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-- Posted Monday, 7 January 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold fell to as low as $855.15 in Asia and rose to as high as $864.90 in early New York trade, but it then fell back off for most of the rest of trade and ended with a loss of 0.43%.  Silver fell about 1% in Asia before it rebounded in London and saw slight gains at $15.355 in early New York trade, but it then dropped back off in late morning trade and ended with a loss of 0.92%.

Euro gold fell to about €585, platinum lost $20 to $1521, palladium remained unchanged at $370, and copper fell slightly to about $3.11.

Gold and silver equities saw brief gains at the open before they fell to find over 2% losses by mid-afternoon, but they then rallied back higher in the last few minutes of trade and ended with less than 2% losses.

The Economy:

There were no major economic reports today.  Tomorrow at 10AM EST brings the Pending Home Sales report for November expected at -0.8% and at 3PM is Consumer Credit for November expected at $8.5 billion.

Today's Gold Seeker Report Is Sponsored By:

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The San Martin Gold mine was acquired January 2007 from Goldcorp Inc. It is located about 50 km east of the City of Querétaro in Querétaro State, a few hours drive from Mexico City. The company currently retains an 80 to 20 joint venture agreement with Goldcorp. Inc. in the development of the Cerro Dolores, El Transito Deposit 190 km south - southwest of Mexico City. The El Transito Deposit is a silver-lead-zinc replacement orebody defined by over $US 2 million in development expenditures

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The Markets:

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

Oil fell nearly 3% on worries over a slowing economy that will cut into demand.

The U.S. dollar index rose on the view that inflationary pressures may keep the fed from aggressively cutting interest rates.

Treasuries rose on geopolitical concerns as the Pentagon reported that Iranians threatened U.S. ships in the Strait of Hormuz.

The Dow, Nasdaq, and S&P were mixed as traders debated possible fed action and concerns over Iran.

Among the big names making news in the market today were Chrysler, Sony, Krispy Kreme, GM, Sallie Mae, and Microsoft.

The Commentary:

“The rise in the gold price is much more than the oil price or the $, sad to say, so expect many, many more such surprises this year and next!   The $100 oil price, the falling $ are symptomatic of deeper crises covering a large swathe of problems, which are not going away.”- Julian D.W. Phillips, www.goldforecaster.com

“February Gold finished down 3.7 at 862, 5.7 off the high and 3.5 up from the low.

March Silver closed down 0.172 at 15.29. This was 0.08 up from the low and 0.175 off the high.

The gold market mostly waffled around unchanged throughout the session but the market did seem to spend the majority of the time in negative territory. Certainly a sharp rise in the US Dollar in the wake of a patently weak US Monthly Non Farm payroll report suggests that the Dollar strength was being derived off something other than macro economic psychology. However, with oil prices also off sharply and the outlook for the US economy at times back in question, one could suggest that gold did an impressive job in discounting negative outside market activity. However, the bull camp has to be somewhat disappointed that the gold market was unable to benefit from fresh news of strong Middle East demand dialogue.

The silver market started out weak, tried to climb back above the prior session's close but mostly seemed to favor the bear tilt throughout the session. Certainly weakness in copper and oil prices provided the bear camp with some cover but with the Dollar higher and gold weaker, the bull camp just couldn't find an effective story to stave off the selling interest. With the equity markets maintaining a moderate amount of macro economic anxiety, it isn't surprising to see a host of physical commodity markets like silver encountering some profit taking action. With the Fed expressing slowing concerns and downplaying prospective inflation issues it is possible that some players will move to raise their expectations for a January rate cut and that in turn could undermine the Dollar and that might also be seen as an indirect support for the silver market.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Peter Brimelow: Gold bugs savor Christmas cheer

Chinese investors favor gold but fear futures

Emergency measures loom as Bush hauls out the PPT

Governments will wreck their currencies to save banking system

Deepcaster letter grasps the market-manipulating purpose of derivatives

'A Nation of Counterfeiters' hints that everything old is new again

David Bond: Doubling the silver bet

Ambrose Evans-Pritchard: Flight to gold as investors lose faith in money

President gathers market regulators/riggers for first time

Fed increases money available at auction to aid banks

A reference to gold price manipulation creeps into U.S. press

The Statistics:

As of close of business: 1/4/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

COMEX Gold Trust (IAU)

Silver Trust (SLV)

The Stocks:

Fronteer’s (FRG) drill results, Orezone’s (OZN) debt facility, Ivanhoe’s (IVN) coal project, Cardero’s (CDY) optioned silver project, First Majestic’s (FR.V) mine update, and SNS Silver’s (SNS.V) assay results 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:

Abcourt Mines Inc.: 3,000-Meter Drilling Program Started at Aldermac Property - More
- January 07, 2008 | Item | E-mail

Cardero Options Mina Pirquitas Silver Project, Juyuy Province, Argentina - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that it has reached agreement with Davcha Resources Pty. Limited ("Davcha"), a private company based in Australia, to option Cardero's 100% owned Mina Pirquitas Silver Project in Juyuy Province, north-west Argentina. The Company's property partially surrounds the Pirquitas Project of Silver Standard Resources Inc." More
- January 07, 2008 | Item | E-mail

Great Bear Options Birch Project, British Columbia - More
- January 07, 2008 | Item | E-mail

Mongolia withdraws Ivanhoe Mines pact from review - "Mongolia's government has withdrawn a draft investment agreement for a copper and gold project backed by Ivanhoe Mines from consideration by Parliament, and will instead form a group of cabinet and legislators to try and move the project forward, the foreign minister said on Monday." More
- January 07, 2008 | Item | E-mail

Change of Name to Glass Earth Gold Limited and Stock Options Granted - More
- January 07, 2008 | Item | E-mail

New Horizon Announces Director's Resignation - More
- January 07, 2008 | Item | E-mail

Assay Results for Hole: A-07-49 20.19 Meters Grading 11.41% Zinc, 2.24% Lead, 15.36 g/t Silver From 100% Owned Akie Property, B.C. - More
- January 07, 2008 | Item | E-mail

Inspiration Mining Corporation: Shareholder Meeting Postponed - More
- January 07, 2008 | Item | E-mail

Yukon-Nevada Gold Corp. reports further favorable results from Ketza River - More
- January 07, 2008 | Item | E-mail

Laramide Announces Completion of Private Placement - More
- January 07, 2008 | Item | E-mail

Vior Grants Stock Options to Officer - More
- January 07, 2008 | Item | E-mail

Drilling Confirms Significant Economic Potential of Nuinsco's Prairie Lake Uranium Property - More
- January 07, 2008 | Item | E-mail

First Majestic Silver Corp.: La Encantada Silver Mine Update and New NI 43-101 Resource - "First Majestic Silver Corp. (CDNX:FR.V - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) ("First Majestic" or the "Company") is pleased to announce an update regarding its activities in Mexico at the La Encantada Silver Mine and a new NI 43-101 Resource/Reserve update." More
- January 07, 2008 | Item | E-mail

SNS Silver Reports Second Intercept in Newly Discovered Vein: 472 g/t (13.8 opt) Over 1.77 Metres - "SNS Silver Corp. ("SNS") (CDNX:SNS.V - News) announces assay results from a second intercept of a newly discovered vein previously reported on November 13, 2007. The new intercept is in diamond drill hole SNS-704a, where it extends 5.82 feet (1.77 metres) with an average grade of 13.78 oz/t (472 g/t) of silver across a true width of 4.77 feet (1.45 metres). This intercept is approximately 80 feet (24 metres) southeast of the discovery intercept in SNS-705, as described in the SNS press release dated November 13, 2007." More
- January 07, 2008 | Item | <