-- Posted 12 March, 2008 | | Source: SilverSeek.com

The Metals:

Gold fell to $967.97 by late trade in Asia and rose to $981.95 by about 10AM EST in New York before it fell back off a bit in late morning trade, but it then climbed back higher in afternoon trade and ended near its high with a gain of 0.49%.  Silver fell to $19.378 and rose to $20.187 before it fell back off a bit into the close, but it still ended with a gain of 1.5%.

Euro gold fell near €631 on euro strength, platinum gained $10.50 to $2060.50, and copper gained roughly 5 cents to about $3.85.

Gold and silver equities remained mixed and near unchanged throughout trade.

The Economy:

Also making economic news today was the Mortgage Bankers Association’s report showing mortgage applications fell 1.9% last week.

Tomorrow at 8:30AM EST brings Import and Export Prices for February, Initial Jobless Claims for 3/08 expected at 355,000, and Retail Sales for February expected at 0.2%.  At 10AM is the Business Inventories report for January expected at 0.5%.

The Markets:

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

Oil rose to a new record intraday high of $110.20 despite the fact that inventories came in much better than expected.  Prices initially dropped about a dollar after inventory reports were released, but the energy complex marched back higher by the close as oil traders continue to concentrate on the dollar which plummeted today.

The U.S. dollar index lost more than double yesterday’s gains, treasuries rose, and the Dow, Nasdaq, and S&P fell by the close as optimism faded over whether the fed’s plan announced yesterday will be able to effectively solve ongoing credit market problems.  Hawkish European Central Bank comments also helped push the dollar to a new record low while oil topping $110 a barrel was certainly a contributing factor to the Dow turning an early nearly 150 point gain into an almost 50 point loss by the close.

Among the big names making news in the market today were UPS, Freddie Mac, Humana, WellPoint, GO Capital, and American Eagle.

The Commentary:

“April Gold finished up 4.5 at 980.5, 3 off the high and 4.7 up from the low.

May Silver closed up 0.232 at 19.995. This was 0.275 up from the low and 0.225 off the high.

The gold market initially waffled around unchanged before another round of new all time lows in the Dollar seemed to give the bull's definitive control. With oil prices throwing off initial weakness and the US equity market at times adding somewhat impressively to the prior session's pattern of gains, the overall outside market environment seemed to favor the bull camp in gold. It also seemed as if the US Government Budget readings provided the gold market with a slight bounce as the US government reported a deficit of 175.56 billion for the month of February after seeing a surplus in the prior month's readings. Prior Recap Revision: The US Trade balance was incorrectly reported to be down for the second straight month in this comment yesterday, when in fact the trade balance readings were simply not as bad as were expected in each of the last two reports!

The silver market seemed to rise persistently from opening levels and finished the session with a return to the vicinity of the $20.00 even number zone. With copper and platinum prices managing to rise in sync with the US equity market and the Dollar clearly resuming its recent pattern of weakness, the bull camp seemed to have a number of outside market forces working in their favor.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Germany remains unlikely to sell gold reserves

Fed begins monetizing everybody's busted mortgages

Fed in a desperate race with the spectre of collapse

Will gold catch oil? And silver soars without short covering

The Statistics:

As of close of business: 3/12/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 2.45 tonnes and the LSE added 1.24 tonnes.

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: 77.04 tonnes were added to the trust.

The Stocks:

Metalline’s (MMG) drill results, Goldcorp’s (GG) expected output from Penasquito soon, Kinross Gold’s (KGC) operations in Russia, Rubicon’s (RBY) drill results, Aurelian’s (ARU.TO) drill results, Minco Gold’s (MGH) initial resource estimate, Kimber’s (KBX) completed private placement, Ivanhoe’s (IVN) resource estimate, Entree’s (EGI) inferred resource, Barrick’s (ABX) mine delay, Oro Silver’s (OSR.V) drill results, SNS Silver’s (SNS.V) hiring of SRK Consulting, Scorpio’s (SPM.TO) drill results, and Coeur’s (CDE) note offering 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:

Noront Warrant's Accelerated - More
- March 12, 2008 | Item | E-mail

New Cantech Appoints Kerr for Investor Relations - More
- March 12, 2008 | Item | E-mail

Globex Royalty Properties: Additionnal Gold Intersection in the Boucher Gold Zone - More
- March 12, 2008 | Item | E-mail

Denison Mines Corp. Year End 2007 Results Conference Call Wednesday, March 19, 2008 - More
- March 12, 2008 | Item | E-mail

GoldSpring's Latest Assay Results Continue to Improve - More
- March 12, 2008 | Item | E-mail

Metalline Mining Company Announces New Drilling Results - "Analytical results from diamond drill core samples from Sierra Mojada were recently received by Metalline Mining Company from ALS Chemex Laboratory, Vancouver, Canada. Hole D1071124, drilled to the south at a 75 degree angle upward from drill base E5 in the Encantada mine, intersected 6 meters averaging 440 grams silver per tonne, 0.17% copper, 11.8% zinc, and 3.0% lead. The interval is located in the silver rich polymetallic manto in limestone just below the San Marcos conglomerate. The mineralized interval is believed to have a true thickness of about 5 meters." More
- March 12, 2008 | Item | E-mail

Goldcorp Mexico sees Penasquito gold output soon - "Goldcorp Inc (G.TO: Quote, Profile, Research)(GG.N: Quote, Profile, Research) expects to start producing gold from its Penasquito mine in northern Mexico over the next two months, well ahead of schedule, the Canadian company's Mexico subsidiary said on Wednesday.

Goldcorp Mexico Vice President Salvador Garcia told Reuters at a Canadian Chamber of Commerce event that the company expects the Penasquito mine, in Zacatecas state, to produce at least 30,000 ounces of gold in 2008." More
- March 12, 2008 | Item | E-mail

Genco Announces Results From the Open Pit Creston Bulk Tonnage Target - More
- March 12, 2008 | Item | E-mail

High Desert Gold Corporation Expands Area of Gold Mineralization at the Canasta Dorada Property in Sonora, Mexico - More
- March 12, 2008 | Item | E-mail

Paladin eyes new mine projects, sets up market arm - More
- March 12, 2008 | Item | E-mail

Yorbeau Initiates an IP-Resistivity Ground Geophysical Survey at its Rouyn Gold Property, Quebec - More
- March 12, 2008 | Item | E-mail

Gold World Resources $900,000 Private Placement Filing Accepted - More
- March 12, 2008 | Item | E-mail

MDN Acquires New Property With High-Grade Gold Results in Northern Tanzania - More
- March 12, 2008 | Item | E-mail

Inspiration Intersects 0.803% Ni Over 36.38m or 119.36ft Containing 1.116% Ni Over 20.44m or 67.06ft (True Width) - More
- March 12, 2008 | Item | E-mail

Firstgold Closes Second Tranche of Previously Announced Financing - More
- March 12, 2008 | Item | E-mail

Rocmec Strikes Boucher Structure for Seventh Time and Intersects 52.01 g/t Over 61 cm - More
- March 12, 2008 | Item | E-mail

Metanor: Acquisition of New Properties Near Barry Deposit - More
- March 12, 2008 | Item | E-mail

Additional Large Copper-Zinc Intersections Cut by Abcourt Drilling on Aldermac Property - More
- March 12, 2008 | Item | E-mail

Centrasia Identifies Coincident Geophysical and Geochemical Anomalies on Uleeta Ni-PGM Prospect on Kola Peninsula - More
- March 12, 2008 | Item | E-mail

Klondike Silver Corp. Announces 2008 Exploration Program for the Stump Property - More
- March 12, 2008 | Item | E-mail

Happy Creek drills 10.35 metres of 1.545% copper at Rateria Property - More
- March 12, 2008 | Item | E-mail

Linux Gold Corp. Announces Drilling Program to Commence on its Fish Creek Property in Alaska - More
- March 12, 2008 | Item | E-mail

Goldstake Explorations Inc.-McGarry Gold-Diamond Project Update Mobilization of Drill: Focus Gold-Copper-Silver and Diamond Targets - More
- March 12, 2008 | Item | E-mail

Eagle Hill Prepares for Rapid Expansion - More
- March 12, 2008 | Item | E-mail

Creston announces adoption of Shareholder Rights Plan - More
- March 12, 2008 | Item | E-mail

Inmet Mining Confirms Ok Tedi Subject to Illegal Strike Action - More
- March 12, 2008 | Item | E-mail

Silver Shield Resources to Begin Trading as 'SSR' on the Venture Exchange; Project Update - More
- March 12, 2008 | Item | E-mail

Yukon-Nevada Gold Corp. reports the receipt of a Stop Order from NDEP - More
- March 12, 2008 | Item | E-mail

Minera Andes announces 113 meters of 1 percent copper in drilling at Los Azules project - More
- March 12, 2008 | Item | E-mail

Redstar Intersects High Grade Gold in Red Lake - More
- March 12, 2008 | Item | E-mail

Castillian Resources Continues to Expand the Las Aguilas East Nickel-Copper-Platinum-Palladium Deposit, Values of Greater Than 1 g/t Platinum - More
- March 12, 2008 | Item | E-mail

Goldrea Resources Corp.: Underground Development Heads for Ore at the Golden Rose Shaft; Stoping Is Expected to Begin Within a Month - More
- March 12, 2008 | Item | E-mail

Aurelio Reports Additional Gold Intercepts at MAN Area of Hill Copper-Zinc Project in Arizona - More
- March 12, 2008 | Item | E-mail

Nirek Evaluates a Multi-Mineral Property in Quebec and Announces a $20 Million Flow-Through Filing - More
- March 12, 2008 | Item | E-mail

Kinross sees growth prospects in Russia: CEO - "Canadian miner Kinross Gold (K.TO: Quote, Profile, Research) will continue to explore possibilities to expand its operations in Russia, Chief Executive Tye Burt said on Tuesday.

"I would say Russia has a very rich mineral endowment and if we can operate there with partnerships as successfully as we have, we will continue to make investments," said Burt, speaking at the Reuters Global Mining Summit in New York." More
- March 12, 2008 | Item | E-mail

Uranium Energy Corp Acquires Exclusive Rights to Historic Kerr-McGee Uranium Database - More
- March 12, 2008 | Item | E-mail

Energy Fuels Adds Utah Mining Permit to Growing Base of Assets - More
- March 12, 2008 | Item | E-mail

Rubicon Discovers New High-Grade Gold Zone at Phoenix Gold Project, Red Lake - "Rubicon Minerals Corp (RMX.TSX : RBY.AMEX) is pleased to announce that ongoing drill testing of priority targets at its 100% controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district, has led to the discovery of a new gold zone on the property, referred to as the "F2" zone." More
- March 12, 2008 | Item | E-mail

Oro Silver Intersects 6.1 g/t Gold and 49 g/t Silver Over 2.3 Metres; Confirms Potential of El Orito Vein at El Compas Mine - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) has received encouraging drill results at its wholly owned El Orito concession, located over 300 metres east of the El Compas mine. These results confirm a new vein discovery in an unexplored area and expand the potential for additional resource development at Oro Silver's El Compas property, Zacatecas, Mexico." More
- March 12, 2008 | Item | E-mail

SNS Silver Hires SRK Consulting - "SNS Silver Corporation ("SNS" or the "Company") (TSX VENTURE:SNS - News) is pleased to announce that it has engaged SRK Consulting (US), Inc. ("SRK") to provide an independent qualified person to develop a resource estimate compliant with National Instrument 43-101 for the discoveries made last summer at the Company's exploration project located at the historic Crescent Mine." More
- March 12, 2008 | Item | E-mail

Canyon Resources Encourages Shareholders to Vote - "Canyon Resources Corporation ("Canyon") (Amex: CAU - News), a Colorado based mining company, reminds its shareholders that at 9:00 a.m. MDT on March 13, 2008, it will reconvene the special meeting of shareholders to vote to approve the Agreement and Plan of Merger dated as of November 16, 2007, by and among Atna Resources Ltd. ("Atna"), a wholly owned subsidiary of Atna, and Canyon." More
- March 12, 2008 | Item | E-mail

Aurelian Intersects 168.93 Metres Grading 13.16 g/t of Gold and 144.05 Metres Grading 7.41 g/t Gold at FDN With Infill Drilling - "Aurelian Resources Inc. (Toronto:ARU.TO - News) today announced additional drill results from the Fruta Del Norte ("FDN") gold-silver deposit discovered in its Condor Project in southeastern Ecuador. The results are from infill holes in the central high grade part of the system on 50 m spaced sections." More
- March 12, 2008 | Item | E-mail

Minco Gold Announces Initial Resource Estimate for Changkeng Gold Project - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) is pleased to report the results of an initial resource estimate for the Changkeng Gold Project in Guangdong Province, China. The estimate contains an indicated resource of 2.1 million tonnes @ 5.61 g/t gold (Au) for a total of 379,000 oz Au and an inferred resource of 2.2 million tonnes @ 4.82 g/t Au for a total of 333,400 oz Au." More
- March 12, 2008 | Item | E-mail

Kimber completes C$6 million non-brokered private placement exploration drilling to commence April 2008 - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) is pleased to report the closing of their previously announced private placement. The transaction was over-subscribed and consisted of a total of 8,000,000 units at a price of C$0.75 for gross proceeds of C$6,000,000." More
- March 12, 2008 | Item | E-mail

Ivanhoe Mines Reports an Initial 760 Million Tonne Inferred Resource Estimate for the Heruga Copper, Gold and Molybdenum Deposit in Mongolia - "John Macken, President and CEO of Ivanhoe Mines Ltd. (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News), and Charles Forster, Ivanhoe's Senior Vice President of Exploration, Mongolia, today announced the first resource estimate made by Ivanhoe Mines on the Heruga copper, gold and molybdenum deposit in southern Mongolia. The Heruga Deposit adjoins the southern boundary of Ivanhoe Mines' Oyu Tolgoi copper and gold development project and lies within the Javkhlant license, which is part of the Entrï¿1/2e Gold-Ivanhoe Mines joint-venture agreement area." More
- March 12, 2008 | Item | E-mail

Entree Announces 8 Billion Pound Copper and 13 Million Ounce Gold Inferred Resource at Heruga - "Entree Gold Inc. (Toronto:ETG.TO - News)(AMEX:EGI - News)(Frankfurt:EKA.F - News) ("Entree" or the "Company") has received the first resource estimate prepared for the Heruga copper, gold, and molybdenum deposit. Heruga is estimated to contain an inferred resource of 760 million tonnes grading 0.48% copper, 0.55 grams per tonne ("g/t") gold and 142 parts per million ("ppm") molybdenum for a copper equivalent(i) grade of 0.91%, using a 0.60% copper equivalent(i) cut-off grade, see Table 1 below." More
- March 12, 2008 | Item | E-mail

Nuestra Senora Main Zone Increases In Size With Underground Drilling Reporting 988 g/t Ag, 11.06% Zn, 2.36% Cu, 8.63% Pb and 0.729 g/t Au Over 1.90 Meters - "Scorpio Mining Corporation (TSX:SPM - News) is pleased to report additional underground drill results targeting the main zone of the Nuestra Senora deposit from the 11th, 10th, 9th, 8th and 6th Levels of the Nuestra Senora ramp at its 100% owned Nuestra Senora project, Sinaloa State, Mexico." More
- March 12, 2008 | Item | E-mail

Coeur Announces Proposed Offering of $150 Million of Convertible Senior Notes - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) announced today that it intends to offer $150 million in aggregate principal amount of convertible senior unsecured notes under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission." More
- March 12, 2008 | Item | E-mail

Barrick Delays Mine Work As Tax Dispute Continues - "Barrick Gold Corp.'s plans to start construction of the $2.4 billion Pascua-Lama gold-mine project remain on hold as Argentine and Chilean tax authorities failed again Friday to reach an agreement regarding tax sharing for cross-border mine projects." More
- March 12, 2008 | Item | E-mail

Ivanhoe reports first Heruga copper, gold estimate - "Ivanhoe Mines Ltd (IVN.TO: Quote, Profile, Research) said on Wednesday its first estimate for the Heruga Deposit in southern Mongolia is for least 8 billion pounds of copper and 13.4 million ounces of gold.

The initial estimate for the copper, gold and molybdenum deposit, on the southern boundary of Ivanhoe's Oyu Tolgoi copper and gold project, showed a 760-million tonne inferred resource grading 0.48 percent copper and 0.55 grams per tonne of gold using a 0.60 percent copper equivalent cut-off grade." More
- March 12, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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