Gold Seeker Closing Report: Gold and Silver End Near Unchanged Before Fed, Fall Over 2% After

	Close	Gain/Loss
Gold	$1003.70	+$1.65
Silver	$19.88	-$0.34
XAU	192.97	-3.63%
HUI	481.11	-4.87%
GDM	1447.08	-4.63%
JSE Gold	2711.28	-95.30
USD	71.76	+0.32
Euro	157.73	+0.51
Yen	101.82	-1.05
Oil	$109.42	+$3.74
10-Year	3.451%	+0.137
T-Bond	120.640625	-0.84375
Dow	12392.66	+3.51%
Nasdaq	2268.26	+4.19%
S&P	1330.74	+4.24%

Gold fell to $997.50 by late trade in Asia before it rose about 1% to as high as $1012.40 in early New York trade and then fell back off into the close, but it still ended with a small gain of 0.16% at a new record closing high. Gold has since sold off in after hours access trade in response to the fed’s policy statement and at the time of writing (4PM EST) is trading with a loss of over 2%.

Silver rose to $20.423 and fell to $19.84 before it closed out COMEX trade with a loss of 1.7%, but it has also sold off over 2% in after hours access trade.

Euro gold fell to about €635, platinum lost $20 to $1990, and copper gained nearly 6 cents to about $3.77.

Gold and silver equities traded just slightly lower in morning trade, but they then steadily sold off after the fed’s statement and ended with roughly 4% losses.

Report	For	Reading	Expected	Previous
PPI	Feb	0.3%	0.3%	1.0%
Core PPI	Feb	0.5%	0.2%	0.4%
Housing Starts	Feb	1065K	995K	1071K
Building Permits	Feb	978K	1020K	1061K

The federal reserve cut the fed funds rate by 75 basis points to 2.25% and cut the discount rate by 75 basis points to 2.5%. They noted that inflation has been elevated and uncertainty over the inflation outlook has increased, but they also expect it to moderate over coming quarters. They also stated that financial markets remain under considerable stress and downside risks to growth still remain. Basically it seems that the fed is more concerned than before about both slowing economic growth and rising inflation, but they allocated a large paragraph in their statement to inflation and inflation expectations that was not there before and this likely led them to cut by just 75 basis points rather than the widely expected cut of 100 basis points. They did however also leave the door open for more cuts at future meetings, scheduled or otherwise. The FOMC voted 8-2 in favor of the decision with Plosser and Fisher dissenting and calling for a smaller cut due to inflation concerns. Text of FOMC statement There are no major economic reports scheduled tomorrow.

Oil surged back over $3 higher today after yesterday’s huge loss of $4.53 as recession worries eased and brought demand expectations higher from yesterday’s gloomy outlook.

The U.S. dollar index rose markedly after the fed cut rates by only 75 basis points.

Treasuries fell before the fed’s announcement after yesterday’s large gains and they fell even more after the fed’s announcement that cut rates by just 75 basis points rather than the 100 basis points widely expected in the bond pits.

The Dow rallied as much as 300 points in morning trade and the Nasdaq and S&P followed suit on better than expected earnings reports from Lehman Brothers and Goldman Sachs that eased the financial worries raised over Bear Stearns the past week. All three indices initially pared their gains following the fed’s statement, but they soon rose to new highs on the day and ended with over 3% gains.

Among the big names making news in the market today were Yahoo and Microsoft, Lehman Brothers, Goldman Sachs, Delta Air Lines, Visa, and Exxon Mobil.

“April Gold finished up 1.7 at 1004.3, 8.7 off the high and 3.3 up from the low.

May Silver closed down 0.34 at 19.96. This was 0.01 up from the low and 0.54 off the high.

The gold market showed initial strength in the wake of a relief rally in the US equity market, as the trade seemingly moderated its fears of too much slowing in the wake of the early stock market action. However, the gold market seemed to fade as the session progressed and clearly gold appeared to be disappointed in the magnitude of the US Fed's rate cut but the real aggressive selling in gold came in close proximity to another pulse up in equity prices. Not surprisingly the Fed remained concerned about the ongoing threat of inflation and that could have supported the gold market, but instead gold weakened. Perhaps the gold market was being undermined by ideas that lower interest rates were at least temporarily poised to reduce the amount of financial market uncertainty facing the markets. It goes without saying that the bounce in the Dollar in the wake of the FOMC decision served to add to the selling pressure in the gold market on Tuesday afternoon.

The silver market saw some initial support from the gains in gold, copper and platinum. However, the silver market was the first metals market to turn negative on the session before the FOMC result really turned up the selling pressure. News of increased scrap supply flow onto the world market combined with some general long profit taking seemed to undermine and add to the downside tilt. While the silver market hasn't paid that much attention to the physical supply flow news lately, the fact that gold came under pressure and the Dollar bounced might have forced the market to embrace some of the classically negative fundamental developments.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 10.43 tonnes to a new record high holding and the JSE added 0.24 tonnes.

Note: Change in Total Tonnes from yesterday’s data: 0.31 tonnes were added to the trust.

Note: Change in Total Tonnes from yesterday’s data: 77.05 tonnes were added to the trust.

Power cut threats in South Africa, Almaden’s (AAU) drilling, Keegan’s (KGN) drilling, Paramount’s (PZG) assay results, Exeter’s (XRA) drill results, IAMGOLD’s (IAG) drill results, Coeur’s (CDE) exercised over-allotment option, Fury’s (FUR.V) warrant exercise, and Scorpio’s (SPM.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.

CanAm Uranium Announces Airborne Survey Results and Interpretation - More
- March 18, 2008 | Item | E-mail

Drilling Underway at the ATW Diamond Project, Canada - "Almaden Minerals Ltd. ("Almaden", "the Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that a sonic, overburden drill program is now underway on the Company's ATW diamond project, North West Territories ("NWT"), Canada. Almaden and Williams Creek Explorations Ltd. ("Williams Creek") each own an approximately 41 1/2% interest in the project." More
- March 18, 2008 | Item | E-mail

Laurion announces drill targets identified from recently completed geophysical surveys on both the Lydian and German properties, Timmins, Ontario. - More
- March 18, 2008 | Item | E-mail

Marifil Mines Clarifies Last News Release - More
- March 18, 2008 | Item | E-mail

Wesdome Gold Mines Ltd. - Wesdome announces 2007 year end reserves and resources - More
- March 18, 2008 | Item | E-mail

Eoin Rothery appointed director of Pebble Creek - More
- March 18, 2008 | Item | E-mail

Nithi Mountain Metallurgical Program - More
- March 18, 2008 | Item | E-mail

Legacy Mining Ltd. Clarifies Disclosure - More
- March 18, 2008 | Item | E-mail

U. S. Precious Metals Board Members Visit La Sabila Project - More
- March 18, 2008 | Item | E-mail

Threat recedes of power cut to S.Africa's mines - "The threat of a power cut to South Africa's vital gold and platinum mines receded on Tuesday when the state electricity firm Eskom repaired two generators.

Global platinum prices had earlier risen because of the possibility of new cuts in the world's top producer. South Africa is also the second-biggest miner of gold after China." More
- March 18, 2008 | Item | E-mail

Drill Results Confirm Discovery of New Wide Zone of Tungsten-Molybdenum Mineralization on First Narrows' Falls Creek Property - More
- March 18, 2008 | Item | E-mail

Noront Comments on Trading Halt - More
- March 18, 2008 | Item | E-mail

Glass Earth Gold Limited: Financial Statements and Management's Discussion & Analysis for the Year Ended 31 December 2007 - More
- March 18, 2008 | Item | E-mail

Normabec: Drilling at Pitt Gold Intersects 10.43 g/t Au Over 3.0 Meters and 11.11 g/t Au Over 1.8 M - More
- March 18, 2008 | Item | E-mail

Carlisle Adds Second Drill to MacLellan Program - More
- March 18, 2008 | Item | E-mail

Garrison International Ltd. Announces Private Placement of Common Share Units - More
- March 18, 2008 | Item | E-mail

Carl Renzoni joins Copper Mountain Board - More
- March 18, 2008 | Item | E-mail

Tara Gold Finds New High Grade Veins and Expands Bulk-Tonnage Gold-Silver Target in Its San Miguel Project - More
- March 18, 2008 | Item | E-mail

Eaglecrest Begins Drilling on Third Gold Shoot at San Simon - More
- March 18, 2008 | Item | E-mail

African Gold Group, Inc. Diamond Drilling Set to Test Multiple Structures Parallel to and Contiguous With Keegan's Esaase, Ghana Concession; Kobada, Mali Update - More
- March 18, 2008 | Item | E-mail

Creston Moly Corp.: M3 Engineering & Technology Corporation Engaged for El Creston Molybdenum Deposit, Mexico - More
- March 18, 2008 | Item | E-mail

Phoenix Matachewan Mines Inc.: Line Cutting Starts at Barville - More
- March 18, 2008 | Item | E-mail

James Wallace Appointed to the FNX Board - More
- March 18, 2008 | Item | E-mail

Constellation Copper Corporation - 2007 Year End Financial Results - More
- March 18, 2008 | Item | E-mail

Wave Uranium Begins Field Work On Arizona Properties - More
- March 18, 2008 | Item | E-mail

Strateco Confirms the Discovery of a Major Mineralized Zone on its Matoush Uranium Project - More
- March 18, 2008 | Item | E-mail

Bellhaven Copper & Gold Receives Second Cash Installment of USD $500,000 for Cerro Chorcha Joint Venture with Dominion Minerals Corp. - More
- March 18, 2008 | Item | E-mail

Virgin Metals Announces Closing of $1.9 Million Private Placement - More
- March 18, 2008 | Item | E-mail

Osisko Intersects 107m Averaging 1.47 G/T Au at Depth in Norrie Zone - More
- March 18, 2008 | Item | E-mail

General Metals Reports Final 2007 Drill Results and Intersects 175 Foot (True Width) Zone of Oxide Mineralization Grading 0.048 Ounces per Ton Gold Equivalent - More
- March 18, 2008 | Item | E-mail

Kinbauri Gold Drills 27.9m Grading 5.4g Au/t, 14.5g Ag/t and 0.8% Cu, Including 3.5m of 18.3g Au/t, 46.0g Ag/t and 1.6% Cu - More
- March 18, 2008 | Item | E-mail

Vantex Resources Ltd.: Acquisition of the Santa Anna Gold Deposit - More
- March 18, 2008 | Item | E-mail

Anglo Swiss Resources Announces Plans for 2008 Exploration Due to Positive Results From Its 2007 Phase One Drill Program - More
- March 18, 2008 | Item | E-mail

Colorado Goldfields Inc. Purchases Underground Mining Equipment - More
- March 18, 2008 | Item | E-mail

Nirek Signs Letter of Intent to Acquire Sarah Lake Multi-Mineral Deposit of 20 Plus Million Tonnes Estimated - More
- March 18, 2008 | Item | E-mail

Coeur d'Alene Mines Corporation Announces Exercise of Over-Allotment Option for Convertible Senior Notes - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) announced today that the underwriters have elected to exercise their over-allotment option in full, increasing the aggregate principal amount of 3.25% Senior Convertible Notes due 2028 from $200 million to $230 million." More
- March 18, 2008 | Item | E-mail

Fission Energy Closes Private Placement Financing with Korean Consortium Pursuant to Waterbury Lake Agreement - More
- March 18, 2008 | Item | E-mail

Ucore Uranium Inc.: Hole 1 at Bokan Returns 50 Metres Grading 0.47% U3O8 - More
- March 18, 2008 | Item | E-mail

RPT Uranium Corp. Commences Sibley Basin Drill Program - More
- March 18, 2008 | Item | E-mail

Fury Receives C$3,237,000 on Exercise of Warrants - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) reports that 5,395,000 common share purchase warrants with an expiry of March 13, 2008 have been exercised for gross proceeds of C$3,237,000. A total of 78% of the warrants from the maturing tranche were exercised." More
- March 18, 2008 | Item | E-mail

Keegan Commences Drilling at Asumura Gold Project - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce that drilling has commenced at the Asumura gold project. The goal of this drill program will be to conduct an initial drill test of the NW and Bia targets. The NW target is currently 5.5km long and contains several zones of greater than 50 ppb gold in soil samples and up to 4911 ppb gold in augur samples." More
- March 18, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Finds New High Grade Veins and Expands Bulk- Tonnage Gold-Silver Target in its San Miguel Project - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News) (AMEX:PZG - News) (Frankfurt:P6G.F - News) (WKN: A0HGKQ) is pleased to announce that it has received the assay results from eleven drill holes (SC-01 to SC-11) in the Montecristo Zone. This Zone is located in the north eastern part of the San Miguel project in the Guazapares Mining District, Mexico. The Montecristo Zone lies 2.7 kilometers east of the newly discovered 'Clavo 99' in the San Miguel Zone (see press release dated February 29, 2008)." More
- March 18, 2008 | Item | E-mail

Threat recedes of power cut to S.Africa mines - "The threat of a power cut to South Africa's vital gold and platinum mines receded on Tuesday when the state electricity firm Eskom repaired two generators.

Global platinum prices had earlier risen because of the possibility of new cuts in the world's top producer. South Africa is also the second-biggest miner of gold after China." More
- March 18, 2008 | Item | E-mail

Exeter Resource Corporation: New Drilling Confirms Two Silver Discoveries at Cerro Moro, Argentina - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that results from extension drilling on the Gabriela and Patricia veins at its Cerro Moro project in Santa Cruz Province, Argentina have confirmed that the veins are high grade silver discoveries." More
- March 18, 2008 | Item | E-mail

IAMGOLD Advances Pre-Feasibility at Quimsacocha - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce drill results from its wholly owned Quimsacocha project in southwest Ecuador. These results are part of the US$5.7 million exploration and development program carried out throughout 2007, and comprise part of the work required for the completion of pre-feasibility study expected in June 2008." More
- March 18, 2008 | Item | E-mail

Santa Teresa Extension Continues to Produce High-Grade Results with 3.10 metres Grading 1,496 g/t Ag, 36.62% Zn, 2.88% Cu - "Due to its proximity to current underground development, good widths, and higher grades, the Santa Teresa Extension Zone has quickly moved up our medium-term mine planning schedule, as it could have a significant impact on providing higher-grade feed to the mill facility. The zone appears to be strongly enriched in mineralization proximal to the Sept 9 Zone, which is now interpreted as a possible mineralized feeder conduit for the Hoag, Santa Teresa and Nuestra Senora mineralized zones." More
- March 18, 2008 | Item | E-mail

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