Gold Seeker Closing Report: Gold and Silver Fall About 2%

	Close	Gain/Loss
Gold	$903.90	-$22.25
Silver	$12.37	-$0.225
XAU	119.72	-3.46%
HUI	289.32	-3.59%
GDM	905.53	-3.50%
JSE Gold	2615.28	-18.08
USD	86.00	+0.11
Euro	128.51	+0.33
Yen	111.70	+0.50
Oil	$40.08	-$1.60
10-Year	2.719%	-0.125
T-Bond	128.765625	+2.0625
Dow	7936.75	-0.80%
Nasdaq	1494.43	+1.22%
S&P	825.43	-0.05%

Gold fell as much as $25.07 to $901.08 in Asia before it rebounded to see a loss of just $5.15 at $921.00 by about 10AM EST in New York, but it then fell back off into the close and ended not far from that earlier low with a loss of 2.4%. Silver dropped to as low as $12.195 at about 8AM EST before it rose to almost unchanged at $12.577 by about noon EST, but it also fell back off into the close and ended with a loss of 1.8%.

Euro gold fell to about €703, platinum lost $14 to $969, and copper fell nearly 4 cents to about $1.42.

Gold and silver equities fell about 5% by early afternoon, but they then rebounded slightly in the last couple of hours of trade and ended with only a little over 3% loses.

Report	For	Reading	Expected	Previous
Personal Income	Dec	-0.2%	-0.4%	-0.4%
Personal Spending	Dec	-1.0%	-0.9%	-0.8%
Construction Spending	Dec	-1.4%	-1.2%	-1.2%
ISM Index	Jan	35.6	32.5	32.9

Tomorrow at 10AM EST is the Pending Home Sales report for December expected at 0.0%.

Oil fell back near $40 on continued worries over poor demand due to a weak economy.

The U.S. dollar index and treasuries rose while the Dow and S&P fell on worries over the need for more substantial jobs cuts, but the Nasdaq ended with a decent gain on hopes that the technology sector will lead a rebound in the economy.

Among the big names making news in the market today were Macy’s, Mattel, Honda, Ford, Eastbourne, and Renew Energy.

“April Gold closed down 21.2 at 907.2. This was 0.7 up from the low and 13 off the high.

March Silver finished down 0.15 at 12.415, 0.115 off the high and 0.065 up from the low.

The gold market mostly forged an inside day range on Monday but at times the April contract was able to peak out below the prior session's lows. It certainly seemed like the better than expected US ISM readings tamped down flight to quality interest and in turn applied some additional pressure to gold prices. Some players suggested that gold was pressured by a combination of contract roll over action while others pointed to the early morning news of higher Russian gold production as the source of the selling interest. In the end seeing a better than expected ISM reading and seeing the US equity market return to unchanged on the day would seem to be cause for long liquidation of gold but at the same time the Dollar also gave up its early gains and that might have provided a measure of support to gold.

The silver market spent a lot of time within the prior session's trading range, but for a brief time in the morning action, March silver actually probed below the Friday lows before managing a weak recovery bounce. With all the metals markets showing weakness on Monday and the outlook for the economy remaining suspect it is possible that part of the weakness in the silver market on Monday was the result of lingering deflationary fears. In fact, with weakness in grain prices, energy prices and the US equity market, deflation was certainly a more plausible argument than inflation in the first trading session of the new week.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.06 tonnes.

Central Sun’s (SMC) accepted offer from B2Gold (BTO.TO), Claude’s (CGR) drill results, Rubicon’s (RBY) permits, Exeter’s (XRA) drill results, Kimber’s (KBX) granted options, Rusoro’s (RML.V) application to cease trade Gold Reserve's (GRZ) shareholders rights plan, and MAG Silver’s (MVG) suspended formal valuation process 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.

Darnley Bay Resources Issued Prospecting Permits - More
- February 02, 2009 | Item | E-mail

Detour Gold Adds to its Mine Development Team at Detour Lake - More
- February 02, 2009 | Item | E-mail

Supreme Court of Canada Rejects Ungava Minerals' Application re $50,500,000 Law Suit Against Canadian Royalties' Directors Bruce Durham and Glenn Mullan - More
- February 02, 2009 | Item | E-mail

Community open house meetings for EIA process commence - More
- February 02, 2009 | Item | E-mail

PDX Resources Advised of Additions to Detour Gold's Mine Development Team at Detour Lake - More
- February 02, 2009 | Item | E-mail

Goldcorp Declares Second Monthly Dividend Payment for 2009 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its second monthly dividend payment for 2009 of $0.015 per share. Shareholders of record at the close of business on Thursday, February 12, 2009 will be entitled to receive payment of this dividend on Friday, February 20, 2009. Goldcorp has paid a monthly dividend to its shareholders since 2003. Canadian resident individuals who receive dividends from Goldcorp after 2005 are entitled to an enhanced gross-up and dividend tax credit on such dividends." More
- February 02, 2009 | Item | E-mail

Houston Lake Mining Updates Exploration on the West Cedartree Gold Project - More
- February 02, 2009 | Item | E-mail

Harte Gold Shareholders Vote Overwhelmingly for New Shareholder-Nominated Board - More
- February 02, 2009 | Item | E-mail

Century Mining to sell $66 mln gold-based financing - More
- February 02, 2009 | Item | E-mail

GWR Closes $470,000 Private Placement - More
- February 02, 2009 | Item | E-mail

Adventure Gold Private Placement Offering - More
- February 02, 2009 | Item | E-mail

Azteca Update at Two Mile: DDH-006 Intersecting Stock-Works - More
- February 02, 2009 | Item | E-mail

Labrador Iron Mines appoints Vice President Investor Relations - More
- February 02, 2009 | Item | E-mail

Century to sell $66 million gold-based financing to fund Lamaque mine and improve company's financial position - More
- February 02, 2009 | Item | E-mail

Sierra Minerals Inc.: Strategic Initiatives Continue to Drive Shareholder Value - More
- February 02, 2009 | Item | E-mail

Helio reports excellent drill results from the Kenge Target - Mbenge Zone, SMP Gold Project, Tanzania - More
- February 02, 2009 | Item | E-mail

Golden Band Resources - Bingo exploration update - More
- February 02, 2009 | Item | E-mail

Firstgold Corp. Begins Leaching at Relief Canyon Mine - More
- February 02, 2009 | Item | E-mail

MAX intercepts 50 feet of 0.1212% Mo, 100 feet of 0.0712% Mo at Gold Hill molybdenum/copper/gold project in Alaska - More
- February 02, 2009 | Item | E-mail

GoldSpring Announces Appointment of Mining Industry Executive as Independent Director - More
- February 02, 2009 | Item | E-mail

Mengold Reports on Diamond Drill Program at Goldcreek - More
- February 02, 2009 | Item | E-mail

Minera Andes Continuous Disclosure review - More
- February 02, 2009 | Item | E-mail

High River Gold Provides Update on Operations - More
- February 02, 2009 | Item | E-mail

Melkior: Exploration Results and 2009 Plans - More
- February 02, 2009 | Item | E-mail

Rusoro Applies for Order to Terminate Gold Reserve Poison Pill - "Rusoro Mining Ltd. (CDNX:RML.V - News) ("Rusoro" or the "Company") announced today that in connection with its takeover bid (the "Bid") for Gold Reserve Inc. ("Gold Reserve") it has applied for an order from the Ontario Securities Commission ("OSC") to cease trade Gold Reserve's shareholders rights plan (more commonly known as a "poison pill"). The OSC is expected to set a hearing date shortly." More
- February 02, 2009 | Item | E-mail

Desert Gold Ventures Inc.: Initial Main Zone Drilling Program Completed, Goldbanks Project; Pershing County, Nevada - More
- February 02, 2009 | Item | E-mail

Gold Hawk to get new funds, repay existing debt - More
- February 02, 2009 | Item | E-mail

Canasia Industries Corporation: Drill Permits Granted by Manitoba Government for Reed Lake Prospect - More
- February 02, 2009 | Item | E-mail

Ivernia Announces Final Government Approval for Magellan Sealed Shipments Through the Port of Fremantle - More
- February 02, 2009 | Item | E-mail

Central Sun accepts B2Gold's C$66.8 mln takeover offer - "Central Sun Mining Inc (CSM.TO) said it agreed to be bought by B2Gold Corp (BTO.TO) in a stock deal, which currently values the gold producer at C$66.8 million ($54.13 million).

Last Tuesday, B2Gold had offered 1.28 of its shares for each Central Sun share, valuing the deal between C$40 million and C$45 million and topping a previous offer from Linear Gold Corp (LRR.TO)." More
- February 02, 2009 | Item | E-mail

Dumont completes additional interim financing for Alberta polymetallic black shale projects - More
- February 02, 2009 | Item | E-mail

ROCA Team Presented with E.A. Scholz Award - More
- February 02, 2009 | Item | E-mail

Management changes at Polar Star - Adam Rochacewich named Interim President - More
- February 02, 2009 | Item | E-mail

Solitaire Minerals Corp. Extraordinary General Meeting - More
- February 02, 2009 | Item | E-mail

African Gold Group, Inc.: Private Placement of 26,621,000 Units for Gross Proceeds of $1,331,050.00 - More
- February 02, 2009 | Item | E-mail

Claude Resources Inc. Intercepts 30.6 grams of gold per Tonne (Cut) Over 2.5 Meters True Width - "These results being reported today extend the high grade gold mineralization at Seabee Deep and represent a very positive start to our 2009 exploration programs at our Seabee and Madsen properties. In addition, the close proximity of this discovery to existing development means that it will positively impact head grade delivered to our central milling facility at the Seabee Mining Camp during 2009." More
- February 02, 2009 | Item | E-mail

Uranium provides a rare bright light for Rio Tinto - More
- February 02, 2009 | Item | E-mail

Rusoro seeks termination of Gold Reserve's poison pill - "Gold producer Rusoro Mining Ltd (RML.V), which is seeking to buy Gold Reserve Inc (GRZ.TO), applied for an order from the Ontario Securities Commission (OSC) to terminate Gold Reserve's shareholder rights plan, a provision that makes hostile takeovers difficult." More
- February 02, 2009 | Item | E-mail

Rubicon Receives Permits to Commence Phoenix Shaft Dewatering and Rehabilitation; Closure Plan Filed for Underground Advanced Exploration Program - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE Alternext US) is pleased to announce that it has received all of the necessary permits and has provided notice to required government agencies that it will commence dewatering and subsequent rehabilitation of the Phoenix shaft (collectively referred to as Phase I work) during the week of February 2, 2009. It is estimated that Phase I dewatering and rehabilitation will take approximately 40 days to complete. Work is being carried out by J.P.Whelan Mining Contractors of Kirkland Lake, Ontario." More
- February 02, 2009 | Item | E-mail

Exeter Resource Corporation: Drilling at Caspiche Returns Excellent Gold Grades-System Remains Open - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that drilling at its Caspiche project in Chile has further extended the porphyry system to the southwest, returning 488 metres (1,601 feet) at a grade of 1.30 grams per tonne gold (0.038 ounces per ton) and 0.44% copper, in drill hole CSD032. This intercept is part of a 930 metre (3,051 feet) interval that assayed 0.89 grams per tonne gold (0.026 ounces per ton) and 0.31% copper. Importantly the mineralization continues further down hole, with assays awaited for the remaining interval of 342 metres (1,122 feet), from a down hole depth of 1,025 metres (3,362 feet)." More
- February 02, 2009 | Item | E-mail

Kimber announces grant of options - "Kimber Resources Inc. (NYSE Alternext:KBX, TSX:KBR) announces that the Company has granted 945,000 options to directors and officers, 340,000 options to staff and 85,000 options to certain consultants of the Company at an exercise price of C$0.65, the closing price on the TSX on the day preceding the date of the grant. Options represent an important component of Kimber's compensation program, aimed at attracting and retaining important contributors to Kimber's growth objectives." More
- February 02, 2009 | Item | E-mail

B2Gold and Central Sun Sign Binding Agreement - "B2Gold Corp. (Toronto:BTO.TO - News) ("B2Gold" or the "Company") and Central Sun Mining Inc. (Toronto:CSM.TO - News)(AMEX:SMC - News) ("Central Sun" or "CSM") announce that they have signed a binding agreement (the "B2Gold Transaction") to combine the two companies at the agreed exchange ratio of 1.28 B2Gold shares per Central Sun share, which represented a purchase price of approximately Cdn$0.65 per Central Sun share using closing share prices on January 26, 2009 and represented a 45% premium over the CSM closing price on January 26, 2009. Based on the January 30, 2009 closing price of B2Gold on the TSX of Cdn$0.83 per share, the transaction was valued at approximately Cdn$1.06 per CSM share for a total transaction value of Cdn$66.8 million." More
- February 02, 2009 | Item | E-mail

MAG says suspends formal valuation - "The board of Canada's MAG Silver Corp (MAG.TO) (MVG.A) suspended a formal valuation it initiated after a takeover bid by Mexico's Fresnillo Plc (FRES.L), saying the bidder had not provided it with critical information.

An independent committee of MAG's board suspended the process as it believed a proper valuation cannot be completed without critical information that only Fresnillo has, it said on Sunday." More
- February 02, 2009 | Item | E-mail

MAG Silver Independent Committee Suspends Formal Valuation Process After Insider Refuses to Provide Relevant Information - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) announced today that its Independent Committee of the Board of Directors has suspended the formal valuation of MAG's securities being prepared under its supervision by the independent valuator (the "Valuator"). The valuation is being prepared in connection with a takeover bid for MAG proposed by insider Fresbal Investments, Ltd. (a wholly-owned subsidiary of Fresnillo plc)." More
- February 02, 2009 | Item | E-mail

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