Gold Seeker Closing Report – Gold & Silver Gain Another 1% and 3%

There were no major economic reports today and there are none due out tomorrow, but there was some fed speak that had traders talking. Both Bies and Olson spoke about the economy and inflation, but both were unclear as to when the fed will stop raising interest rates.

	Close	Gain/Loss
Gold	$597.40	+$9.60
Silver	$12.44	+$0.39
XAU	144.91	-0.38%
HUI	343.66	-0.51%
GDM	1084.37	-0.31%
JSE Gold	2818.17	-0.55%
USD	89.65	-0.04
Euro	120.95	-0.07
Yen	84.36	-0.12
Oil	$68.74	+$1.31
10-Year	4.963%	UNCH
T-Bond	107.875	UNCH
Dow	11141.33	+0.19%
Nasdaq	2333.27	-0.25%
S&P	1296.62	+0.09%

Gold rose about $5 in Asia and rose another $5 to about $598 in London before it fell back near $592 in late morning New York trade, but it then rallied into the close and ended back near its overnight highs with a 1.63% gain at a new 25 year high. Silver jumped about 30 cents higher in Asia and rose near $12.50 in London before it fell back near $12.30 in late morning New York trade, but it also rallied into the close and ended near its overnight highs with a 3.24% gain at a new 22 and ½ year high. Both metals are also trading nicely higher in after hours access trade. Gold is testing $600 and silver is over 20 cents higher from the close at the time of writing.

Euro gold rose to new all-time highs near €495, platinum gained $27 to $1,086 to new 26 year highs, palladium gained $6 to $353 to new 3 and ½ year highs, and copper rose to new all-time highs near $2.70. Also making news were zinc at new all-time highs and nickel at new 17 year highs.

Gold and silver equities jumped nearly 2% higher at the open, but they soon fell to near unchanged on the day and remained near that level for most of trade before they fell off a bit further into the close and ended with slight losses.

“The gold market was emboldened by the environment on Monday morning. In addition to a soaring oil market and rapidly rising base metals prices, the gold market also saw a strong equity market. In other words, so far the world economy isn't undermined by the threat of energy induced inflation and that seems to give the bulls in gold even more resolve. With the Dollar mostly quiet after a slightly higher opening move, it was clear that the negative currency impact was going to be mostly ignored during the session. Some players suggested that the launch of a new crude oil ETF prompted the oil complex to run but others suggested that the concern toward Iranian nuclear negotiations was serving to facilitate flight to quality buying in all the metals markets.

The Silver market started out firm, showed a minor post opening setback and then punched aggressively into new highs right around mid session. With the copper market exploding and energy prices also rising sharply it is difficult not to think that flight to quality or inflationary inspiration was at least partially behind the run up in silver prices. The Press rightly suggested that such impressive price performance is probably creating a self fulfilling buying wave that would seem to be reaching a hyper stage. On the other hand, the breadth of investment interest in silver is thought by many to now be wider than at any time in history. In other words, the ownership of silver in an ever widening array of instruments has probably made silver ownership much more common that it has ever been.” - The Hightower Report, Futures Analysis and Forecasting

"It is unlikely that the Gold shares or Silver shares will run forward until convinced that these higher prices are here to stay. After all the mines revenues are made up from cash flow over a period of time not by the daily price. As the average price of gold rises so will the certain earnings of a mine.

But should gold leap over $600 there should be a psychological shift in the mentality of the market as they accept that these levels are likely to hold. Then we would expect the shares to outperform the metal." - Julian D.W. Phillips of www.goldforecaster.com

Oil rose about 2% to new 7 month highs on renewed geopolitical concerns in Iran and

Nigeria

The U.S. dollar index remained near unchanged as traders analyzed fed speak and looked ahead to twin deficit figures on Wednesday.

Treasuries found slight gains early on as traders analyzed fed speak, but they then fell near unchanged on the day as most waited for economic data later in the week. The yield on the 10-year remained at its highest since June 2002.

The Dow, Nasdaq, and S&P rose to find decent gains midday, but they then fell off to end mixed and near unchanged as most looked forward to earnings reports and economic data later in the week.

Among the big names making news in the market today were Alcoa, Bank of New York and JPMorgan Chase, Time Warner Cable, Safeway, Disney, Zale, Wal-Mart, Red Hat and JBoss, Goldman Sachs, Weyerhaeuser, and Ronald Burkle.

Orezone’s increase in gold resources at Essakane, Tanzanian Royalty’s interpretation of comments from Tanzania’s President, Kinross Gold’s chief legal officer appointment, Coeur d'Alene’s agreement for the sale of its silver valley subsidiary, and Silver Standard’s drill results from Pitarrilla were among the big stories in the gold and silver mining industry making headlines today.

Typhoon Intersects a New Higher Grade Lens Grading 1.25 OZ/T Gold Over 61.4 Feet at Fayolle - More
- April 10, 2006 | Item | E-mail

Largo Announces Option to Acquire World Class Tungsten-Molybdenum Porphry Deposit in the Yukon - More
- April 10, 2006 | Item | E-mail

Mexican miners, metal strike hits 18th day - "Mexican miners and metal workers on Monday vowed to continue an 18-day-old strike in support of deposed union leader Napoleon Gomez, and threatened to extend the conflict to other industries in Mexico. Unions across the country, including teachers, electricians and telephone employees, plan to stop work for two hours unless demands are met, Juan Linares, a senior miners and metal workers union official, told reporters." More
- April 10, 2006 | Item | E-mail

Vannessa files Crucitas resource estimate on SEDAR - More
- April 10, 2006 | Item | E-mail

Duncan Park Holdings Corporation Announces Warrant Exercise - More
- April 10, 2006 | Item | E-mail

King's Bay Gold Corporation Completes Acquisition of 'North Rock' Area Claims from Mr. Ron Rivet - More
- April 10, 2006 | Item | E-mail

White Knight Updates Resource Estimate on Gold Pick - More
- April 10, 2006 | Item | E-mail

San Gold Drilling Extends New Gold Zone Westward - More
- April 10, 2006 | Item | E-mail

Keegan Confirms New Gold Discovery at Asumura with Initial Holes from RC Drilling Program - More
- April 10, 2006 | Item | E-mail

Barrick Gold Corporation First Quarter 2006 Results Release, Conference Call and Webcast - "First Quarter Results Release: May 3rd after market close. Conference Call and Webcast: May 3rd at 5:00 pm EDT." More
- April 10, 2006 | Item | E-mail

Au Martinique Silver Inc. and MacMillan Gold Corp. Terminate Option Agreement on El Socorro and Bautiste Mine Properties, Mexico - More
- April 10, 2006 | Item | E-mail

Goldcorp Declares Fourth Monthly Dividend Payment for 2006 - "GOLDCORP INC. is pleased to declare its fourth monthly dividend payment for 2006 of $0.015 per share. Shareholders of record at the close of business on Friday, April 21, 2006 will be entitled to receive payment of this dividend on Friday, April 28, 2006." More
- April 10, 2006 | Item | E-mail

Chapleau Resources Ltd acquires 100% of the Mato Velho Gold Project in the Para State in Northern Brazil. - More
- April 10, 2006 | Item | E-mail

China Diamond Corp. Status Update - More
- April 10, 2006 | Item | E-mail

Orezone Resources Inc.: Gold Resource Increase at Essakane - "Orezone Resources Inc. is pleased to announce that an updated resource estimate for the Essakane Main Zone has been submitted to Orezone by its partner, Gold Fields Limited. Indicated resources in the EMZ now total 36.8Mt grading 1.6g/t (1.9Moz) and inferred resources amount to an additional 27.7Mt grading 1.7g/t (1.5Moz), based on a 0.5g/t cutoff grade. The JORC compliant resource calculation represents a recoverable resource estimate and was completed by independent consultant RSG Global (Perth, Australia)." More
- April 10, 2006 | Item | E-mail

Tanzanian President Jacaya Kikwete Speaks on the Tanzanian Minerals Industry In Pretoria, South Africa - "Our company supports the President's stand. We see it as a fundamental pillar of our governance approaches that we demonstrate a solid long-term commitment to the peoples of the countries in which we operate and that this comprehensively include adherence to all of their laws and fiscal regulations. We are proud of our relationship with the peoples of Tanzania and of the excellent ties that have been forged with the government that reflect our commitment to the highest standards of business ethics." More
- April 10, 2006 | Item | E-mail

Guyana Goldfields Inc.: Aker Kvaerner to Conduct Preliminary Metallurgical Engineering Study for Peter's Mine - More
- April 10, 2006 | Item | E-mail

IRC Royalty update - Pinson ounces and gold grade increase - Barrick backs in for US$30 million - More
- April 10, 2006 | Item | E-mail

Mega Uranium Ltd.: Gold Intersected In West Porcupine - More
- April 10, 2006 | Item | E-mail

Petty International Development Company Rejoins Franklin Mining's Joint Venture Negotiations in Bolivia - More
- April 10, 2006 | Item | E-mail

Shares for Debt Transactions - More
- April 10, 2006 | Item | E-mail

Sur American Gold Corporation: Surface Sampling Continues to Outline Extensive Strong Gold Mineralization at Batoto Gold Project - More
- April 10, 2006 | Item | E-mail

Royal Standard Minerals Inc.: Private Placement - More
- April 10, 2006 | Item | E-mail

Firstline announces OTCBB Listing, Name Change and New Trading Symbol - More
- April 10, 2006 | Item | E-mail

Lands Underlying Iliamna Project Transferred to State Ownership -- Geocom's Drilling Permits Still in Effect - More
- April 10, 2006 | Item | E-mail

Tonogold Resources, Inc. Announces Pete Dilles Will Direct Gold Exploration at Tonopah Divide - More
- April 10, 2006 | Item | E-mail

14 Million Dollars raised from Exercise of Series B Warrants and First Phase Drilling completed, Sayana Prospect, Macusani Project, Peru - More
- April 10, 2006 | Item | E-mail

Golden Arrow Corporate Update - More
- April 10, 2006 | Item | E-mail

Tara Gold Commissions Technical Study to Advance Las Minitas - More
- April 10, 2006 | Item | E-mail

Columbia Metals Corporation Limited, BioteQ Signs Development Agreement for Mexico Project - More
- April 10, 2006 | Item | E-mail

Metalline Awards Mine Plan Study to Pincock Allen & Holt - More
- April 10, 2006 | Item | E-mail

JAG Acquires Permits to Explore for Oil and Natural Gas in Quebec - More
- April 10, 2006 | Item | E-mail

Amerix Precious Metals Raises CDN$3 Million In Financing; Drilling to Commence at Vila Porto Rico Property - More
- April 10, 2006 | Item | E-mail

Aurus Appoints World-Renowned Geologist to the Board of Directors - More
- April 10, 2006 | Item | E-mail

Colombia Goldfields Completes Acquisition of Additional Properties in the Marmato Mountain Gold District - More
- April 10, 2006 | Item | E-mail

European Goldfields: Reserves Announced for Certej Project - More
- April 10, 2006 | Item | E-mail

/R E P E A T/ - Dynacor completes CAD $2.7 million private placement for a total financing of CAD $10.1 million since september 2005 - More
- April 10, 2006 | Item | E-mail

Murgor Increases Ni-43-101 Gold Resource at the Barry Gold Deposit, NW Quebec - More
- April 10, 2006 | Item | E-mail

Battle Mountain Receives $6.9 Million - More
- April 10, 2006 | Item | E-mail

Little Squaw Expands Chandalar Mineral Holdings - More
- April 10, 2006 | Item | E-mail

Infinity Mining Arranges Funding to Commence Mining - More
- April 10, 2006 | Item | E-mail

Magnus Announces Positive Indications from Preliminary Results of Geophysics Surveys at Eastern Area of Huidong Project - More
- April 10, 2006 | Item | E-mail

Pearl Asian Mining Industries to Capitalize on the Fiscal Incentives Offered by the Philippines Government for Masbate XYZ Gold Mine-Site & Cebu Gold Refine - More
- April 10, 2006 | Item | E-mail

Atlas Mining Company Acquires Gold Property in Newfoundland - More
- April 10, 2006 | Item | E-mail

AXMIN Increases Indicated Category Resources By 44% at Passendro Gold Project, Central African Republic - More
- April 10, 2006 | Item | E-mail

Kinross Announces Appointment of Geoffrey P. Gold as Chief Legal Officer - "Geoff Gold is an outstanding lawyer and his industry experience will be a great asset to Kinross," said Tye Burt, President and Chief Executive Officer of Kinross Gold Corporation. "Our four-point plan includes attracting and retaining the best people in the industry and Geoff is an example of our success in strengthening the Kinross leadership team." More
- April 10, 2006 | Item | E-mail

Coeur Signs Agreement for Sale of Silver Valley Subsidiary - "Coeur d'Alene Mines Corporation announced today that it has entered into an agreement to sell 100% of the shares of Coeur Silver Valley (CSV) to U.S. Silver Corporation, a Delaware Corporation, for $15 million in cash. Coeur Silver Valley is a wholly owned subsidiary of Coeur d'Alene Mines Corporation that owns and operates the Galena underground silver mine and adjoining properties in Northern Idaho." More
- April 10, 2006 | Item | E-mail

Silver Standard Intersects 515 Feet Averaging 6.5 Oz./Ton Silver at Pitarrilla Silver Project in Mexico - "Silver Standard Resources Inc. is pleased to report that diamond drilling at the South Ridge of the Pitarrilla silver project in Mexico has again expanded the zone along its eastern flanks with silver values over thick intervals. Three holes recently completed in the area demonstrate the potential for South Ridge to add further resource ounces to the Pitarrilla property." More
- April 10, 2006 | Item | E-mail

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