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Gold remained around $570 for most of trade in Asia before dropping a bit in London, but it then fell off markedly in New York to under $550 at one point before rebounding just slightly into the close.  Silver also held near unchanged in Asia before falling a bit in London, but it also fell off over 3% in New York and dropped near $9.30 before rebounding slightly into the close.  Gold had its largest one day drop in dollar terms since August 1993 and in percentage terms since January 2004.

Gold and silver equities fell throughout trade and ended near their lows with losses of over 7%.

After making new all-time highs above $2.30, copper fell off to close noticeably lower at about $2.29.  Euro gold fell to about €465, platinum fell $14 to $1,047 and palladium dropped $20 to $286.  The CRB Index lost 6.82 points to 336.43 to fall further from its all-time closing high of 350.06 set on January 30^th.

More Precious Metals Analysis:

“April gold sold off today on broad-based profit taking as traders cashed in on the recent run to 25-year highs. The market's failure to build on the gains last week coupled with an overbought technical status apparently made recent longs anxious to get out. Sharply lower crude oil prices today also helped pressure the market. The Iran nuclear standoff has underpinned the market lately, but Iran having until March 6th to respond to their complaint before the case is referred to the UN Security Council leaves some breathing space in the matter.” - The Hightower Report, Futures Analysis and Forecasting

"There is huge demand out there at the lower levels still, with the funds holding but prepared to sell on the fall.   That's what consolidation is about.   The resolution of these pressures can only make a market healthy.   Keep an eye on the trend!" - Julian D.W. Phillips of www.goldforecaster.com

“Today's "parabolic" move lower is not entirely unusual in the metals markets, but remains painful for those who follow the activity on a short-term basis. Today’s sell-off should be looked at from a larger perspective from investors who find themselves nervous.  Fundamentals remain the same and continue to improve by the day.  If you do believe the bull market is a long-term deal, you can use pullbacks to your advantage. There is most likely a lot more upside and after running up very aggressively in recent months, it is natural and healthy to have these corrections.” – Peter Spina of www.goldforecaster.com

The U.S. dollar index fell off markedly versus the yen overnight as Japan debated the need to hold US Dollars, but the index did rebound in U.S trade and ended near just slightly lower.

Oil dropped throughout trade and ended 3.1% lower as Iranian fears eased further and traders looked for large builds in inventories tomorrow.

Treasuries fell ahead of and after the sale of 3-year notes that drew poor demand.  Sales of 10-year notes tomorrow and 30-year notes on Thursday will likely dominate action for the rest of the week.

The Dow, Nasdaq, and S&P started off mixed before dropping around 0.5% in afternoon trade as traders took profits from commodity stocks that have led the recent rally in the major indices.

Among the big names making news in the market today were Cisco, Toll Brothers, Occidental, GM, Coca-Cola, Fortune Brands, Boston Scientific, and BP.

Gold & Silver Stock News Update from GoldReview.com:

Pacific Rim’s expanded El Salvador project holdings, Seabridge’s mobilized drill rigs at Courageous Lake, NovaGold’s exercised overallotment option, and First Majestic’s first silver bars poured at La Parrilla were among the big stories in the gold and silver mining industry making headlines today.

Sorry Gold Bugs, no “Winners” today.

LOSERS

All of today's gold and silver stock news:

Tagish Grants Incentive Stock Options - More
- February 07, 2006 | Item | E-mail

Minera Andes Shareholders Vote to Approve McEwen Stock Purchase - More
- February 07, 2006 | Item | E-mail

Sherwood Confirms & Upgrades Resources at Minto Project, Yukon; Still More Upside in Gold Grades Once February Drilling Completed - More
- February 07, 2006 | Item | E-mail

Cassidy Gold Corp.: Good Results Continue at Junction Zone - More
- February 07, 2006 | Item | E-mail

Golden Arch Resources Ltd. - Abbott Wagner - Property ownership update - More
- February 07, 2006 | Item | E-mail

Metanor: Granting of Stock Options in Favor of Two Consultants - More
- February 07, 2006 | Item | E-mail

Sherwood Receives Warrantholder Approval to Accelerate Warrant Exercise; Proceeds to be used to Fund Development of Minto Project - More
- February 07, 2006 | Item | E-mail

Tagish Announces Second Private Placement Closing - More
- February 07, 2006 | Item | E-mail

Portal Resources Closes Three Million Dollar Private Placement - More
- February 07, 2006 | Item | E-mail

Atlantis Business Development Corporation: Announcement - More
- February 07, 2006 | Item | E-mail

Diadem Commences Work on Tinkeleni Gold Property in Mali - More
- February 07, 2006 | Item | E-mail

PolyMet Wetlands Plan Receives Local Government Support - More
- February 07, 2006 | Item | E-mail

First Majestic Resource Corp.: First Silver Bars Poured at La Parrilla Silver Mine - "First Majestic Resource Corp. is pleased to announce that on Saturday, February the 4th, the Company poured five silver dore bars of approximately 1000 ounces each at the La Parrilla Silver Mine. This major milestone is part of the on going developments and improvements being made at the mine and mill. Prior to this date, the Company was shipping all its precipitates to Penoles smelter in Torreon, Mexico, approximately 300 kilometers away from the La Parrilla Silver Mine. Each bar contains 97.8% Silver." More
- February 07, 2006 | Item | E-mail

Crescent Gold Limited: Quarterly Report-31 December 2005 - More
- February 07, 2006 | Item | E-mail

HuntMountain Resources Signs Letter of Intent to Acquire Nevada Gold Project - More
- February 07, 2006 | Item | E-mail

Freewest Recommences Diamond Drilling at Clarence Stream, New Brunswick and Prepares for Deep Infinitem Electromagnetic Survey at Sungold Property in Ontario - More
- February 07, 2006 | Item | E-mail

South American Gold and Copper Company Limited Announces Filing of its Financial Statements for its Fiscal Year Ended September 30, 2005 - More
- February 07, 2006 | Item | E-mail

RSM Continues With Underground Development at the Goldwedge Project, Nye County, and Advances Mine Permit Application at Pinon Railroad Project - More
- February 07, 2006 | Item | E-mail

Aquiline Updates 2006 Drilling Programs - More
- February 07, 2006 | Item | E-mail

China Diamond Corp. Completed a $1.3 Million Financing Arrangement with the Chairman of the Company - More
- February 07, 2006 | Item | E-mail

Murgor releases NI-43-101 resource estimate on the main zone of the Barry Gold deposit, NW Quebec - More
- February 07, 2006 | Item | E-mail

Redcorp Ventures Ltd.: Update on 2006 Plans for Tulsequah Project - More
- February 07, 2006 | Item | E-mail

Valencia Plans Drilling at Cachinal Silver Project in Chile - More
- February 07, 2006 | Item | E-mail

Pacific Rim Mining Expands El Salvador Project Holdings with Acquisition of Zamora Gold Project - "Pacific Rim Mining Corp. has signed a Letter of Intent to acquire a 100% interest in the Zamora gold project in El Salvador from Cerro Colorado S.A. de C.V., a private El Salvadoran company. Under the terms of the LOI, Pacific Rim will maintain its option to purchase the Zamora project by making advanced royalty payments in Pacific Rim shares to Cerro Colorado under the following schedule: 50,000 shares upon Toronto Stock Exchange approval of the terms of the LOI; 50,000, 70,000, 100,000, and 150,000 shares on the first through fourth anniversaries respectively; 200,000 shares on the fifth and subsequent anniversaries until production is achieved or the Zamora exploration concession expires." More
- February 07, 2006 | Item | E-mail

Follow up drilling on Vassan gold property on high grade intersections - More
- February 07, 2006 | Item | E-mail

Roscoe Postle Associates Inc. (RPA) of Toronto to carry out an Independent Technical Report at Bobby's Pond, Central Newfoundland - More
- February 07, 2006 | Item | E-mail

Evolving Gold Announces Engagement of Corporate Communications Advisors - More
- February 07, 2006 | Item | E-mail

Carpathian Gold Inc. now drilling a Porphyry Au and Porphyry Cu Au system on the Rovina License, central Romania - More
- February 07, 2006 | Item | E-mail

Altius Announces Initial Public Offering of Aurora - More
- February 07, 2006 | Item | E-mail

Fronteer to Launch Aurora by Way of IPO - More
- February 07, 2006 | Item | E-mail

Stellar closes a private placement - More
- February 07, 2006 | Item | E-mail

ValGold files Technical Report on gold and platinum projects in Bolivar State, Venezuela - More
- February 07, 2006 | Item | E-mail

Tanqueray options Spences Bridge Gold Belt property from Strongbow - More
- February 07, 2006 | Item | E-mail

AuEx Ventures, Inc.: Pequop Land Position Expanded/Project Updates - More
- February 07, 2006 | Item | E-mail

Wildcat Exploration Ltd. - Drilling Stopped Due to Mild Weather - Bissett Gold Camp - More
- February 07, 2006 | Item | E-mail

ESO Uranium Prepares to Drill on Mikwam Gold Project, Ontario - More
- February 07, 2006 | Item | E-mail

ECU Silver Mining Inc.: Press Release - More
- February 07, 2006 | Item | E-mail

Intrepid Minerals Corporation: Deep Kamila Drilling Confirms High Grade Silver-Gold System and Confirms Extensions - More
- February 07, 2006 | Item | E-mail

Halo Continues to Increases Property Holdings in North-Central Manitoba - More
- February 07, 2006 | Item | E-mail

East Asia Minerals reports new high grade copper intercepts at Khok Adar, including 59 metres at 3.51% copper - More
- February 07, 2006 | Item | E-mail

European Goldfields: Business Plans Submitted For Greek Gold Projects - More
- February 07, 2006 | Item | E-mail

Franklin Mining, Inc. Makes History - More
- February 07, 2006 | Item | E-mail

Kirkland Lake Gold Third Quarter Review - More
- February 07, 2006 | Item | E-mail

Brookmount Explorations, Inc. Signs a Letter of Intent to Acquire an Interest in Rock Creek Property - More
- February 07, 2006 | Item | E-mail

Caldera Resources Inc.: Runton Igneous Complex-Positive Drill Results - More
- February 07, 2006 | Item | E-mail

Cross Lake Minerals Ltd.: Gold Intersected in Diamond Drilling-Porcher Island Gold Property - More
- February 07, 2006 | Item | E-mail

Cabo Awarded Drilling Contract by Champion Bear Resources Ltd. - More
- February 07, 2006 | Item | E-mail

Anvil Mining - Year-end 2005 Results Conference Call - More
- February 07, 2006 | Item | E-mail

Alexis Commences Underground Drilling at Lac Herbin Gold Project, Quebec - More
- February 07, 2006 | Item | E-mail

Anvil's Dikulushi and Kulu Copper Mines produce an Operating Profit of $18.8 million for the 2005 Financial Year with consolidated Net Earnings of $7.5 million - More
- February 07, 2006 | Item | E-mail

AXMIN Inc.: Positive Heap Leach Test Work in Progress at Passendro Gold Project, Central African Republic - More
- February 07, 2006 | Item | E-mail

Pearl Asian Mining Industries, Inc. Forward Split its shares 1 for 1000 and Re-Incorporated to Wyoming, now has New Stock Symbol -- PAIM - More
- February 07, 2006 | Item | E-mail

Seabridge Gold Mobilizes Drill Rigs for 15,000 Meter Program at Courageous Lake - "Seabridge Gold announced today that it is mobilizing four drill rigs for a 15,000 meter core drill program at its 100% owned Courageous Lake project in the Northwest Territories. Drilling is expected to commence in the next week. The program is designed to expand gold resources at the FAT deposit and extend the estimated mine life in the Preliminary Assessment of the project completed last year." More
- February 07, 2006 | Item | E-mail

NovaGold Underwriters Exercise Overallotment Option - "NovaGold Resources Inc. announced today that Citigroup Global Markets Inc., Bear, Stearns & Co. Inc. and RBC Capital Markets, the joint bookrunners for its previously announced 13,000,000 share public offering, have exercised the overallotment option to acquire an additional 1,950,000 of its common shares at a price of US$11.75 (C$13.43) per common share. Gross proceeds from the offering, including the shares sold pursuant to the exercise of the overallotment option, will be US$175.7 million (C$200.8 million)." More
- February 07, 2006 | Item | E-mail

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Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

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