This week’s economic reports:

Next week’s economic highlights include the Trade Balance and Treasury Budget on Wednesday, and Business Inventories, Export and Import Prices, Initial Jobless claims, Retail Sales, and Michigan Sentiment on Thursday.

CoT Reports: Gold | Silver 

Gold traded about $2-$3 higher in Asia and London, but it then began to fall off in late London and early New York trade and remained near its lows into the close to fall from 25 year highs.  Silver traded about 10-15 cents higher in Asia before it also fell off to find losses in late London and early New York trade, but it was able to rebound into the close and end at a new 22 year high.

Gold and silver equities fell a little over 2% in the first hour of trade and remained near their lows into the close.

Euro gold remained near all-time highs above $485, platinum lost $21 to $1,059, palladium lost $5 to $347, and copper fell slightly from all-time highs but remained above $2.60.

More Precious Metals Analysis:

“The gold market did manage a fresh new high early Friday morning but the market seemed to come under pressure as a result of the soaring US Dollar. It is also likely that the gold market was somewhat overbought from the rather significant $63 an ounce rally off the March lows. In retrospect the break in gold partially goes against the fundamental news from the session as the US payroll report showed solid signs of growth in the US and that might end up leading to inflation. However, the gold market seems to be focused on the Dollar and possibly the sharp slide in oil prices.

The London PM gold fix ended up being $1.75 above the London AM fix!

The silver market performed much more impressively than the gold market, with the market managing a fresh new high and unlike gold it did a much better job of trying to remain positive. However, we suspect that significant equity market declines and concerns of rising interest rates prompted some long to bank profits. It is also possible that weakness in the energy and copper markets served to distract the bull camp in silver. From the March lows the silver market has carved out a rather surprising $2.42 rally (to the highs Friday) and that has some traders concerned about overbought technicals. In the end, the much stronger than expected US payroll readings should be seen as a potential positive to future physical demand in silver and perhaps a positive to ongoing investment interest in silver.” - The Hightower Report, Futures Analysis and Forecasting

Oil fell on profit taking and easing of geopolitical concerns in Nigeria.

The U.S. dollar index gained, treasuries fell, and the Dow, Nasdaq, and S&P started off briefly higher before also falling markedly on economically strong jobs data that reignited inflation and higher interest rate fears.  The yield on the 10-year closed at its highest since June 2002.

Among the big names making news in the market Friday were Ford, BAE and Airbus, GM, RIM, Jackson Hewitt, and Burger King.

GATA Posts:

Jay Taylor tells ROB-TV about the short position in gold

Henry Fellerman: An open letter (and a warning) to Newmont Mining

THE LOONIE WATCHER’S COMMENTARY FOR APRIL 7, 2006

THE LOONIE

The Bulls had won the battle as of the close (4/06/2006).  The Bears now have to cover their positions.  Crude Oil has bailed the Loonie out of its downtrend!  Trading ranges are always dangerous, as the time cycles can and do "square in time" in those "quiet" periods.

THE $USD

The $USD’s cycle changed to the upside!  Today’s closing price (4/7/2006) showed the $USD proving that it has "squared" its bear cycle!  The time for the bulls has begun!  It forced a surfacing of the European socialist proclivities to accomplish this feat, but when time is up, things happen!  Their general strikes and other economical dysfunctional nonsense have saved the day "again" for the $USD.  This phenomenon is incorporated into the BoomBust Cycle Point Predictor (Copyright 2006).  The subscribers to THE LOONIE WATCH (copyright 2006) have already received the necessary instructions to capitalize on the new information!

SUMMARY

What a difference a trading range can make!  Both the Loonie and the $USD were just sitting in their "on the side" lines, letting their bear time cycles run out of time.  No market can fight its time cycle!  When time is up, markets won’t turn down!  When time is down, markets won’t turn up!  The Loonie’s time cycle has turned bull!  The $USD’s time cycle has turned bull!

Stay tuned to GOLDSEEK.COM, your source for updates for THE LOONIE WATCHER, THE BLACK GOLD WATCHER, and the MIDAS SAYS!http://onlypill.tripod.com/themidassays/id10.html" href="http://%20http:/onlypill.tripod.com/themidassays/id10.html">

Wayne N. Krautkramer onlypill@cox.net

Gold & Silver Stock News Update from GoldReview.com:

Cambior’s La Arena, project update, Metallica’s blasting permit restriction, and Canyon Resources’ Form S-1 Registration Statement declared effective 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:

Callinan changes auditor, announces resignation of director - More
- April 07, 2006 | Item | E-mail

Molycor Acquires Ag, Pb, Zn Claims in Eureka Area, Nevada - More
- April 07, 2006 | Item | E-mail

MacMillan Gold Corp.: First Star Resources Terminates Option Agreement on Alpha, Beta, Gamma Properties in Mexico - More
- April 07, 2006 | Item | E-mail

Osisko Closes Private Placement and Appoints Mr. Patrick Goodwin to Position of Director of Community Development - More
- April 07, 2006 | Item | E-mail

Au Martinique Silver and MacMillan Gold Terminate Option Agreement on El Socorro and Bautiste Mine Properties - More
- April 07, 2006 | Item | E-mail

Sirios to Increase its Interest in Pontax - More
- April 07, 2006 | Item | E-mail

Phase III Drilling at Jasper extends DJ Zone and identifies two new zones - More
- April 07, 2006 | Item | E-mail

Dios: Positive Diamond Exploration Results on Pontax - More
- April 07, 2006 | Item | E-mail

Cambior Inc.: La Arena Project Update - "In conjunction with its strategy to increase its reserves and resources, Cambior Inc. has pursued the delineation of the La Arena gold-copper porphyry deposit to complement its adjacent gold oxide deposit. Following a 11,380 meters drilling campaign conducted mainly in the second semester of 2005, Cambior is pleased to report an initial in situ resources estimation on La Arena Au-Cu porphyry deposit based on 0.4% and 0.5% (copper equivalent) cut-offs for the porphyry-hosted ore down to the 3000 meter elevation (which represents an average depth of 300 meters below surface)." More
- April 07, 2006 | Item | E-mail

Etruscan reports first quarter results - More
- April 07, 2006 | Item | E-mail

AXMIN Inc.: Executive Role for Dr Michael Martineau - More
- April 07, 2006 | Item | E-mail

Metallica Resources Reports Restriction Imposed on Blasting Permit for Cerro San Pedro Project, Mexico - "Metallica Resources Inc. today reports that SEDENA (Secretaria de Defensa National) has responded to a court order and renewed a previously imposed restriction on the explosives operating, or blasting, permit it issued to Metallica's Mexican subsidiary, MSX, for the Cerro San Pedro (CSP) project for the calendar year 2006. This restriction resulted from a legal action similar to a previous action brought against SEDENA to prohibit it from authorizing the use of explosives on ground owned communally by the ejido of Cerro de San Pedro, which includes the pit area and the access road to the pit." More
- April 07, 2006 | Item | E-mail

Canyon Resources' Form S-1 Registration Statement Declared Effective - "Canyon Resources Corporation, a Colorado-based mining company, is pleased to announce that its Form S-1 Registration Statement filed December 23, 2005, and amended February 24, 2006 and March 28, 2006, became effective April 7, 2006. A total of 9,380,727 shares of the Company's common stock may be resold by certain selling stockholders under this registration statement. Of this total, 3,800,004 shares were acquired by the selling stockholders pursuant to either private placement or other transactions between the Company and selling stockholders." More
- April 07, 2006 | Item | E-mail

Moto Goldmines Announces Significant Increase in Gold Resource Estimate - More
- April 07, 2006 | Item | E-mail

Zeehan Zinc Attains Market Valuation of USD $208 Million - More
- April 07, 2006 | Item | E-mail

Stroud Resources Ltd.: Drilling To Recommence At Stroud's Santo Domingo Silver Project - More
- April 07, 2006 | Item | E-mail

Beaufield Increases Hemlo Holdings and Provides Opinaca Update - More
- April 07, 2006 | Item | E-mail

Probe Mines Completes Winter Drilling Program in the James Bay Lowlands, Ontario - More
- April 07, 2006 | Item | E-mail

Bonaventure Enterprises Inc. and White Knight Resources Ltd.: Consultant Study Defines 300,000 Ounce Gold Equivalent Inferred Resource at New Pass Project - More
- April 07, 2006 | Item | E-mail

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