Consumer Confidence unexpectedly came in at a near 4 year high and increased the probability for more interest rate increases, but most markets remained relatively flat ahead of official word from the fed about their future actions.  The fed did raise interest rates ¼ point to 4.75% as expected, but most looked their comments which indicated that “some further policy firming may be needed.”  While they changed much of their language about the economy, their language for future policy remained about the same and indicates at least one more rate hike if not two.  This crushed many hopes out there that the fed was possibly going to indicate a pause soon, and it sent markets flying in various directions.  The U.S. dollar shot higher along with interest rates, and bonds and the major indices dropped noticeably.  Gold and silver also dropped slightly in after hours trade.  There are no major economic reports due out tomorrow.

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Gold fell about $3 in Asia and London before it rose up near $570 in early New York trade, but it then fell off a bit into the close and ended just slightly lower on the day.  Silver traded slightly higher in Asia before it fell to under $10.80 in London, but it then rebounded to around $10.90 in early New York trade and then also fell off a bit into the close and ended just slightly lower on the day.  Both metals were trading about 0.5% lower in after hours trade in reaction to the fed’s statement.

Euro gold remained near €470, platinum gained $4 to $1,064, palladium lost $1 to $336 to fall from 3 and ½ year highs, and copper fell slightly but remained near all-time highs above $2.40.

Gold and silver equities fell in early trade but rebounded to near unchanged midday before they fell in afternoon trade and ended over 2% lower.

More Precious Metals Analysis:

“The precious metals were a little choppy ahead of the Fed result but should have been supported by better than expected US economic readings and the weakness in the US Dollar. While the gold market was partially undermined by news of a higher production at a smaller producer, we have to think that a large portion of the bull camp was unwilling to add to longs ahead of the Fed outcome. It is also possible that new trading markets for gold and silver diffused part of the speculative interest in the US metals markets but given the breadth of bullish sentiment toward metals we think that the bull trend will be mostly unaffected by the new trading tools.” - The Hightower Report, Futures Analysis and Forecasting

Oil found impressive gains and climbed to over $66 on geopolitical concerns, signs of strong demand, preparation for tomorrow’s inventory reports, rumors of an oil ETF, and also on word of a possible strike in Norway that may halt production.

The U.S. dollar index fell overnight on euro strength that came from indications the ECB will raise interest rates at their next meeting.  Strong German business sentiment helped to increase euro strength, but strong U.S. Consumer Sentiment did help to pare the dollar’s losses ahead of the fed’s statement that sent the index immediately higher and caused it to end with decent gains.

Treasuries dropped on strong Consumer Sentiment in early trade and then furthered their losses following the fed’s statement.  The yield on to 10-year rose to new 20 month highs.

The Dow, Nasdaq, and S&P remained mixed and near unchanged ahead of the fed’s statement that sent all three indices immediately lower and caused them to close near their lows.

Among the big names making news in the market today were Microsoft, General Motors, Lennar, and Tiffany.

THE BLACK GOLD WATCHER’S COMMENTARY FOR MARCH 28, 2006

ANALYSIS OF BLACK GOLD!

Today’s close (3/28/2006) was very strong, indicating that the current trading range tops are no longer valid.  The locals found a lack of selling during their latest raiding party.  The Crude Oil market has resumed its Bull Trend.  Subscribers to THE BLACK GOLD WATCHER (copyright 2006) have already been issued the appropriate instructions to capitalize on this change.  Crude Oil is so strong that a minor cold snap has broken the back of the Bears.  Stay tuned to GOLDSEEK.COM , your source for THE BLACK GOLD WATCHER (COPYRIGHT 2006) for further market developments.  Events unfold quickly in the world of energy!

PITAGORAS INTERNACIONAL SA. Onlypill@cox.net

Gold & Silver Stock News Update from GoldReview.com:

Check out the new, free stock report on Endeavour Silver posted on the site today here.  Coeur d'Alene’s modified Endeavour agreement with CBH Resources, Barrick’s update to the investment community, Tanzanian Royalty’s new gold discovery, Fronteer’s commenced drill program at Agi Dagi, Endeavour Silver’s rise in silver reserves and resources at Guanacevi, and Great Panther’s initiation of the commissioning of a processing plant at Guanajuato were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

All of today's gold and silver stock news:

Breakwater announces change to the executive management team - More
- March 28, 2006 | Item | E-mail

Barrick Updates Investment Community - "The Company expects gold production of 8.6 to 8.9 million ounces and copper production of approximately 350 million pounds in 2006. Total cash costs are expected to be in the range of $275 - $290 per ounce of gold and $0.75 per pound of copper, excluding purchase accounting adjustments related to copper inventories." More
- March 28, 2006 | Item | E-mail

MacDonald Mines Commences Drill Program and Announces $1,270,000 in Private Placement Financings - More
- March 28, 2006 | Item | E-mail

Wildcat Exploration Ltd. - Resignation of President and COO - More
- March 28, 2006 | Item | E-mail

Endeavour Silver Corp.: Silver Reserves and Resources Rise Sharply at Guanacevi Mine Project, Durango, Mexico - "Endeavour Silver Corp. announces a sharp rise in silver reserves and resources at its Guanacevi Mines Project in Durango, Mexico. Proven and probable mineral reserves rose from nil in 2005 to 3,481,200 oz silver (3,792,588 oz Ag equivalents) in 2006. Inferred mineral resources jumped 178% to 10,655,500 oz silver (12,005,200 oz Ag equivalents) in 2006 compared to 3,839,000 oz silver in 2005." More
- March 28, 2006 | Item | E-mail

BacTech Closes Private Placement - More
- March 28, 2006 | Item | E-mail

Consolidated Puma Minerals Corp.: Initial 2006 Exploration Drill Program Results from East Pansky PGE Property - More
- March 28, 2006 | Item | E-mail

Tanzanian Royalty Announces New Gold Discovery on License Held Under option by MDN Northern Mining - "The Company is delighted to announce that one of its royalty partners, MDN Northern Mining, has discovered a brand new gold occurrence on a prospecting license held under option from Tanzanian Royalty Exploration in the Tulawaka region of Tanzania. "This is the third discovery in this region by MDN which is a testament to their skills as explorers and project operators," said Jim Sinclair, Chairman and CEO of Tanzanian Royalty Exploration." More
- March 28, 2006 | Item | E-mail

Continental Minerals Ltd. and Great China Mining Inc.: Xietongmen Project Update - More
- March 28, 2006 | Item | E-mail

Crowflight Makes Nickel Discovery in Close Proximity to Bucko Deposit, Manitoba - More
- March 28, 2006 | Item | E-mail

Eagle Plains Joins Saskatchewan Uranium Play - More
- March 28, 2006 | Item | E-mail

Alberta Star Contracts Scott Geophysics Ltd. to Perform an Induced Polarization/Resistivity 'IP/Res' Survey at the Contact Lake IOCG & Uranium Project - More
- March 28, 2006 | Item | E-mail

/C O R R E C T I O N from source - VVC EXPLORATION CORPORATION/ - More
- March 28, 2006 | Item | E-mail

Valdez Gold completes rights offering - More
- March 28, 2006 | Item | E-mail

Fronteer Mobilizes Six Rigs and Starts 8,000 Metre Drill Program at Agi Dagi Gold Project, Western Turkey - "The immediate objective of this intensive exploration program is to expand the known resources at Agi Dagi, and concurrently move the project towards pre-feasibility. Presently, the Agi Dagi Project comprises two separate resource areas referred to as the Baba Zone and the Deli Zone, which are located 3 kilometres apart on the same hill." More
- March 28, 2006 | Item | E-mail

Full Metal Options Kamishak Property to Andover Ventures - More
- March 28, 2006 | Item | E-mail

Buffalo Applies For Thirteen New Uranium/Gold Exploration Tenements In Queensland Australia - More
- March 28, 2006 | Item | E-mail

Venezuela Investments Inc. Approves Merger of Mindenao With Grand Pacaraima Gold Corp. - More
- March 28, 2006 | Item | E-mail

Great Panther Starts Commissioning of Plant at Guanajuato - "GREAT PANTHER RESOURCES LIMITED is pleased to announce that it has initiated the commissioning of the processing plant at its Guanajuato Silver-Gold Mine in Guanajuato, Mexico. The 1,200 tonne per day plant has been undergoing extensive refurbishing for the past 3 months as Great Panther prepares to place the mine back into production." More
- March 28, 2006 | Item | E-mail

Farallon Updates on Drilling G-9, New Zone Discovered Increasing Total Resource Potential - More
- March 28, 2006 | Item | E-mail

First Quantum Refutes Adastra Minerals Assessment of its Offer and Encourages Adastra Shareholders to Tender to First Quantum's Final Offer, Which Expires on Ma - More
- March 28, 2006 | Item | E-mail

Minera Andes Joint Venture Formalizes Decision to Place San Jose Project Into Production - More
- March 28, 2006 | Item | E-mail

Augusta Resource Corp. Commences 2006 Drilling Program - More
- March 28, 2006 | Item | E-mail

2006 Work Plan Includes 15,000 meters of Drilling on the Silver Coin Property - More
- March 28, 2006 | Item | E-mail

ValGold Resources options Hunter Gold Mine to Brigadier Gold Limited - More
- March 28, 2006 | Item | E-mail

SLAM Exploration extends airborne survey at Nash Creek - More
- March 28, 2006 | Item | E-mail

Rocmec Announces Closing of Financings with Desjardins-Innovatech S.E.C. and the Solidarity Fund - More
- March 28, 2006 | Item | E-mail

SearchGold and Mano River Conclude Joint Venture in Guinea Aimed at Early Diamond Production - More
- March 28, 2006 | Item | E-mail

$4.38 million funding announced for Pony Creek property, Carlin Trend, Nevada - More
- March 28, 2006 | Item | E-mail

2006 Mongolian Uranium Field Activities Commenced by UGL-Mega Joint Venture - More
- March 28, 2006 | Item | E-mail

Azimut: Second Year Option by Eastmain on the Opinaca Property in James Bay, Quebec - More
- March 28, 2006 | Item | E-mail

Odyssey Reports More Alous Copper-Silver Drill Results - More
- March 28, 2006 | Item | E-mail

JML-Aquila Reverse Takeover Transaction Moves Forward - More
- March 28, 2006 | Item | E-mail

Coeur and CBH Agree to Modify Endeavor Agreement - "Under the modified terms, CDE Australia will own all silver production up to a total of 20.0 million ounces, up from 17.7 million ounces in the original agreement. Moreover, the silver price-sharing provision will be deferred until such time as Coeur has received approximately 2 million cumulative ounces of silver from Endeavor or June 2007, whichever is later. In addition, Coeur will retain additional cash flow by increasing the silver price-sharing threshold to US$7.00 per ounce, from the previous level of US$5.23 per ounce." More
- March 28, 2006 | Item | E-mail

Peru Copper announces updated technical report on its Toromocho Project - More
- March 28, 2006 | Item | E-mail

Twin Mining Engages M Partners to Secure Financing to Launch a New Diamond Venture - More
- March 28, 2006 | Item | E-mail

Pearl Asian Mining Industries (PAIM) Sets Conversion Rate of Preferred Shares - More
- March 28, 2006 | Item | E-mail

Jaguar Mining announces conference call - More
- March 28, 2006 | Item | E-mail

Infinity Moves Closer to Trading Status - More
- March 28, 2006 | Item | E-mail

Magnus International Resources, Inc. Acquires 30% Interest in The Xixia Titanium Property - More
- March 28, 2006 | Item | E-mail

Silver boom helps Wheaton - "Silver Wheaton said Monday it has reached an equity-financing deal to sell 14.6 million common shares of the company for $12 a share. Proceeds will be used to pay off the debt associated with its recent $285-million-US silver acquisition from Glencore International AG." More
- March 28, 2006 | Item | E-mail

Mexican Penoles ups silver price outlook - "Mexico's Penoles, the world's top refined silver producer, has raised its 2006 outlook for average silver prices to around $10 an ounce, based partly on the imminent approval of a new U.S. investment tool. Jaime Lomelin, chief executive of Penoles, told Reuters in an interview on Monday he also thought prices would hold strong for at least two years." More
- March 28, 2006 | Item | E-mail

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Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

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