I think closing it would definitely be a good idea.
When it comes to weekends, and having mods able to open it, I would personally prefer that it was one or the other. The problem, or the benefit, of having mods open it is that people will rarely if ever know when it's going to be open, and might not notice that it's open. That would be especially true if you move the link to another spot (which I definitely agree should be done, whether you change when chat is open or not).
It's funny to remember that when I joined YWS, I never entered the chatroom for probably almost a year. It was still on the front page back then (it's not that I didn't see it), but it was in a less conspicuous spot.
Also. I miss the announcements. I was actually going to ask if you were going to put something like that up again. So, I would love it if you replaced the chatroom link with announcements.
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