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-- Posted Tuesday, 8 January 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose about $15 in Asia, held near $875 in London, and then rose even further midday in New York to as high as $881.05 before it fell back off slightly in the last hour of trade, but it still ended with a gain of 2.12% at a new all-time high.  Silver outpaced gold with a gain of 3.43% and climbed to its highest level since 1980.

Euro gold climbed to over €596, platinum gained $26 to $1547 to a new record high, palladium gained $5 to $375, and copper rose roughly 17 cents to about $3.28.

Gold and silver equities rose over 5% in the first hour of trade before they were dragged down slightly in afternoon trade as the major indices plunged, but they still ended with about 4% gains and just slightly below their all-time highs set two months ago on November 6^th.

The Economy:

There are no major economic reports due out tomorrow.

Today's Gold Seeker Report Is Sponsored By:

Starcore International is a gold and silver producer in Mexico and a 'Tier One' company listed on the TSX-V under the symbol SAM.

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

Click Here to Learn More...

The Markets:

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

Oil rose over 1% after yesterday’s nearly 3% decline as traders prepared for a possible eighth strait drop in inventories tomorrow and geopolitical concerns reignited in Nigeria.

The U.S. dollar index fell slightly after Pending Home Sales came in even worse than low expectations.

Treasuries fell slightly as low yields attracted few buyers despite today’s round of disappointing news.

The Dow, Nasdaq, and S&P eventually fell markedly on rumors of a possible Countrywide bankruptcy as AT&T noted consumer softness and furthered concerns about the economy.  The Nasdaq fell for an eighth straight session and is already down about 8% on the year while the Dow is down over 5% for the year so far.

Among the big names making news in the market today were Countrywide, AT&T, Supervalu, Constellation Brands, KB Home, Starbucks, Avon, and Microsoft and Fast Search.

The Commentary:

“February Gold finished up 18.3 at 880.3, 3.5 off the high and 6.3 up from the low.

March Silver closed up 0.525 at 15.815. This was 0.295 up from the low and 0.025 off the high.

As suggested in the mid day coverage the gold market was unconcerned about weakness in the US Pending Home sales reading and even seemed to be unconcerned with the periodic weakness in the US equity market. However, with the equity market seeing a sharp mid day washout on rising bankruptcy concerns toward one of the largest US mortgage lenders, it is possible that part of the buying in gold was actually fresh flight to quality type buying interest. Perhaps even more surprising is the fact that the gold market seemed to retain most of its initial gains, while other physical commodity markets like sugar and cocoa seemed to give back some of their early gains.

The silver market managed a huge range up extension on Tuesday, but even with the rally the March contract was still roughly 60 cents below the November highs. Surprisingly, the silver market didn't show that much concern in the wake of disappointing US numbers and renewed concerns being tossed around in the US Mortgage sector. In other words, silver continued to embrace its financial focus over its physical commodity market connection. With grain prices showing a very strong finish, oil prices up impressively and the entire metals complex on a pulse up pattern, one could argue that inflation and or fund buying interest was behind the sharp silver gains made today.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Gold is the new global currency, Financial Times resentfully admits

Ted Butler: Doin' the right thing

The Statistics:

As of close of business: 1/7/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 9.63 tonnes and the JSE added 0.24 tonnes.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

Richmont’s (RIC) joint venture, ITH’s (THM) exploration program, Nevsun’s (NSU) mining license, International Royalty’s (ROY) metallurgical coal royalties, Ivanhoe’s (IVN) Mongolian assurances, Goldcorp’s (GG) gold production, Vista Gold’s (VGZ) purchased processing equipment, and Valencia’s (VVI.V) exploration programs 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:

Novawest Resources Inc. - Radiometric Airborne Update Center Uranium Project - Quebec - More
- January 08, 2008 | Item | E-mail

Odyssey Corporate Update - More
- January 08, 2008 | Item | E-mail

Network Exploration announces private placement - More
- January 08, 2008 | Item | E-mail

Explor Acquires Moose Brook Copper Property - More
- January 08, 2008 | Item | E-mail

Pediment Exploration Ltd.: Los Planes Drill Intersects 10.6 m of 13.3 g/t Within 50 m of 4 g/t Gold - More
- January 08, 2008 | Item | E-mail

Kodiak Drills 5.3m Grading 1.51% Ni and 0.44% Cu at Its New Sleeping Giant Base Metal Discovery - More
- January 08, 2008 | Item | E-mail

Richmont Mines to Proceed With Initial Joint Venture Interest in Golden Wonder Mine - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) announced today that it had completed its initial evaluation of the Golden Wonder Mine and exercised its option to acquire a 50% joint venture interest in the project. Richmont Mines will be required to invest US$3 million in certain project-related expenditures prior to September 1, 2008." More
- January 08, 2008 | Item | E-mail

ITH Defines New Surface Gold Targets and Progresses Toward First Resource Calculation on LMS Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or "the Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce the results of its summer exploration program at the LMS prospect. The Company also reports that it is on schedule to complete an initial NI 43-101 resource calculation for the Camp Zone area, one of several targets on the property, during the first quarter of 2008." More
- January 08, 2008 | Item | E-mail

Mantle Returns Shares to Treasury -- Reduces Shares Issued and Outstanding - More
- January 08, 2008 | Item | E-mail

Luiri Gold Closes C$3 Million Financing With Strata Capital and First Canadian Capital - More
- January 08, 2008 | Item | E-mail

Mantis Mineral Corp. Completes Private Placement - More
- January 08, 2008 | Item |