Gold Seeker Closing Report: Gold and Silver Fall Slightly While Stocks Test Lows

	Close	Gain/Loss
Gold	$974.65	-$2.45
Silver	$13.985	-$0.33
XAU	127.87	-4.62%
HUI	310.10	-4.29%
GDM	979.22	-4.64%
JSE Gold	2860.44	-10.69
USD	87.58	-0.42
Euro	126.65	+1.22
Yen	106.05	-0.60
Oil	$39.48	+$4.86
10-Year	2.857%	+0.129
T-Bond	126.265625	-2.390625
Dow	7465.95	-1.19%
Nasdaq	1442.82	-1.71%
S&P	778.94	-1.20%

Gold fell as much as $9 to $968.10 by late trade in Asia before it rose in London to see a gain of $5.85 at $982.95 by about 8:30AM EST, but it then mostly chopped back lower in New York and ended with a slight loss of 0.25%. Silver saw slight gains in Asia, but it then fell back off for most of trade in London and New York and ended near its low of $13.86 with a loss of 2.3%.

Euro gold fell to about €768, platinum lost $20.50 to $1069, and copper rose a few cents to about $1.47.

Report	For	Reading	Expected	Previous
Initial Claims	2/14	627K	620K	627K
PPI	Jan	0.8%	0.3%	-1.9%
Core PPI	Jan	0.4%	0.1%	0.2%
Leading Indicators	Jan	0.4%	0.1%	0.2%
Philadelphia Fed	Feb	-41.3	-25.0	-24.3

Total benefit rolls surged by 170,000 in the week ended Feb. 7, the Labor Department reported today in Washington. First-time applications for unemployment benefits were unchanged at 627,000 last week, higher than economists projected.”

Tomorrow at 8:30AM EST brings CPI for January expected at 0.3% and Core CPI expected at 0.1%.

Oil soared over 14% higher as oil inventories surprisingly fell 200,000 barrels, gasoline inventories rose a smaller than expected 1.1 million barrels, and distillates fell 800,000 barrels.

The U.S. dollar index fell as the euro rebounded on hopes that Europe is not as bad off as previously thought as it appeared that the relatively strong economy of Germany may announce plans to help out some of its neighbors. “Chancellor Angela Merkel said on Thursday Germany stood ready to help eastern European countries in financial difficulty, primarily via the IMF, but declined to speculate about coming to the aid of fellow euro-zone countries.”

Treasuries fell on reinforced worries about the market’s ability to absorb upcoming supply as the higher than expected PPI reading suggested higher yields may be needed to entice buyers in next week’s note auctions.

The Dow and S&P fell over 1% on more banking/economic worries and are testing their previous intraday/closing lows from November 20^th and 21^st 2008 of 7449.38/7552.29 for the Dow and 741.02/752.44 for the S&P. The Dow made a new intraday low of 7447.71 and a new closing low of 7465.95 while the S&P only fell to as low as 777.03 today. The Nasdaq so far is still trading comfortably above its lows of 1295.48/1316.12 with its close today at 1442.82. Should these levels be decisively broken to the downside then more substantial losses could be imminent as they mark the lowest levels for these indices since late 2002. However if these levels hold then they could serve as launching points for a new leg up. Many technicians are watching theses levels very, very closely.

Among the big names making news in the market today were Nestle, Avon, CVS Caremark, UBS, and Sprint.

“April Gold closed down 1.7 at 976.5. This was 2.7 up from the low and 6.5 off the high.

March Silver finished down 0.355 at 13.935, 0.01 off the high and 0.01 up from the low.

After some early volatility, trading in gold turned fairly subdued for most of the session with prices chopping around either side of unchanged. It seemed as if the gold market was suffering from some technical profit taking as a down turn in the Dow, more bad news on the jobs front and a higher PPI reading couldn't seem to trigger any sustained flight to quality buying. Apparently seeing gold at seven month highs has inspired some investors to book profits. But sentiment still appears to be strong and robust physical demand for gold provided strong buying support on price dips helping to limit losses. A sharp rally in oil prices and sustained weakness in the dollar may have also provided a certain degree of cushion for gold prices.

The silver market broke sharply and even fell below a key chart point which seemed to add to the selling pressure. Seeing silver prices back at the highest level since August also prompted profit taking in an overbought market. A weaker Dollar and the S&P market holding its own seemed to dampen the safe haven appeal of silver seen in the previous session's trade. The sharp sell off in silver may have also been tied to this week's economic news the majority of which supports a weakening economy just ahead which could be damaging silver's status as a quasi industrial metal. It was surprising that silver failed to garner any support from the sharp early gains in copper and that also suggests this market was trading off of technical signals.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR added 15.29 tonnes to a new record high holding and the LSE added 0.18 tonnes.

Note: Change in Total Tonnes from yesterday’s data: 214.71 tonnes were added to the trust to a new record high holding.

Yamana’s (AUY) production, Apollo Gold’s (AGT) convertible debenture amendments, Goldcorp’s (GG) gold production and earnings, Lihir’s updated reserves and resources and financial results, Newmont’s (NEM) fourth quarter and year end results, Rusoro’s (RML.V) dead bid for Gold Reserve (GRZ), Silver Standard’s (SSRI) base shelf prospectus, International Minerals’ (IMZ.TO) updated costs, Silver Wheaton’s (SLW) fourth quarter and year end results, and Pan American’s (PAAS) fourth quarter and year end 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.

Orex Exploration Inc.: New Resources Estimates Commissioned; Update on Private Placement - More
- February 19, 2009 | Item | E-mail

Rusoro says Gold Reserve deal dead, despite appeal - "Rusoro Mining (RML.V) won't make another bid for Gold Reserve (GRZ.TO), despite Rusoro's appeal of a court decision that derailed its earlier all-stock offer for the company.

"The bid, as far as we're concerned, is now dead," Rusoro Chief Executive George Salamis told Reuters." More
- February 19, 2009 | Item | E-mail

Silver Standard Files Final Base Shelf Prospectus - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) has filed a final short form base shelf prospectus with the securities commissions in each of the provinces of Canada, other than Quebec, and a corresponding amended registration statement with the United States Securities and Exchange Commission under the U.S.-Canada multi-jurisdictional disclosure system. These filings will allow the company to make offerings of common shares with an aggregate initial offering price of up to US$150 million during the next 25 months to potential purchasers in each of the provinces of Canada, other than Quebec, and the United States." More
- February 19, 2009 | Item | E-mail

Carmax Fulfills Earn-In Commitment - More
- February 19, 2009 | Item | E-mail

New Island Resources Inc.: Response to Anaconda's Press Release of February 18, 2009 - More
- February 19, 2009 | Item | E-mail

Shoshone Silver/Kimberly Gold Merger "Fairness Hearing" Report and Other Company News - More
- February 19, 2009 | Item | E-mail

Tiomin Resources and Cadiscor Resources will not Proceed with Proposed Business Combination - More
- February 19, 2009 | Item | E-mail

Skyline Gold Announces Positive Results From Bronson Slope Gold-Copper-Silver Deposit Preliminary Assessment Report - More
- February 19, 2009 | Item | E-mail

Cadiscor Resources Will not Proceed With the Proposed Business Combination With Tiomin Resources - More
- February 19, 2009 | Item | E-mail

Newmont, Goldcorp profits top view - "U.S. gold miner Newmont Mining (NEM.N: Quote) and its Canadian rival Goldcorp (G.TO: Quote) both posted slightly better than expected fourth-quarter results on Thursday, as strong gold prices boosted profits and helped offset some of the decline in copper demand.

A widening recession in developed economies and sharp slowdowns in developing markets have hit the global manufacturing sector and hurt demand for base metals like zinc, nickel and copper. The price of silver also fell toward the end of 2008, as the metal has numerous industrial applications." More
- February 19, 2009 | Item | E-mail

Moneta's increases interest in Windjammer to 100% - More
- February 19, 2009 | Item | E-mail

Klondex to Review Nevada High-Grade Gold Exploration Progress at PDAC, March 1st- 4th, Booth #2835 - More
- February 19, 2009 | Item | E-mail

Etruscan negotiates Cdn$10.5 million private placement - More
- February 19, 2009 | Item | E-mail

Zaruma Resources reports on San Antonio Gold Project and on Corporate Developments - More
- February 19, 2009 | Item | E-mail

Yamana sees 120,000 oz gold at Chile mine in '09 - "Canada's Yamana Gold (YRI.TO) said on Thursday it expected to produce 120,000 ounces of gold from its Minera Florida mine in central Chile in 2009." More
- February 19, 2009 | Item | E-mail

New East-West Trending Mineralized Zone Represents High-Grade Resource Expansion Potential at Trevali's Santander Silver-Lead-Zinc Project in Peru - More
- February 19, 2009 | Item | E-mail

Hawthorne Assays 82.28 Metres Grading 0.754 g/t Au at Frasergold - More
- February 19, 2009 | Item | E-mail

Lake Victoria Mining Company Updates Drill Progress at Geita Gold Project, Northern Tanzania - More
- February 19, 2009 | Item | E-mail

Metanor Resources Inc.: Increased Capacity at Bachelor Lake Underground Work in Process - More
- February 19, 2009 | Item | E-mail

FNX Mining Reports Unaudited 2008 Operating Results - More
- February 19, 2009 | Item | E-mail

New Argentex silver-indium-zinc-lead drill results and overlimits further expand mineralization in four zones at Pinguino - More
- February 19, 2009 | Item | E-mail

NI 43-101 compliant report for Sierra Pinta Gold Mine - More
- February 19, 2009 | Item | E-mail

Constitution Mining Contracts IHC Merwede Group to Assist with Developing the Peruvian Gold Sands - More
- February 19, 2009 | Item | E-mail

Tombstone Exploration Evaluating Targets for 2009 Drill Program - More
- February 19, 2009 | Item | E-mail

San Anton Announces Cerro Del Gallo Project Update - More
- February 19, 2009 | Item | E-mail

San Gold Corporation: Ongoing Drilling Defines and Extends the High Grade Hinge Zone - More
- February 19, 2009 | Item | E-mail

Romios Gold Resources Inc.: Geophysical Surveys Identify Large Anomalous Zone Extending Southwest From the North West Zone at Newmont Lake - More
- February 19, 2009 | Item | E-mail

American Creek reports positive developments - Seabridge proposes tunnel through Treaty Creek Gold Project - More
- February 19, 2009 | Item | E-mail

Ucore Uranium Reports High Grade Rare Earth Drill Results on Trend Between I&L and Geoduck Zones - More
- February 19, 2009 | Item | E-mail

Uranium Energy Corp Welcomes Thomas C. Pool to the Company's Advisory Board - More
- February 19, 2009 | Item | E-mail

Update by Radisson Mining Resources Regarding Its Drill Program on the O'Brien and the Kewagama Gold Projects - More
- February 19, 2009 | Item | E-mail

Greencastle Undertaking Strategic Review of Assets - More
- February 19, 2009 | Item | E-mail

Anvil Mining Announces the Following Updates: - More
- February 19, 2009 | Item | E-mail

Intrepid Mines Limited: Tujuh Bukit Indonesia - More
- February 19, 2009 | Item | E-mail

Gold miner Newmont's quarterly profit tops view - "Newmont Mining Corp (NEM.N) posted slightly better-than-expected fourth-quarter results on Thursday, as strong gold prices helped offset a sharp decline in copper demand.

Canada's Kinross Gold (K.TO) and Agnico-Eagle Mines (AEM.TO), which both reported quarterly results on Wednesday, also said plunging base metal prices had eroded some of their profits from gold production." More
- February 19, 2009 | Item | E-mail

Apollo Gold Announces Amendments to a Portion of its Convertible Debentures due February 23, 2009 - "Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG - News) (NYSE:AGT - News) wishes to announce that it has reached an agreement with RAB Special Situations (Master) Fund Limited (“RAB”), the largest holder of its unsecured convertible debentures due February 23, 2009 (the “Convertible Debentures”), to extend the maturity date of the Convertible Debentures held by RAB to February 23, 2010." More
- February 19, 2009 | Item | E-mail

Gold Reserve reports on Rusoro and Endeavour applications seeking permission to appeal interlocutory injunctions - "Gold Reserve Inc. (NYSE Alternext: GRZ) (TSX: GRZ - News) today announced that Rusoro Mining Ltd. (TSX-V: RML - News; "Rusoro") and Endeavour International Financial Corporation ("Endeavour") have both served a motion with the Ontario Superior Court of Justice seeking permission to appeal to the Divisional Court the February 10, 2009 order that was granted against them. Rusoro and Endeavour are only able to appeal the interlocutory injunction order if the Superior Court grants their motions for permission to appeal. The motions are scheduled to be heard in Toronto on April 2, 2009. Gold Reserve will oppose the motions." More
- February 19, 2009 | Item | E-mail

Goldcorp Reports Record Gold Production and Net Earnings in Fourth Quarter; Gold Reserves Increase 7% - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) today reported record gold production of 691,800 ounces for the quarter ended December 31, 2008. Reported net earnings amounted to $958.1 million in the quarter, or $1.31 per share, which includes a non-cash foreign exchange gain on the revaluation of future income tax liabilities. Adjusted net earnings(1) in the quarter were $84.4 million, or $0.12 per share. The Company also announced today that total proven and probable reserves increased 7% to 46.3 million ounces as of December 31, 2008, Goldcorp's fifth consecutive annual reserves increase." More
- February 19, 2009 | Item | E-mail

International Minerals Reports Updated Costs at Rio Blanco Gold-Silver Project, Ecuador - "International Minerals Corporation (TSX:IMZ - News) (SWX:IMZ - News) reports an updated capital and operating cost estimate for the 100%-owned Rio Blanco gold-silver project in Ecuador." More
- February 19, 2009 | Item | E-mail

LGL (Lihir Gold Limited): LGL Updates Reserves and Resources - "Lihir Gold Ltd (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(NasdaqGS:LIHR - News) ("LGL") announces that the Company has increased its Measured and Indicated Resources in Cote d'Ivoire to approximately 1.4 million ounces following a successful exploration drilling campaign." More
- February 19, 2009 | Item | E-mail

LGL's (Lihir Gold) Fiscal 2008 Financial Results to Dec. 31 - "Record gold production and rising gold prices have enabled LGL to report a 54% increase in underlying profit(i) to $184.9 million for the year to December 2008." More
- February 19, 2009 | Item | E-mail

Silver Wheaton Reports 2008 Financial Results - "Silver Wheaton Corp. (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce its unaudited results for the fourth quarter and the year ended December 31, 2008. Annual net earnings were US$17.3 million (US$0.07 per share), after giving effect to a US$65.1 million (US$0.28 per share) non-cash write-down of long term investments, and operating cash flows were US$111.1 million (US$0.48 per share)." More
- February 19, 2009 | Item | E-mail

Newmont Reports Record Annual Revenues in 2008 of $6.2 Billion; 50% Increase in Adjusted Net Income(1) - "Newmont reported 2008 revenues of approximately $6.2 billion, a 12% increase from approximately $5.5 billion in 2007, with revenues from gold increasing by almost 27% over prior year. A strong gold price environment during 2008, combined with equity gold sales and costs applicable to sales in line with original expectations, resulted in adjusted net income(1) of $905 million ($1.99 per share), an increase of approximately 50% from the prior year. On a GAAP basis, including a $234 million non-cash, pre-tax write-down of marketable securities and other assets, the Company reported net income of $853 million ($1.88 per share). The Company also reported net cash provided from continuing operations of approximately $1.4 billion ($3.09 per share) despite the challenging cost environment in 2008." More
- February 19, 2009 | Item | E-mail

Pan American Silver Announces Fourth Quarter and 2008 Year End Results - "Fourth Quarter 2008 Highlights (unaudited)(1). 4.6 million ounces of silver produced. Cash costs of $8.24(2) per payable ounce of silver. Net loss of $33.3 million or $0.41 per share, including $35.4 million in atypical charges for the write down of the Quiruvilca mine, pricing adjustments, severance costs and currency losses/" More
- February 19, 2009 | Item | E-mail

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