This week’s economic reports:

Next week’s economic highlights include Consumer Confidence and the FOMC policy statement on Tuesday, GDP on Thursday, and Personal Income and Spending and Michigan Sentiment on Friday.

Cot Reports: Gold | Silver

Gold traded about a dollar lower in Asia and London before it rose throughout trade in New York and ended near its highs with a 1.76% gain.  Silver traded slightly lower in Asia before it rose slightly in London and New York and ended at a new 22 year high.

Gold and silver equities rose about 3% in the first hour of trade and remained near their highs into the close.

Euro gold rose near €465, platinum gained $4 to $1,041, palladium gained $11 to $328 to new 23 month highs, and copper fell slightly from all time highs to about $2.37.

More Precious Metals Analysis:

“The gold market exploded in what seemed to be a catch-up bounce Friday morning. Certainly seeing the Dollar fall back from early highs, cleared the way for the US bounce, but traders in the Tokyo gold market suggested that the soaring oil price structure prompted them to liquidate short gold position. Other players suggested that the persistent strength in the silver market simply inspired buyers to move into relatively cheaper gold positions. In the end, a solid reversal in the Dollar could have been the main catalyst behind the surge in gold prices.” - The Hightower Report, Futures Analysis and Forecasting

Oil rose on supply concerns, signs of rising demand, geopolitical concerns, and on fears over forecasts for another busy upcoming hurricane season, but gains were relatively small Friday compared to Thursday’s gains.

The U.S. dollar index fell and treasuries gained on weak economic data that may influence the fed to stop raising interest rates soon.

The Dow, Nasdaq, and S&P rose midday on hopes for a halt by the fed soon in terms of rising interest rates, but all three indices fell off to find slight losses by mid-afternoon before rallying into the close to end slightly higher.

Among the big names making news in the market Friday were Palm, Tim Hortons, Alcatel and Lucent, GM, and Google.

GATA Posts:

Dollar loses clout in bullion market

CBSMarketWatch surveys analysts on impact of likely silver ETF

Gold & Silver Stock News Update from GoldReview.com:

Nevsun’s 2005 financial results, IAMGOLD’s listing on the Australian Stock Exchange, Northern Dynasty’s possible problems in Alaska, Anglo American’s cut stake in AngloGold Ashanti, Freeport’s problems in Indonesia, Goldcorp’s approved takeover of Virginia Gold, and Silver Wheaton’s completed Glencore transaction were among the big stories in the gold and silver mining industry making headlines Friday.

WINNERS

LOSERS

All of Friday's gold and silver stock news:

sxr Uranium One Inc. News Release - More
- March 24, 2006 | Item | E-mail

Nevsun Resources Ltd.: Annual Financial Results - "The Company's cash position at December 31, 2005 was approximately $24 million. The loss for the year was $9.9 million (2004 - $12.5 million), including exploration expense of $7.4 million (2004 - $9.7 million). Another significant component of the reported losses was stock-based compensation of $1.5 million (2004 - $2.4 million), recorded in accordance with current accounting standards." More
- March 24, 2006 | Item | E-mail

Desert Sun Mining To Hold Annual General And Special Meeting March 31, 2006 - "DESERT SUN MINING CORP. will hold an Annual General and Special Meeting of shareholders at The Fairmont Royal York, Tudor Room 7-8, 100 Front Street West, Toronto, Ontario, M5J 1E3 on Friday, March 31, 2006 at 10:30 a.m. (EST)." More
- March 24, 2006 | Item | E-mail

IAMGOLD listed on the Australian Stock Exchange - "IAMGOLD Corporation, on 3 February 2006, applied for admission to the Official List of the ASX and quotation of approximately 26,212,850 common shares of IAMGOLD, over which CHESS Depository Interests (CDIs) would be issued." More
- March 24, 2006 | Item | E-mail

Gryphon Gold Announces Closing of Private Placement - More
- March 24, 2006 | Item | E-mail

Lake Shore Gold Corp. Board of Directors Approves Shareholder Rights Plan - More
- March 24, 2006 | Item | E-mail

MetalCORP Limited Retains BLACKWELL for Investor Relations - More
- March 24, 2006 | Item | E-mail

Virginia Gold shareholders OK takeover by Goldcorp - "Shareholders of Virginia Gold Mines Inc. voted overwhelmingly in favor of being taken over by Goldcorp Inc. on Friday, in an all-stock deal worth about $475 million. Virginia, a Quebec-based mining exploration company, said the transaction was approved by more than 95.6 percent of the votes cast at a special meeting in Montreal." More
- March 24, 2006 | Item | E-mail

Typhoon Completed 21 Drill Holes at Fayolle as of March 23 2006 - More
- March 24, 2006 | Item | E-mail

Blue Note Files NI 43-101 Technical Report on Caribou and Restigouche Mines - More
- March 24, 2006 | Item | E-mail

Virginia Shareholders Approve Plan of Arrangement With Goldcorp - "In connection with the Arrangement, each outstanding common share of Virginia will be exchanged for 0.4 of a common share of Goldcorp and 0.5 of a common share of New Virginia. In addition, Virginia will transfer to New Virginia all of its assets not related to the Eleonore property, including all of its liquid assets, short-term and long-term investments, including all cash arising from stock options and purchase warrants exercised prior to the closing of the Arrangement as well as a sliding-scale 2% royalty on Eleonore deposit." More
- March 24, 2006 | Item | E-mail

Operation Reach Out: Poverty Alleviation Programs of Pearl Asian Mining Industries (PAIM) Continues With Two of PAIM's Shareholders Actively Involved - More
- March 24, 2006 | Item | E-mail

Great West Gold, Inc. - Update on Filing and Investor Relations - More
- March 24, 2006 | Item | E-mail

Roxmark closes second tranche of private placement, raises $1,184,400 overall - More
- March 24, 2006 | Item | E-mail

Coalition Gathers High Profile Support in Opposition of Pebble Mine in Alaska - "Important local players in the debate over whether it is a good idea to build an open pit gold and copper mine in Alaska's Bristol Bay Region are coming out against the project. Nondalton Tribal Council and Choggiung Native Corporation have joined a growing list of groups opposed to the project being proposed by Northern Dynasty. Alaska Senator Ted Stevens and the Anchorage Daily News also recently weighed-in opposing the mine."More
- March 24, 2006 | Item | E-mail

Cusac Outlines Terms of $6 Million Production/Exploration Financing - More
- March 24, 2006 | Item | E-mail

Vena Information to be Available Through S&P Market Access Program - More
- March 24, 2006 | Item | E-mail

Silver Wheaton Completes Glencore Transaction - "Silver Wheaton Corp. is pleased to announce that it has completed the previously announced transaction with Glencore International AG. The Company has agreed to purchase 4.75 million ounces of silver produced per year, for a period of 20 years, from Glencore, based on production from their Yauliyacu mining operations in Peru. Silver Wheaton will provide an upfront payment of US$285 million, comprised of US$245 million in cash and a US$40 million promissory note, and US$3.90 per ounce of silver delivered under the contract (subject to an inflationary adjustment after three years)." More
- March 24, 2006 | Item | E-mail

Anglo surrenders AngloGold control in $1.5 bln deal - "Mining giant Anglo American will relinquish control of the world's third biggest gold miner AngloGold Ashanti, cutting its majority stake to around 41 percent in a joint share offer worth up to $1.55 billion. The transaction -- a combination of AngloGold issuing new shares and Anglo American selling existing ones -- is due to be marketed globally over the next 10-14 days, increasing AngloGold Ashanti's freefloat, the companies said on Friday." More
- March 24, 2006 | Item | E-mail

Jakarta to sue if Freeport snubs complaints-minister - "Indonesia will not hesitate to sue U.S. mining giant Freeport-McMoRan Copper & Gold if it fails to follow through on recommendations to stop pollution from its Papua operations, Environment Minister Rachmat Witoelar said on Friday." More
- March 24, 2006 | Item | E-mail

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- Written by Chris Mullen

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