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Gold traded around a dollar higher in Asia and then rose up near $597 in London before it dropped back to about $592 in New York, but it then rallied into the close and ended near its highs at a new 25 year high.  Silver followed a very similar pattern but was able to exceed its highs in London with its closing surge and it ended with a 3.08% gain to a new 22 year high.

Euro gold rose back near all-time highs above $485, platinum gained $14 to $1,080, palladium gained $15 to $352 to new 3 and ½ year highs, and copper made new all-time highs above $2.60.

Gold and silver equities jumped nearly 2% higher at the open and then dropped to find slight losses midday, but they then rallied into the close and ended near their highs of the session.  The HUI and GDM set new all-time highs while the XAU remains about 7 points from new all-time highs.

More Precious Metals Analysis:

“While the gold market started out aggressively higher, the market eventually posted some rather surprising back and forth trade during the session. It would seem that the trade had a little difficulty solidifying prices above the psychologically important $600 level. However, a significant reversal in the US Dollar probably served to dampen gold gains relative to the gains seen in the silver market. However, a sharp upward extension in crude oil and gasoline prices probably offset the negative currency impact on gold during the action Thursday. The partially dovish statements from the ECB's Trichet might have prompted the Dollar recovery and that in turn resulted in a mid session setback in gold prices but that weakness was rejected just after mid day. With the ultra critical US Payroll report due out on Friday the metals trade is bolstering itself against the prospect of volatility.

After charging directly into even higher ground through the opening Thursday morning, the silver market avoided mid day weakness like the gold market. In fact, it looked as if the market might have to consolidate around the psychologically important even number $12.00 level after initially breaking through that level, but in the end the market simply rose to progressively higher levels and left the $12.00 zone behind. Initial weakness in the stock market probably held silver back but in the early afternoon the stock market recovered and probably helped facilitate the strength in the silver market. It would also seem like significant ongoing strength in both copper and zinc markets is serving to attract fresh spec and hedge buying in the silver market.” - The Hightower Report, Futures Analysis and Forecasting

More from Julian with a preview of this weekend’s “Gold Forecaster - Global Watch:”

“2005 saw the transition of the gold market from a metal market through to a market behaving as a currency.   2006 will see it evolve further and alone reflect the state of the monetary world.  From the inception of our publications over three years ago, we have stressed that global factors come together and synthesize to finally make the gold price.  Consequently expect greater momentum, greater volatility, higher highs and higher lows!   Where will it go?   The first target is very close to $700 before it takes stock.” - Julian D.W. Phillips of www.goldforecaster.com

Oil rose to new 2 month highs on geopolitical concerns and on continued reaction to yesterday’s drop in gasoline inventories.  Natural gas stocks fell 10 billion cubic feet which was about as expected.

The U.S. dollar index gained as the euro fell from 7 months highs on the ECB’s decision to not raise interest rates.  While the decision to not raise interest rates is not all that surprising, what was surprising to most were Trichet’s comments that “expectations for a May interest rate rise did not match the bank's view.”  Most are now looking for an ECB rate hike in June.

Treasuries fell on expectations for an economically strong jobs report tomorrow, pushing the yield on the 10-year to its highest since June 2002.

The Dow, Nasdaq, and S&P fell throughout the morning to find notable losses midday, but all three indices than rallied to near unchanged on the day and remained near unchanged into the close.  Poor retail sales, higher oil, and higher interest rates all weighed on the market for much of trade, but the Dow and S&P only ended with about 0.2% losses and the Nasdaq was able to end with a small gain.

Among the big names making news in the market today were RIM, Martha Stewart and Macy’s, Spectrum Brands, American Express, 3M, Merck, Rite Aid, Boeing, Media General and NBC, and American Greetings.

GATA Posts:

John Embry: Demand for silver will give you better bang for your buck

Ted Butler: The learning curve

“My Two Ounces”

Back on December 7, 2005 I noted that the HUI broke to new all-time highs by rising above 258.60 and that it indicated some nice gains in the near future.  The HUI then spent the next 2 months marching its way to 349.48 on January 31, 2006 before a correction brought it to as low as 278.47 on March 10, 2006.  Today now brings us to a new all-time high above 350.  I can only hope that today’s break to new highs indicates the same event as it did on December 7, 2005.  On the other hand, today may make for a double top of sorts and we could head back down to 278 or so before climbing back up again.

A break to further new highs or the top line of the next rectangle?  You decide.

What are your two ounces?  Access our forum here or send your comments by email to cm@goldseek.com

Gold & Silver Stock News Update from GoldReview.com:

Cumberland’s $5 million private placement, Metallica’s work with Falconbridge on the El Morro project, Miramar’s $29 million program for the Hope Bay project, Apollo Gold’s report on the Huizopa Exploration project, Western Silver’s mailed circular regarding the proposed arrangement with Glamis Gold, Apex Silver’s 6.375 million ordinary share equity offering, and Silver Standard’s results of the Feasibility Study Update for the Pirquitas project 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:

Goldcorp to Release First Quarter Results May 15th-Shareholders Meeting April 19th - "A conference call will be held Tuesday, May 16th at 11:00 a.m. (ET) to discuss these results. You may join the call by dialing toll free 1-877-888-3855 or (416) 695-6622 for calls from outside Canada and the US." More
- April 06, 2006 | Item | E-mail

New High Grade Gold Zones at La Fortuna - More
- April 06, 2006 | Item | E-mail

Vena Resources Hires SCI For Investor Relations in Europe - More
- April 06, 2006 | Item | E-mail

Tinka announces $900,000 private placement - More
- April 06, 2006 | Item | E-mail

Gold Canyon Closes Second Tranche of Private Placment for Cdn$474,099; Gold Canyon Closes Flow-Through Private Placment for Cdn$750,000 - More
- April 06, 2006 | Item | E-mail

Golden Tag Resources Ltd.: Ground Work Completed on Aquilon Extension Property James Bay, Quebec - More
- April 06, 2006 | Item | E-mail

Crowflight-Falconbridge Sign Definitive Agreements Amending the Terms of Thompson Nickel Belt Earn-In Options - More
- April 06, 2006 | Item | E-mail

Bear Creek Mining Corporation - Appointment of VP Technical Services - More
- April 06, 2006 | Item | E-mail

Copper Fox Metals Inc. announces first quarter results - More
- April 06, 2006 | Item | E-mail

Imperial Reports Encouraging Exploration Results at Mount Polley Mine - More
- April 06, 2006 | Item | E-mail

Twin Mining's Atlanta Gold Project Application for key Environmental Permit declared as being completed - More
- April 06, 2006 | Item | E-mail

Northern Lion Gold Corp.: Haveri Drilling Yields 41 Metres of 5.57 g/t Gold; Results Support new Geological Model - More
- April 06, 2006 | Item | E-mail

Consolidated Spire Ventures announces Prospect Valley 2006 Drill Program details - More
- April 06, 2006 | Item | E-mail

Columbia Metals Corporation Limited-Tara Gold Resources Corp.: Binding Letter of Intent Signed to Acquire the Lluvia De Oro Gold Property - More
- April 06, 2006 | Item | E-mail

Mena Resources Inc.: Project Update-Additional Positive Results Lead to Expanded Drilling Program at the Increible 6 Gold Project, Bolivar State, Venezuela - More
- April 06, 2006 | Item | E-mail

American Bonanza Begins Exploration at La Martiniere - More
- April 06, 2006 | Item | E-mail

Apex Silver Increases Size of Equity Offering to 6.375 Million Ordinary Shares - "Apex Silver Mines Limited is pleased to announce that further to its news release announced earlier today, the company has sold an additional 2,125,000 ordinary shares, increasing its previously announced offering of 4,250,000 ordinary shares to 6,375,000 ordinary shares at $24.45 per share (net $23.70 per share). Apex Silver intends to use the net proceeds of approximately $151 million to continue further evaluation, exploration, advancement and expansion of its portfolio of exploration properties and for other general corporate purposes." More
- April 06, 2006 | Item | E-mail

Columbia Metals Corporation Limited-Tara Gold Resources Corp.: Binding Letter of Intent Signed to Acquire the Lluvia De Oro Gold Property - More
- April 06, 2006 | Item | E-mail

Pershimco Resources Retains Investor Relations Specialist, Sun International Communications: New Corporate Web Site Launch - More
- April 06, 2006 | Item | E-mail

PGM Completes Senior Management Team for the Aguas Tenidas Project - More
- April 06, 2006 | Item | E-mail

American Stock Exchange Lists Common Stock of Corriente Resources Inc. - More
- April 06, 2006 | Item | E-mail

Puma Exploration expands investor relations team - More
- April 06, 2006 | Item | E-mail

SIRIOS RESOURCES INC./Highly Significant Results on the Kukames Property, Opinaca-Eleonore Area, Quebec, Canada: Additional Information - More
- April 06, 2006 | Item | E-mail

Alberta Star Receives Provisional Approval from the Department of Natural Resources for its Land Survey at Contact Lake - More
- April 06, 2006 | Item | E-mail

Robex Resources Inc. - A non-brokered private placement of up to $5 million - More
- April 06, 2006 | Item | E-mail

Unico, Inc. Chairman Files Form 4 on Stock Purchase - More
- April 06, 2006 | Item | E-mail

Redcorp Completes Private Placement of $5,818,500 - More
- April 06, 2006 | Item | E-mail

Vencan Gold Signs Agreement with Patricia Mining Corp. on Historic Wawa Gold Property and Announces $1,025,000 in Private Placement Financings - More
- April 06, 2006 | Item | E-mail

Tara Gold Acquires Near-Production Gold Mine and Plant - More
- April 06, 2006 | Item | E-mail

Fieldex and Cambior buy back 2.5% NSR on their Stadacona-East gold property - More
- April 06, 2006 | Item | E-mail

Crew Gold Corporation: Private Placement of 32.3 Million Shares Concluded - More
- April 06, 2006 | Item | E-mail

Anglo-Canadian Uranium Corp. -- Uranium Property Acquired, Appointment To Board - More
- April 06, 2006 | Item | E-mail

HE-5 Resources, Corp. Acquires 100% Interest in Ruby #1 and #2 Mine - More
- April 06, 2006 | Item | E-mail

Significant New Gold Discovery at Kerbay - More
- April 06, 2006 | Item | E-mail

Cantex Mine Development Corp. - New gold results for drilling at the Al Hariqah gold deposit, Yemen - More
- April 06, 2006 | Item | E-mail

Lake Shore Gold Corp. Proposed Shareholder Rights Plan - More
- April 06, 2006 | Item | E-mail

Alexis Finds Two New High Grade Gold Zones Grading Up to 299.5 and 71.0 Grams Gold Per Tonne - More
- April 06, 2006 | Item | E-mail

Sacre-Coeur Minerals Announces Arrival of Core Drill in Guyana - More
- April 06, 2006 | Item | E-mail

Candente Resource Corp.: Near Surface Starter Zone Identified at Canariaco Norte, Peru - More
- April 06, 2006 | Item | E-mail

DE BEIRA Selects Corporate & Resource Consultants Pty Ltd For Identifying Interests in South America - More
- April 06, 2006 | Item | E-mail

Magnus International Resources Inc. Status Update Conference Call - More
- April 06, 2006 | Item | E-mail

Western Silver Mails Information Circular - "Western Silver Corporation today announced that it has mailed the information circular in relation to the proposed arrangement with Glamis Gold Ltd. The information circular is being mailed to all shareholders of record as of March 24, 2006, and contains details of the transaction under which Glamis will acquire, through a previously announced plan of arrangement, all of the outstanding shares of Western Silver." More
- April 06, 2006 | Item | E-mail

Cumberland Announces $5 Million Non-Brokered Flow-Through Private Placement - "CUMBERLAND RESOURCES LTD. is pleased to announce that, subject to regulatory acceptance, it has arranged a non-brokered private placement with CMP Resources of 833,333 flow-through common shares at a price of $6.00 per share for aggregate gross proceeds of $5,000,000. The gross proceeds from the private placement of flow-through shares will be used for continued exploration of the Company's Meadowbank gold project located in Nunavut, Canada and on other eligible properties." More
- April 06, 2006 | Item | E-mail

Metallica Resources Announces Falconbridge to Drive Decline at the El Morro Project, Chile - "Metallica Resources Inc. is pleased to report that Falconbridge Limited is commencing work on an underground exploration decline into the La Fortuna coppergold deposit of the El Morro project. Along with the ongoing 26,500 meter core drilling program announced previously, the decline will help form the basis of a prefeasibility study that Falconbridge intends to complete by the end of 2006 at a total estimated cost of approximately $40 million." More
- April 06, 2006 | Item | E-mail

Miramar Announces $29 Million 2006 Program for Hope Bay Project - "Miramar Mining Corporation today announced plans for the 2006 exploration season at its 100% controlled Hope Bay project in Nunavut. The Company intends to spend just under $30 million on approximately 55,000 meters of drilling designed to collect sufficient information to define and initiate the next phase of development at Hope Bay. This is a significant increase over exploration expenditures in 2005." More
- April 06, 2006 | Item | E-mail

Apex Silver Announces a Public Offering of 4.25 Million Ordinary Shares - "Apex Silver Mines Limited today announced that it sold in a public offering 4,250,000 ordinary shares at $24.45 per share (net $23.70 per share). Apex Silver intends to use the net proceeds of $100.73 million to continue further evaluation, exploration, advancement and expansion of its portfolio of exploration properties and for other general corporate purposes. Apex Silver's portfolio currently includes property groups covering approximately 700,000 acres in Mexico, Argentina, Bolivia and Peru. BMO Nesbitt Burns is the sole underwriter and bookrunner for the offering." More
- April 06, 2006 | Item | E-mail

Apollo Gold Reports on Huizopa Exploration Project - "Pursuant to the agreement, and in consideration for certain payments to the Ejido, the Company has a right to use Ejido land covering the 12,800 hectares of the Company's mining concessions in Huizopa for all activities necessary for the exploration, development, and production of potential ore deposits in our Huizopa project area." More
- April 06, 2006 | Item | E-mail

Silver Standard Reports Positive Results for the Pirquitas, Argentina Feasibility Study Update - "Silver Standard Resources Inc. is pleased to report the results of the Feasibility Study Update for the Pirquitas silver, tin and zinc project in Jujuy province, Argentina prepared by Hatch Ltd., an international engineering firm, in conjunction with Mine Development Associates (MDA) of Reno, Nevada." More
- April 06, 2006 | Item | E-mail

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- Written by Chris Mullen

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

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