- Report of Foreign Issuer (6-K)



 UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549

 FORM 6-K

 REPORT OF FOREIGN ISSUER

 PURSUANT TO RULE 13A-16 OR 15D-16
 OF THE SECURITIES EXCHANGE ACT OF 1934

 For the month of November, 2008

 Commission file number: 0-30394

 METALINK LTD.
--------------------------------------------------------------------------------
 (Translation of registrant's name into English)

 YAKUM BUSINESS PARK, YAKUM 60972, ISRAEL
--------------------------------------------------------------------------------
 (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.

 Form 20-F [X] Form 40-F [_]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): [_]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): [_]

Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 Yes [_] No [X]

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ____________

The information contained in this Report on Form 6-K is hereby incorporated by
reference into the registrant's Registration Statements on Form F-3 File Nos.
333-152119, 333-145431, 333-104147 and 333-13806 and on Form S-8, File Nos.
333-121901, 333-12064, 333-88172, 333-112755 and 333-149657.



The following are included in this Report on Form 6-K:

1. Press release dated November 17, 2008.



 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


 METALINK LTD.

Date: November 17, 2008 By: /s/ Yuval Ruhama
 --------------------
 Yuval Ruhama
 Chief Financial Officer



Yuval Ruhama
CFO
Metalink Ltd.
Tel: 972-9-9605395
Fax: 972-9-9605544
yuvalr@MTLK.com

 METALINK REPORTS Q3 2008 RESULTS AND STRATEGIC PROGRESS
 - QUARTERLY NET LOSS REDUCED TO $3M -

YAKUM, ISRAEL, NOVEMBER 17, 2008 - Metalink Ltd. (NASDAQ: MTLK), a global
provider and developer of high-performance broadband communication silicon
solutions, today announced its unaudited financial results for the third quarter
ended September 30, 2008.

FINANCIAL RESULTS

RESULTS FOR THE THIRD QUARTER: Revenues for the third quarter of 2008 were
$811,000 compared with $3.9 million for the third quarter of 2007. Net loss for
the period was $(3.0) million, or $(0.13) per share, compared to $(5.2) million,
or $(0.24) per share, for the third quarter of 2007. Net loss for the third
quarter of 2008 includes stock-based compensation expenses of $0.7 million.

RESULTS FOR THE NINE MONTHS: For the first nine months of 2008, revenues were
$4.1 million, compared to $8.8 million for the first nine months of 2007. Net
loss for the first nine months of 2008 was $(19.5) million, or $(0.83) per
share, compared to a net loss of $(15.8) million, or $(0.77) per share, for the
first nine months of 2007.

CASH STATUS: Metalink's net cash, cash equivalents, short and long-term
investments as of September 30, 2008 were $7.5 million. During the third
quarter, the Company received a $3.5 million short-term secured loan from an
institutional investor. According to the loan agreement, the Company may request
an additional loan of up to $4.5 million. FULL DETAILS REGARDING THE LOAN TERMS
CAN BE REFERENCED IN THE COMPANY'S PRESS RELEASE DATED SEPTEMBER 9, 2008, AND IN
THE COMPANY'S FILINGS WITH THE SEC.



COMMENTS OF MANAGEMENT

Commenting on the results, Mr. Tzvi Shukhman, Metalink's CEO, said, "We are
pleased with our success at implementing our restructuring plan, an initiative
that has enabled us to narrow our operating expenses dramatically. We have done
so while focusing the Company on Carrier Class 802.11n markets, the industry
segment which has the strongest need for our differentiating best-of-breed
performance. This focus has generated successful trials and pilot deployments of
our solutions with leading service operators, as well as design wins with a
number of world class vendors of STBs (Set Top Boxes), RGs (Residential
Gateways) and routers. We believe these developments are paving the way toward
significant shipments in the latter part of 2009. In parallel, we continue to
make progress in the development of our Generation 3 products in line with our
plan to further expand our technology leadership.

"We are increasingly optimistic that the combination of our lean operations,
best-of-breed technology and excellent team will allow us to maximize
shareholders' value as we assess our strategic options," concluded Mr. Shukhman.

ABOUT METALINK

Metalink Ltd. (NASDAQ: MTLK) is a provider of high performance broadband
communication silicon solutions. Metalink's WLAN and DSL technologies are
designed to enable true broadband connectivity in every home, and its products
revolutionize the broadband experience by facilitating the convergence of
telecommunication, networking and entertainment.

Metalink's WLANPLUS(TM) is a high-throughput, 802.11n-draft-compliant wireless
LAN technology optimized for the networked home entertainment environment.
Featuring advanced MIMO technology and full support of QoS, and operating in
both 2.4GHz and 5GHz bands, WLANPLUS enables multi-room networking of multiple
high-definition video streams. In addition, Metalink offers a broad range of
symmetric DSL and VDSL products used by operators as a cost-effective network
upgrade to support triple-play services.

Further information is available at http://www.MTLK.com



SAFE HARBOR STATEMENT

This press release contains "forward looking statements" within the meaning of
the United States securities laws. Words such as "aim," "expect," "estimate,"
"project," "forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believe," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking statements. For
example, when we discuss our expectation regarding strategic options, we are
using a forward looking statement. Because such statements deal with future
events, they are subject to various risks and uncertainties that could cause
actual results to differ materially from those in the forward looking
statements. Factors that could cause or contribute to such differences include,
but are not limited to: our need to raise additional funds in order for us to
implement our current business plan, including our liquidity requirements, which
funds may not be available to us; our inability to satisfy Nasdaq's requirements
for continued listing; any unforeseen developmental or technological
difficulties with regard to our products; changes in the competitive landscape,
including new competitors or the impact of competitive pricing and products; and
the impact on revenues of economic and political uncertainties and weaknesses in
various regions of the world, including the commencement or escalation of
hostilities or acts of terrorism. Additional factors that could cause actual
results to differ materially from these forward-looking statements are set forth
from time to time in Metalink's filings with the Securities and Exchange
Commission, including Metalink's Annual Report in Form F-20. Readers are
cautioned not to place undue reliance on forward-looking statements. Except as
required by applicable law, the Company undertakes no obligation to republish or
revise forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrences of unanticipated events. The Company
cannot guarantee future results, events, and levels of activity, performance, or
achievements.

 (TABLES FOLLOW)





 METALINK LTD.

 CONSOLIDATED BALANCE SHEETS

 SEPTEMBER 30, DECEMBER 31,
 --------- ---------
 2008 2007
 --------- ---------
 (UNAUDITED)
 ---------
 (IN THOUSANDS, EXCEPT SHARE DATA)
 --------------------------




ASSETS
CURRENT ASSETS
 Cash and cash equivalents $ 4,424 $ 7,291
 Short-term investments 2,541 17,233
 Trade accounts receivable 645 677
 Other receivables 2,048 2,284
 Prepaid expenses 306 456
 Deferred charges 300 -
 Inventories 2,982 1,765
 --------- ---------
 Total current assets 13,246 29,706
 --------- ---------

LONG-TERM INVESTMENTS 738 2,200
 --------- ---------

SEVERANCE PAY FUND 1,615 2,534
 --------- ---------

PROPERTY AND EQUIPMENT, NET 4,018 4,182
 ========= =========
 $ 19,617 $ 38,622
 ========= =========




LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
 Short-term bank credit $ 173 $ -
 Trade accounts payable 645 1,564
 Other payables and accrued expenses 3,061 4,979
 Short-term loan 1,756 -
 Warrants to issue shares 1,046 -
 --------- ---------
 Total current liabilities 6,681 6,543
 --------- ---------

ACCRUED SEVERANCE PAY 2,549 3,748
 --------- ---------

SHAREHOLDERS' EQUITY
 Ordinary shares of NIS 0.1 par value (Authorized - 50,000,000
 shares, issued and outstanding 24,389,232 and 24,377,232 shares
 as of September 30, 2008 and December 31, 2007, respectively) 701 701
 Additional paid-in capital 156,349 154,703
 Accumulated other comprehensive income (loss) (76) 48
 Accumulated deficit (136,702) (117,236)
 --------- ---------
 20,272 38,216
 --------- ---------

 Treasury stock, at cost; 898,500 as of
 September 30, 2008 and December 31, 2007 (9,885) (9,885)
 --------- ---------
 Total shareholders' equity 10,387 28,331
 --------- ---------
 Total liabilities and shareholders' equity $ 19,617 $ 38,622
 ========= =========



 METALINK LTD.

 CONSOLIDATED STATEMENTS OF OPERATIONS

 THREE MONTHS ENDED NINE MONTHS ENDED
 SEPTEMBER 30, SEPTEMBER 30,
 -------------------------------- --------------------------------
 2008 2007 2008 2007
 ------------ ------------ ------------ ------------
 (UNAUDITED) (UNAUDITED)
 -------------------------------- --------------------------------
 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

Revenues $ 811 $ 3,907 $ 4,144 $ 8,793
Cost of revenues:
Costs and expenses 304 1,644 1,708 4,050
Royalties to the Government of Israel 27 115 132 255
 ------------ ------------ ------------ ------------
Total cost of revenues 331 1,759 1,840 4,305
 ============ ============ ============ ============

GROSS PROFIT 480 2,148 2,304 4,488
 ------------ ------------ ------------ ------------

Operating expenses:
Gross research and development 4,329 6,461 19,384 17,184
Less - Royalty bearing and other grants 1,591 698 2,527 1,788
 ------------ ------------ ------------ ------------
Research and development, net 2,738 5,763 16,857 15,396
 ------------ ------------ ------------ ------------

Selling and marketing 976 1,272 4,086 3,979
General and administrative 615 637 2,058 1,781
 ------------ ------------ ------------ ------------
Total operating expenses 4,329 7,672 23,001 21,156
 ============ ============ ============ ============

OPERATING LOSS (3,849) (5,524) (20,697) (16,668)

Financial income, net 813 311 1,231 880
 ------------ ------------ ------------ ------------

NET LOSS $ (3,036) $ (5,213) $ (19,466) $ (15,788)
 ============ ============ ============ ============

Loss per ordinary share:
Basic $ (0.13) $ (0.24) $ (0.83) $ (0.77)
 ============ ============ ============ ============


Diluted $ (0.13) $ (0.24) $ (0.83) $ (0.77)
 ============ ============ ============ ============

Shares used in computing loss per
ordinary share:
Basic 23,490,732 22,118,592 23,489,497 20,617,413
 ============ ============ ============ ============

Diluted 23,490,732 22,118,592 23,489,497 20,617,413
 ============ ============ ============ ============

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