040.39	-1.75%
Nasdaq	2220.50	-2.30%
S&P	1304.34	-2.20%

Gold rose a few dollars to $992.35 by late trade in Asia, but it then fell in choppy trade for the rest of the day in London and New York and made a low of $965.75 before it rebounded almost $10 in the last hour and a half of trade and closed with a loss of 1.36%.

Silver climbed to a new 27 year intraday high of $21.205 by late trade in Asia before it fell to as low as $19.837 by early afternoon in New York, but it also rebounded in the last hour and a half of trade and ended about 30 cents off that low with a loss of 2.5%.

Euro gold fell to about €635, platinum lost $85 to $2170, and copper fell over 7 cents to about $3.91.

Gold and silver equities fell over 1% by early afternoon, but they then rallied back higher into the close and ended mixed and near unchanged despite the fact that the major indices dropped to new lows in late trade.

Report	For	Reading	Expected	Previous
Initial Claims	3/01	351K	360K	375K
Pending Home Sales	Jan	0.0%	-1.0%	-1.2%

“U.S. mortgage foreclosures rose to an all-time high at the end of 2007 as borrowers with adjustable-rate loans walked away from properties before their payments increased, the Mortgage Bankers Association said today.

New foreclosures jumped to 0.83 percent of all home loans in the fourth quarter from 0.54 percent a year earlier. Late payments rose to a 23-year high, the organization said in a report today.”

Tomorrow at 8:30AM EST brings February’s jobs data. Nonfarm Payrolls are expected at 25,000, the Unemployment Rate is expected at 5.0%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.7. At 3PM is Consumer Credit for January expected at $7.0 billion.

Oil rose to a new record high at $105.97 before it fell to see slight losses by early afternoon, but it then rallied back higher into the close and ended with a decent gain at a new record closing high.

The U.S. dollar index fell to another new record low as the European Central Bank held rates unchanged and did not hint towards future interest rate cuts despite the euro’s recent rally that ECB President Trichet did not reference as some had speculated he would. The Bank of England also held rates unchanged.

Treasuries rose as the Dow, Nasdaq, and S&P fell roughly 2% on continuing credit worries and poor housing data. The Nasdaq and Russell 2000 fell to new 52 week lows and the Dow and S&P fell to their January lows in important technical developments.

Among the big names making news in the market today were Carlyle, Wal-mart, Fidelity, Ambac, and Blockbuster.

“April Gold finished down 11.4 at 977.1, 12.9 off the high and 10.1 up from the low.

May Silver closed down 0.56 at 20.225. This was 0.275 up from the low and 0.715 off the high.

Despite a continuation of flight to quality conditions and another sharp slide in the US Dollar, the gold market showed periodic bouts of moderate weakness during the trade Thursday. Certainly seeing a host of physical commodity markets under intense pressure provided some spillover selling pressure in gold, but with an extremely important monthly non farm payroll report due out Friday morning, there would still seem to be a high level of economic anxiety in the marketplace. Perhaps seeing the IMF hint at an overvaluation of the Euro could have undermined gold but given the fact that the Dollar stayed mostly lower, it would seem as if something other than currency market views were prompting the selling. In fact, with platinum prices under significant pressure and grain prices also showing weakness the profit taking argument was surfacing from a number of angles.

Initially the silver market attempted to hold up in the face of weakness in gold and platinum but with the reversal in copper and grain prices the outside market pressure on silver appeared to turn the early bullish tide around. With the US equity market under ongoing pressure and the outlook for the US economy deteriorating further on Thursday, the silver trade might have become concerned about the markets recent overbought status. It is possible that reports from the Fed about US home equity levels falling below 50% for the first time since 1945 put the fear of too much slowing in the markets mind.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.17 tonnes.

South Africa’s increase in power to mines, Allied Nevada’s (ANV) assay results, Barrick’s Pascua-Lama gold mine progress and gold price outlook, Royal Gold’s (RGLD) conversion details, Eldorado Gold’s (EGO) mine reopening, Exeter’s (XRA) offering terms, Stillwater’s (SWC) note offering, Minco Gold’s (MGH) government approvals, International Royalty’s (ROY) dividend, and ECU’s (ECU.TO) assay results and 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.

Sherwood Increases Holdings to Approximately 93% of Western Keltic Shares - More
- March 06, 2008 | Item | E-mail

Olympus to Commence Trading in the US on OTCBB - More
- March 06, 2008 | Item | E-mail

Crosshair Exploration & Mining Corp.: Revised Terms for the Previously Announced C$15 Million Bought Deal Financing - More
- March 06, 2008 | Item | E-mail

Delta Uranium Announces the Appointment of New Director and Chief Financial Officer - More
- March 06, 2008 | Item | E-mail

International Royalty declares dividend - "International Royalty Corporation (AMEX: ROY, TSX: IRC) is pleased to report that its Board of Directors declared a dividend on February 29, 2008 of US$0.015 per share. The dividend is payable to shareholders of record on March 14, 2008 and will be paid on or about March 31, 2008." More
- March 06, 2008 | Item | E-mail

GoldQuest Mining Corp. Clarifies Alert From British Columbia Securities Commission - More
- March 06, 2008 | Item | E-mail

Yale Finishes Trenching Program at Carol Property and Accelerates Property Payments - More
- March 06, 2008 | Item | E-mail

MetalQuest Minerals Completes Asset Divestiture - More
- March 06, 2008 | Item | E-mail

Pele Mountain Reports Additional Positive Drill Results From Its Elliot Lake Uranium Mine Project - More
- March 06, 2008 | Item | E-mail

Allied Nevada Drills Brimstone Oxide Zone At Hycroft Intersects 510 Feet of 0.037 opt Au Equivalent - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (Toronto:ANV.TO - News)(AMEX:ANV - News) is pleased to announce complete gold and silver assay results for thirty (30) exploration holes, twenty-one (21) of which are reported here. The holes were drilled at the Company's Hycroft Heap Leach Mine ("Hycroft") located near Winnemucca, Nevada." More
- March 06, 2008 | Item | E-mail

Barrick urges progress on Pascua-Lama gold mine - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research) is "disappointed" that tax and permitting issues are still delaying the start of construction of its $2.4 billion Pascua-Lama mine, a company spokesman said on Thursday.

The project, which straddles the snow-capped peaks of the Andes between Argentina and Chile, needs the two countries to agree on how to share tax proceeds, and some permits are also outstanding." More
- March 06, 2008 | Item | E-mail

Mega Announces Proposed Acquisition of Energentia Resources Inc. - More
- March 06, 2008 | Item | E-mail

Grenville Appoints Dr. Alfonso Alvarez-Calderon to the Board of Advisors - More
- March 06, 2008 | Item | E-mail

Crosshair Announces C$15 Million Bought Deal Financing - More
- March 06, 2008 | Item | E-mail

Hana Receives Additional Results for Ghanzi Copper-Silver Project, Exploration on Other Targets in Progress - More
- March 06, 2008 | Item | E-mail

Golden Goose Resources Inc. - Announce of the grant of stock options - More
- March 06, 2008 | Item | E-mail

Guyana Appointees Elected to Coronation Board of Directors - More
- March 06, 2008 | Item | E-mail

Spirit Exploration, Inc. Reports the Union Carbide Findings of 6,300,000 Tons of Measured and Indicated Ore Reserves at the Emerson Tungsten Mine in Nevada - More
- March 06, 2008 | Item | E-mail

Royal Gold Announces Final Conversion Details for Its Mandatory Convertible Preferred Stock - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, announced that the conversion of all of its 7.25% mandatory convertible preferred stock ("Preferred Stock") into shares of Royal Gold common stock will occur on March 10, 2008. A Notice of Conversion was previously mailed to registered holders of the Preferred Stock on January 25, 2008." More
- March 06, 2008 | Item | E-mail

Absolut Receives Shareholder Approval for Amalgamation - More
- March 06, 2008 | Item | E-mail

Amseco Exploration Ltd.: High Platinum-Palladium-Rhodium Values Confirmed Near Thetford Mines - More
- March 06, 2008 | Item | E-mail

C2C Announces the Signing of Final Agreements With Mr. Machuca - More
- March 06, 2008 | Item | E-mail

Black Pearl Signs Letter Agreement to Acquire Quebec Lithium - More
- March 06, 2008 | Item | E-mail

Forsys Prepares for Contract Mining at Valencia - More
- March 06, 2008 | Item | E-mail

Freewest's Interpretation of Airborne Geophysical Surveys Completed on its McFaulds Properties, Reveal Numerous Anomalies - More
- March 06, 2008 | Item | E-mail

Raven Gold Corp. Is Pleased to Announce That a Decision Has Been Made to Cancel 40 Million Restricted Shares for the Future Growth of the Company - More
- March 06, 2008 | Item | E-mail

ECU Silver Confirms Eastern Extension of Terneras Vein - "In early January of 2008, the Company decided to continue the San Juanes adit and began working on a cross-cut aimed at verifying the continuity of the main east-west trending Terneras vein on the east side of the Tres Aguilas fault which intersects the Terneras vein. This work was based on interpretations from the 3-D geological model of the recent NI 43-101 mineral resource estimate announced on January 24, 2008. The Company is pleased to report the following results from this most recent work at the San Juanes adit." More
- March 06, 2008 | Item | E-mail

Eldorado Gold Corporation: Kisladag Mine Re-Opens - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (Toronto:ELD.TO - News)(AMEX:EGO - News) ("Eldorado" the "Company" or "we"), is pleased to announce that earlier today, March 6, 2008 its Kisladag mine in Western Turkey re-opened and that production activities are underway." More
- March 06, 2008 | Item | E-mail

Exeter Resource Corporation Announces Terms of Offering - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) (the "Company") announced today that it has entered into an agreement with a syndicate of underwriters to sell on a private placement basis 7,780,000 special warrants at a price of C$4.50 per special warrant to raise gross proceeds of C$35,010,000 (the "Offering")." More
- March 06, 2008 | Item | E-mail

Sheffield Intersects 71 Metres of 1.4% Copper at Surface - More
- March 06, 2008 | Item | E-mail

Dutch Gold Resources Retains Kingsdale Capital International Inc. in Advisory Role for Business Development and Strategic Planning - More
- March 06, 2008 | Item | E-mail

U.S. Mine Makers, Inc. to Conduct Further Assays and Feasibility Study to Put Idaho Mine Site Into Production - More
- March 06, 2008 | Item | E-mail

Stillwater Mining Company Announces Offering of Convertible Senior Notes - "STILLWATER MINING COMPANY (NYSE:SWC - News) announced today that it has commenced a private placement of up to $165 million aggregate principal amount of convertible senior notes due 2028. Stillwater Mining expects to grant the initial purchaser an option to purchase up to an additional $16.5 million aggregate principal amount of such notes." More
- March 06, 2008 | Item | E-mail

Barrick Gold sees gold rally continuing - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research) (ABX.N: Quote, Profile, Research), the world's largest gold producer, is not going hedge its production with gold prices almost nudging $1000 an ounce and expects prices climb further, Chief Executive Greg Wilkins said on CNBC on Thursday." More
- March 06, 2008 | Item | E-mail

United Reef Options Nickel Offsets Property to URSA Major Minerals - More
- March 06, 2008 | Item | E-mail

African Gold Group, Inc. Randgold Resources Reports RAB Drilling is Underway at Bagoe Concessions - More
- March 06, 2008 | Item | E-mail

Tecton Acquires Past Uranium Producing Mine in Moab, Utah - More
- March 06, 2008 | Item | E-mail

General Metals Starts Expanded 2008 Drilling Program to Advance Near Term Production Plans for Independence Mine in Battle Mtn., NV - More
- March 06, 2008 | Item | E-mail

Kinross Gold Drills Golconda's South Monitor Prospect in Nevada - More
- March 06, 2008 | Item | E-mail

HuntMountain Resources Announces Appointment of James A. Sabala to President - More
- March 06, 2008 | Item | E-mail

Nilam Resources Hires David Garcia as Expert Geologist for the Company - More
- March 06, 2008 | Item | E-mail

Moto Goldmines Limited-Grant of Options to a Director - More
- March 06, 2008 | Item | E-mail

Initial Beyinhar Ore Reserve of 0.5 million ounces - More
- March 06, 2008 | Item | E-mail

Dundee Precious Metals Reports Fourth Quarter 2007 and Year-End Results - More
- March 06, 2008 | Item | E-mail

Dios: Adoption of a Shareholder Rights Plan - More
- March 06, 2008 | Item | E-mail

Bayswater Uranium Launches Drilling Program at Elkhorn Project, Wyoming - More
- March 06, 2008 | Item | E-mail

Minco Gold Receives Government Approvals for the Changkeng Gold Project - "A business licence has been granted to Guangzhou Minzhong Mining Co., Ltd. ("Minzhong"), a cooperative joint-venture established among Minco Mining (China) Co., Ltd. ("Minco China"), Guangdong Geological Exploration Corporation ("GGEC"), and two private Chinese companies to jointly explore and develop the Changkeng Gold Property. Under the terms of the agreement, Minco China, a wholly owned subsidiary of Minco Gold, has the right to earn a 51% equity interest in Changkeng with a total contribution of RMB 51 million (approx. US $7.1 million). The other shareholders will contribute RMB 49 million (approx. US $6.8 million) for their 49% equity interest in Minzhong." More
- March 06, 2008 | Item | E-mail

South Africa Will Raise Mines' Power Supply to 95% - "South Africa, the world's biggest platinum producer, plans to increase power to mines, easing a shortage that helped push platinum and gold prices to records.

The country's mines will be allowed 95 percent of their normal electricity use, up from 90 percent, Mining Minister Buyelwa Sonjica said in an interview with Bloomberg Television." More
- March 06, 2008 | Item | E-mail

South Africa to increase power to mines - "South Africa will let mines increase power consumption from 90 to 95 percent of normal because the country's power crisis has stabilised, the minerals and energy minister's spokesman said on Thursday.

Mines in the world's top producer of platinum have been operating below full power since outages forced five days of shutdowns last month, driving up precious metals prices and raising worries over possible job losses and slowing growth." More
- March 06, 2008 | Item | E-mail

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