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-- Posted Thursday, 7 February 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose to $910.85 by late trade in Asia and early trade in London before it fell to $896.05 by about 9AM EST in New York, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.66%.  Silver fell to $16.452 by about 9AM EST in New York, but it then rallied all the way to $16.825 in the next hour and a half of trade, remained near that high into the close, and ended with a gain of 1.39% and just 13 cents away from matching its 27 year closing high.

Euro gold rose to about €627, platinum gained $23 to $1834 to a new record high, palladium gained $3 to $420, and copper rose over 13 cents to about $3.43.

Gold and silver equities traded mixed and near unchanged for most of the day and closed with slight losses.

The Economy:

Tomorrow at 10AM EST brings the Wholesale Inventories report for December expected at 0.3%.

The Markets:

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

Oil eventually rose on cold weather forecasts and news of production halts in Nigeria and the North Sea.

The Bank of England cut interest rates to 5.25% and the European Central Bank held rates steady at 4.0% as expected, but some dovish talk out of the ECB’s Trichet raised expectations that the ECB will eventually join the BoE and Fed in cutting rates and that resulted in massive losses in the Euro that in turn sent the U.S. dollar index noticeably higher.

Treasuries dropped after a $9 billion 30 year bond auction saw weak demand and drew the lowest yield on record.

The Dow remained mixed in morning trade before it rose over 130 points by the middle of the afternoon, but it then fell back off into the close and ended just slightly higher.  The Nasdaq and S&P followed similar patterns as traders digested mostly disappointing retail sales reports.

Among the big names making news in the market today were the retailers, Cisco, Wal-Mart, Macy’s, Moody’s, MBIA, D.R. Horton, and Thomson.

The Commentary:

“April Gold finished up 5 at 910, 4.5 off the high and 9 up from the low.

March Silver closed up 0.225 at 16.775. This was 0.255 up from the low and 0.085 off the high.

The gold market flopped around on both side of unchanged throughout the session but mostly seemed to prefer the upside tilt. Surprisingly a strong Dollar didn't seem to markedly undermine the gold market and that would suggest that the currency market impact has at least temporarily moderated. However, the ebb and flow of the US equity market seemed to periodically influence the gold trade. However, it was somewhat surprising to see the gold market hold up in the face of patently weak US economic data. Some traders suggested that the Pending home sales readings weren't as bad as expected and therefore not all of the US numbers were patently negative to gold prices. In the end, the ongoing threat of South African gold production setbacks seemed to be the main bull feature of the session.

Like gold, the silver market showed a moderately active two sided trade but generally favored the upside. In fact, at times during the session Thursday the March silver contract had managed a bounce of roughly 67 cents from the prior session's low. With copper and platinum prices remaining very strong it is likely that silver continued to see spillover buying from the outside markets. In the end, the bull camp was fortunate that weak US numbers and periodic renewed selling in the stock market didn't discourage would-be buyers.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Russian financial Internet site notes GATA's ad in The Wall Street Journal

The Statistics:

As of close of business: 2/06/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: Change in Total Tonnes from yesterday’s data: The ASX added 1.09 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:

AngloGold’s (AU) fourth quarter results, NovaGold’s (NG) resource update, ITH’s (THM) initial mineral resource estimate, Newmont’s (NEM) yearly gold sales, Tumi’s (TUMIF.OB) exploration update, Fury’s (FUR.V) completed acquisition, Silver Eagle’s (SEG.TO) vein intersection, Genco’s (GGC.V) surface rights purchases, and MAG Silver’s (MVG) drill 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 Makes a Placement to Settle Part of a Debt Concerning the Purchase of Two Ball Mills and a Crusher - More
- February 07, 2008 | Item | E-mail

GoldSpring, Inc. Invited to Address Investors - More
- February 07, 2008 | Item | E-mail

Tumi Resources Updates Swedish Exploration - "Tumi has a total of seventeen projects consisting of 29 leases totalling 21,310 hectares in the Bergslagen district of south-central Sweden. The Bergslagen district lies immediately to the north-west of Stockholm and covers an area of approximately 200 kms east-west by 150 kms north-south. The Bergslagen district is underlain by highly mineralized volcanics and sediments and is one of the most important ore districts in Europe, containing deposits of iron, manganese, base-metal and silver sulphides. The district contains the well known historic and current Sala, Falun, Garpenberg and Zinkgruvan mines." More
- February 07, 2008 | Item | E-mail

Fury Completes Taylor Acquisition; Reiterates Silver Production Focus - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) announces that it has completed its 100% acquisition of the Nevada based, Taylor silver mine and mill complex. The project hosts a NI 43-101 compliant resource of 16.8 million ounces of silver(1) in an open pit mining scenario along with a modern 1,300 ton-per-day mill." More
- February 07, 2008 | Item | E-mail

Momentum Continues at Paulsens Gold Mine - More
- February 07, 2008 | Item | E-mail

Richfield Venture Corp. - Under the rainbow - More
- February 07, 2008 | Item | E-mail

Silver Eagle Intersects Another New Vein Underground - "Silver Eagle Mines Inc. ("Silver Eagle" or the "Company") (Toronto:SEG.TO - News) is pleased to report it has intersected a seventh vein, while developing the Calvario Zone at its Miguel Auza Mine located in north-western Zacatecas, Mexico." More
- February 07, 2008 | Item | E-mail

Global Minerals Ltd. - Retraction of Recent News - More
- February 07, 2008 | Item | E-mail

Blue Note Mining to Start Trading On the Toronto Stock Exchange On February 8, 2008 - More
- February 07, 2008 | Item | E-mail

Quest Uranium Appoints Peter Cashin President and Chief Executive Officer - More
- February 07, 2008 | Item | E-mail

B2Gold Corp. Announces Commencement of Diamond Drill Program at the Quebradona Gold Property, Colombia - More
- February 07, 2008 | Item | E-mail

Golden Band Resources Inc. - Initial drill results from Decade gold mine - Drilling ongoing - More<