Gold Seeker Closing Report: Gold and Silver End Well Off Their Lows With Slight Losses

	Close	Gain/Loss
Gold	$970.20	-$2.20
Silver	$19.68	-$0.47
XAU	189.05	-3.80%
HUI	471.09	-3.33%
GDM	1418.37	-3.46%
JSE Gold	2666.04	-114.29
USD	73.00	-0.04
Euro	153.46	-0.05
Yen	98.28	+0.73
Oil	$107.90	+$2.75
10-Year	3.438%	-0.097
T-Bond	119.859375	+1.4375
Dow	11740.15	-1.29%
Nasdaq	2169.34	-1.95%
S&P	1273.37	-1.55%

Gold rose to $980.60 by late trade in Asia before it fall to as low as $960.90 by about 10AM EST in New York, but it then rallied back higher into the close and ended with a loss of just 0.23%. Silver rose to $20.392 by late trade in Asia before it fall to as low as $19.188 by about 8:30AM EST in New York, but it also rallied back higher into the close and ended nearly 50 cents off its low with a loss of 2.3%.

Euro gold fell to about €633, platinum gained $16 to $2036, and copper fell over 12 cents to about $3.80.

Gold and silver equities fell over 3% by late morning and remained near their lows into the close despite the rebound in the metals as the major indices fell over 1% again and dragged everything lower.

Report	For	Reading	Expected	Previous
Wholesale Inventories	Jan	0.8%	0.5%	1.1%

The fed offered $50 billion in 28 day loans through today’s Term Auction Facility. Tomorrow at 8:30AM EST brings the Trade Balance for January expected at -$59.0 billion.

Oil rose throughout trade and gained nearly 3% to a new all time high on rising demand out of China as a weak dollar continues to encourage traders to accumulate commodities.

The U.S. dollar index reversed early gains and ended lower as European Central Bank President Jean-Claude Trichet’s worry over the recent volatility in foreign exchange markets was overcome by strong economic data out of Japan and Germany and more financial worries in the US.

Treasuries rose markedly as traders are now pricing in a 100% chance of a cut of 75 basis points by the end of the fed’s meeting next Tuesday and a further 20% chance of 100 basis points as the market continues to deal with financial problems.

The Dow, Nasdaq, and S&P fell on rumors of liquidity problems at Bear Stearns that were later denied, but financial stocks still lead the way lower on worries over margin calls and counterparty risk.

Among the big names making news in the market today were Bear Stearns, Vail Resorts, McDonald’s, Microsoft, and Blackstone.

“April Gold finished down 2.4 at 971.8, 3.7 off the high and 9.3 up from the low.

May Silver closed down 0.465 at 19.785. This was 0.415 up from the low and 0.185 off the high.

The gold market started out weak and managed an early morning bounce but then faded into mid session and the early afternoon trade. Perhaps a minor Dollar bounce served to keep the gold market off balance or it is also possible that residual weakness in the US equity market discouraged the gold bulls. Certainly resurgent oil prices provided gold with its initial bounce on Monday morning but lingering concerns of recession simply seemed to keep a number of physical commodity markets like gold, silver and copper off balance. However, seeing crude oil prices rise to another new all time high in a move that seemed to signal stagflation might have confused the gold trade.

Like the gold market, the silver market seemed to be at least slightly undermined by lingering macro economic slowing fears in the US and with the overt ongoing weakness in the

equity market the fear of sagging demand for commodities was not to be dismissed during the trade on Monday. With platinum and copper prices off sharply on the day and a host of other physical commodity markets remaining under pressure it would appear as if recession views were trumping the potentially supportive action in the energy complex.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.46 tonnes.

Allied Nevada’s (ANV) 2007 financial results and proposed bridge credit facility, International Royalty’s (ROY) terminated letter of intent, Aurelian’s (ARU.TO) new board members, Minco Gold’s (MGH) assay results, Great Basin’s (GBN) regulatory approvals, Seabridge Gold’s (SA) economic assessment, Western Goldfields’ (WGW) 2007 year-end results, Fortuna’s (FVI.V) drill results, Excellon’s (EXN.V) second quarter loss, Silver Standard’s (SSRI) 2007 year-end results, and Arian Silver’s (AGQ.V) 43-101 mineral resource estimate 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.

Allied Nevada Reports 2007 Financial Results and Proposed CDN$30 Million Bridge Credit Facility - "Allied Nevada reported a consolidated net loss in 2007 of $11,265,000 compared to a consolidated net loss of $2,465,000 in 2006. The increase in the consolidated net loss of $8,800,000 is largely due to an increase of $4,643,000 in exploration, property evaluation and holding costs, an increase of $3,682,000 in corporate administration and investor relations costs, and the recognition of an impairment loss of $678,000 on its mineral properties partially offset by an increase of $457,000 in interest and other income." More
- March 10, 2008 | Item | E-mail

Osisko Signs $20 Million Unsecured Debt Financing - More
- March 10, 2008 | Item | E-mail

Orebodies Announces Acquisition of Coral Rapids Project, Hawkins Project, and Webequie Area Projects Pursuant to Baltic Arrangement - More
- March 10, 2008 | Item | E-mail

Mokambo Project Sulphide Drill Program has commenced - More
- March 10, 2008 | Item | E-mail

Anglo Pacific Group to Provide $7.5M to Kinbauri in Exchange for Net Smelter Return at El Valle/Carles - More
- March 10, 2008 | Item | E-mail

Randsburg increases interest to 75% in the Empire Project (Idaho) - More
- March 10, 2008 | Item | E-mail

Western Troy Announces Positive Results of MacLeod Lake Preliminary Assessment (Scoping Study) - More
- March 10, 2008 | Item | E-mail

Geoinformatics Extends Recent Los Laureles Discovery in Mexico - More
- March 10, 2008 | Item | E-mail

Cartier Focuses Drilling on MacCormack Gold Prospect - More
- March 10, 2008 | Item | E-mail

Bulgaria and DPM Agree-in-Principle to New Royalty and Public Private Partnership for New Chelopech Smelter - More
- March 10, 2008 | Item | E-mail

Norsemont Mining Appoints Ian Hume to Board of Directors - More
- March 10, 2008 | Item | E-mail

International Royalty terminates letter of intent on Limpopo Royalties - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company"or "IRC") reports it has terminated the letter of intent on the Limpopo PGM Royalties that the Company had entered into on May 15, 2007. After conducting due diligence and working with the seller, IRC has not been able to resolve certain issues related to the royalties and has made the decision not to close on the acquisition." More
- March 10, 2008 | Item | E-mail

C2C Announces the Signing of Final Agreements With Mr. Machuca - More
- March 10, 2008 | Item | E-mail

Premier to initiate major exploration program at PQ-North - More
- March 10, 2008 | Item | E-mail

AXMIN Inc.: Central African Republic Signs US$67 Million Transportation Facilitation Grant With the African Development Bank - More
- March 10, 2008 | Item | E-mail

Radisson Mining Announces Private Placement of Units - More
- March 10, 2008 | Item | E-mail

Rare Element appoints Greg McKelvey as a Director - More
- March 10, 2008 | Item | E-mail

Golden Harp Resources commences exploration program - More
- March 10, 2008 | Item | E-mail

Court Approves Scheme of Arrangement for Intrepid/Emperor Merger - More
- March 10, 2008 | Item | E-mail

Mosquito Completes NI 43-101 Resource on CUMO Deposit of 2.89 Billion Pounds of Molybdenum Oxide, 3.41 Billion Pounds of Copper, 149.8 Million Ounces of Silver - More
- March 10, 2008 | Item | E-mail

Nilam Resources Begins Workforce Expansion to Increase Production of Gold - More
- March 10, 2008 | Item | E-mail

Bruce Power Ontario Bruce 5 reactor back - More
- March 10, 2008 | Item | E-mail

Lydian Prepares for 20,000 Metre Drilling Programme at Its Amulsar Gold Discovery in Armenia - More
- March 10, 2008 | Item | E-mail

Mountain Lake Completes Private Placement - More
- March 10, 2008 | Item | E-mail

Sierra Intersects 90 Metres @ 1.59 g/t Gold at Cerro Colorado, Mexico - More
- March 10, 2008 | Item | E-mail

Silvio Acquires Two Gold Projects in Nevada - More
- March 10, 2008 | Item | E-mail

Wits Basin Signs LOI With TSX Company: Gold Strategy Includes Vending of Rights to 65 Percent Interest in FSC Project - More
- March 10, 2008 | Item | E-mail

Legacy Announces Major Mining Activity in Miaozihe Gold Mine Area - More
- March 10, 2008 | Item | E-mail

Mexoro Minerals Provides Corporate Update - More
- March 10, 2008 | Item | E-mail

Uruguay Mineral Exploration Inc: 25,150 Ounces Produced for Third Quarter of 2007/08 - More
- March 10, 2008 | Item | E-mail

Kenbridge returns 6.23% Ni over 5.8 metres - continues to yield high grade zones in deep drilling - More
- March 10, 2008 | Item | E-mail

Terra to Acquire an Additional 2% Carried Working Interest in Hathor Exploration's Midwest NorthEast Project - More
- March 10, 2008 | Item | E-mail

Uranium Resources Announces Fourth Quarter and Year-End 2007 Earnings Teleconference and Webcast - More
- March 10, 2008 | Item | E-mail

Fission Energy Announces Completion of MEGATEM Airborne Survey and Commences Drilling at Patterson Lake, Athabasca Basin - More
- March 10, 2008 | Item | E-mail

Aurelian Appoints Two New Board Members With Development, Finance and Production Experience - "Aurelian Resources Inc. (TSX:ARU - News) today announced that Colin K. Benner, Vice Chairman and CEO of Skye Resources Inc. and Jon A. Douglas, Senior Vice President and CFO of Northgate Minerals Corporation have been appointed to the company's Board of Directors, effective March 31, 2008." More
- March 10, 2008 | Item | E-mail

Fortuna Drills 6,231 g/t Silver Over 1.6m at the Caylloma Mine, Peru - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News) is pleased to announce the discovery of high grade silver mineralization along the extension of the Bateas Vein located in the central portion of the Caylloma District, Arequipa, Peru. Fortuna operates the 100% owned Caylloma Zn-Pb-Ag Mine at a nominal rate of 820 tpd with production currently sourced primarily from the Animas and Santa Cata veins." More
- March 10, 2008 | Item | E-mail

Minco Gold Announces Assay Results for Changkeng - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) is pleased to report the assay results for 6 diamond drill holes completed for the Changkeng Gold Project located in Guangdong Province, China." More
- March 10, 2008 | Item | E-mail

Excellon Reports Second Quarter Loss of $1,594,687 - "Although a work stoppage due to a strike at Penoles' Naica facility and a protest at our Platosa Property resulted in a net loss, the Company remains on track for meeting its corporate goals for fiscal 2008," said Richard W. Brissenden, Excellon's president and CEO. "In the coming quarter, Excellon intends to finalize its mill decision, and build on its investment in exploration that is already yielding tremendous dividends. We will continue to add value for our shareholders." More
- March 10, 2008 | Item | E-mail

Great Basin Gold Receives Important South African Mining Regulatory Approvals - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBG) ("Great Basin Gold") announces that the South African Department of Minerals and Energy ('DME') has approved an amended environmental management plan ('EMP') for the sinking of the vertical shaft at its Burnstone development project." More
- March 10, 2008 | Item | E-mail

Economic Assessment Completed for Seabridge Gold's Courageous Lake Project - "The 2008 PA confirms that the FAT deposit represents an excellent economic opportunity in the current environment. Capital and operating costs have increased significantly from the 2005 PA, as expected, but these increases are more than offset by a larger resource, extended mine life and higher gold price assumptions contained in the 2008 PA, resulting in a substantial improvement in projected economic value for the deposit." More
- March 10, 2008 | Item | E-mail

Silver Standard Reports Year-End 2007 Results - "For the three months ended December 31, 2007, property expenditures totalled $27.7 million including $12.8 million for construction and mining equipment and $2.0 million for exploration at the Pirquitas property in Argentina; $5.0 million for exploration at Pitarrilla in Mexico; $2.7 million for exploration at the Diablillos property in Argentina; and $1.7 million for exploration at the San Luis property in Peru." More
- March 10, 2008 | Item | E-mail

Arian Silver Corporation: Initial NI 43-101 Resource Calculation at Tepal - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News), is pleased to announce the completion of a Canadian National Instrument (NI) 43-101 mineral resource estimate for the Tepal Property, located in Michoacan State, Mexico. The resource estimation has been prepared by international mining consultants, A.C.A. Howe International Limited." More
- March 10, 2008 | Item | E-mail

Western Goldfields Announces 2007 Year-End Results - "The Company's net loss to common shareholders for the year ended December 31, 2007, was $50.3 million, or $0.43 per share, compared with $11.6 million, or $0.18 per share, for the year ended December 31, 2006. The net loss for 2007 includes a non-cash after-tax loss of $35.9 million arising from the mark-to-market of contracts for the forward sale of gold which were taken out as a requirement of our term loan facility." More
- March 10, 2008 | Item | E-mail

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