Gold rose to new 25 year highs in Asia up above $603 an ounce, but it then steadily fell off throughout most of trade in London and New York.  A brief spike brought gold back above $600 in late morning New York trade, but it then fell back off and ended near its lows with a relatively small loss to fall from 25 year highs.  Silver climbed to over $13 in Asia before it also fell off in London and New York, but it still ended with a 1.37% gain to a new 22 and ½ year high.

Euro gold fell from all-time highs to about €490, platinum fell from 26 year highs and lost $11 to $1,075, palladium fell from 3 and ½ year highs and lost $13 to $340, and copper made new all-time highs above $2.70.

Gold and silver equities rose over 1% early on, but they then fell off throughout the rest of trade and ended near their lows with over 2% losses.

More Precious Metals Analysis:

“The gold market was all over the map on Tuesday, with a sharply higher early charge into new highs that was quickly lost. However, the market did manage to fall back nearly a $9 per ounce and that probably diffused some bullish mentality. It is a little surprising that gold was undermined so aggressively considering that the US Dollar fell back off its highs of the day and showed signs of further weakening. However, the gold market seemed to be the market that tugged down the rest of the metals from their highs. On the other hand, silver and copper did a much more impressive job of maintaining positive price action than the gold market. We suspect that concern toward future growth, as hinted at by the slide in equity prices was another reason why gold prices softened on Tuesday.

The silver market also charged to yet another very impressive level on the opening Tuesday but then seemed to fall back from the highs because of weakness in gold, early strength in the Dollar and because of some concern for global slowing, off the threat of ultra high energy prices. However, the silver market impressively fought to remain higher on the session and in the process seemed to correlate positively with copper, perhaps because traders think that implied investment demand and physical demand for metals will remain strong, even if the financial reason to hold metals is temporarily dampened. With a significant ramping up of trading volume in CBOT silver on Tuesday, the silver market would seem to get technical confirmation of the bull trend, from volume and price analysis.” - The Hightower Report, Futures Analysis and Forecasting

Brent crude hit new all-time highs in London and that caused oil to come in to New York at new 7 month highs on geopolitical concerns over Iran and Nigeria, but oil then fell off to find slight losses by afternoon trade before it rebounded into the close on further unsettling news over Iran which caused it to end at a new 7 month high.  Many were also preparing for inventory reports due out at 10:30AM EST tomorrow.

The U.S. dollar index fell and treasuries gained on hopes for a stop in interest rate hikes and on geopolitical worries.

The Dow, Nasdaq, and S&P started off higher on strong Alcoa earnings reported late yesterday, but all three indices then fell off to find notable losses by the close on worries over Iran.

Among the big names making news in the market today were Nasdaq and LSE, Nokia, Piper Jaffray, Merck, Merrill Lynch and Goldman Sachs, Bausch & Lomb, D.R. Horton, Adidas and the NBA, GM and Isuzu, Levi Strauss, UBS and Piper Jaffray, L.G. Philips, and Scottish & Newcastle and Foster’s.

GATA Posts:

GATA chairman and friends of GATA to speak at Calgary conference

“My Two Ounces”

Today the dollar fell, oil gained, there was no notable economic or inflation news good or bad, and geopolitical concerns over Iran increased.  All these reasons are either positive or neutral for gold, yet we saw the price of gold fall nearly $10 from its overnight highs by the close.  Silver was up, but the silver mining shares sure didn’t seem to notice.  Call it profit-taking if you want, but several “gold bugs” I know will call it blatant manipulation.  What would you call it?

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:

Pacific Rim’s appointed corporate secretary, U.S. Energy’s Sutter Gold private placement, Great Basin’s financing, Royal Gold’s reserve increase and production forecast, Metallica’s updates reserves and economics for San Pedro, AngloGold’s $495M share offering, Apex Silver’s agreement with Marifil Mines, and Silver Standard’s closed sale of Manantial Espejo to Pan American 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:

Eldorado Gold Announces 2006 First Quarter Release Date and Conference Call - "Eldorado Gold Corporation will release its 2006 First Quarter Financial Results after the close of markets on Thursday, May 4, 2006. Paul Wright, President and Chief Executive Officer, of the Company will host a conference call at 8:00 AM PDT (11:00 AM EDT) on May 5, 2006." More
- April 11, 2006 | Item | E-mail

Prominent DeepEM Conductors delineated on Cu-Zn Ralleau Property - More
- April 11, 2006 | Item | E-mail

Action Joins S&P Market Access Program - More
- April 11, 2006 | Item | E-mail

Adastra Reaches Agreement with First Quantum on Improved Offer - More
- April 11, 2006 | Item | E-mail

First Quantum and Adastra Announce an Agreed Transaction - More
- April 11, 2006 | Item | E-mail

Cigma Metals Corporation's Board of Directors on April 7, 2006 Approved a 2:1 Stock Split Effective May 15, 2006 - More
- April 11, 2006 | Item | E-mail

Radisson Mining Resources Inc.: Options Granted to Bay Street Connect Ltd. - More
- April 11, 2006 | Item | E-mail

Aranka Gold Inc. Commences Airborne Geophysical Survey - More
- April 11, 2006 | Item | E-mail

Pacific Rim Mining Appoints Corporate Secretary - "The board of directors of Pacific Rim Mining Corp. is pleased to announce the appointment of Ronda Fullerton to the position of Corporate Secretary, effective immediately. Ms. Fullerton's legal background and previous Corporate Secretary experience will be a benefit to Pacific Rim as the Company progresses toward its goal of becoming a low-cost gold producer." More
- April 11, 2006 | Item | E-mail

Silver Dragon Resources Inc. Update - More
- April 11, 2006 | Item | E-mail

Centerra Gold Announces Conference Call and Webcast of First Quarter 2006 Financial and Operating Results - "Centerra Gold Inc. will host a conference call and webcast of its first quarter 2006 financial and operating results at 10:00 a.m. Eastern time on Monday, May 1, 2006. The results are scheduled to be released after the market closes in the afternoon on Friday, April 28, 2006." More
- April 11, 2006 | Item | E-mail

Nuinsco Continues to Advance Minago Nickel Project With Diamond Drilling and Environmental Baseline Study - More
- April 11, 2006 | Item | E-mail

Marifil Announces Agreement with Apex Silver for Ferrocarillera Project - "Marifil Mines Ltd. is pleased to announce that it has signed an agreement with Apex Silver Mines Ltd. for Marifil's 100% owned Ferrocarillera property in Chubut Province, Argentina. Ferrocarillera is an epithermal precious metals property of approximately 7,000 hectares with good road access and year round working conditions. Apex Silver has four years to earn a 55% interest in the property by paying Marifil US$375,000 in cash and spending $2,400,000 as follows:" More
- April 11, 2006 | Item | E-mail

RESEARCH ALERT-Dundee upgrades Goldcorp, four others - Dundee Securities said it upgraded gold producer Goldcorp. Inc. and three other gold miners to "market outperform" from "market neutral" and raised their price targets. The brokerage, in a research note dated April 10, said it upgraded Kinross Gold Corp., Alamos Gold Inc. and Claude Resources Inc. to "market outperform." Dundee also upgraded gold producer Glamis Gold Ltd. to "market neutral" from "market underperform." More
- April 11, 2006 | Item | E-mail

RESEARCH ALERT-Merrill raises Freeport-McMoRan - "Merrill Lynch on Tuesday raised its rating on Freeport-McMoRan Copper & Gold Inc. to "buy" from "neutral" and fixed a price target of $85." More
- April 11, 2006 | Item | E-mail

Galantas Gold Corporation: Notification of Exercise of Warrants and Application to List New Shares on AIM - More
- April 11, 2006 | Item | E-mail

Intrepid Minerals Announces Annual General and Special Meeting of Shareholders and Merger Update - More
- April 11, 2006 | Item | E-mail

Cascadero Copper Corporation: Santa Rosa Regional Sampling Produces High-Grade Gold - More
- April 11, 2006 | Item | E-mail

Alberta Star Receives Permission to Drill from the Chief Inspector of Mines for the Contact Lake IOCG & Uranium Project - More
- April 11, 2006 | Item | E-mail

Sleeper Gold Corporation: Approval of Acquisition of Antino Project in Suriname - More
- April 11, 2006 | Item | E-mail

Argentex expands silver-gold zone by 40% at Pinguino, Argentina - More
- April 11, 2006 | Item | E-mail

Moto Goldmines Limited: Status of Discussions with OKIMO - More
- April 11, 2006 | Item | E-mail

Odyssey Completes Drilling at Alous Copper-Silver Property in Morocco - More
- April 11, 2006 | Item | E-mail

Oremex drilling increases Tejamen silver resource to 50 million ounces - More
- April 11, 2006 | Item | E-mail

Northern Peru Initiates Prefeasibility Study for Galeno Copper-Gold-Molybdenum Deposit - More
- April 11, 2006 | Item | E-mail

Respected Mining Veteran, Douglas R. Wood, Joins Board of Silver Dragon Mining De Mexico S. A. de C.V. - More
- April 11, 2006 | Item | E-mail

Osisko Cuts 2.90 G/T Au Over 50.5 Metres at Canadian Malartic - More
- April 11, 2006 | Item | E-mail

Mayfair Mining & Minerals, Inc. Adds Marketing Manager, Zambia - More
- April 11, 2006 | Item | E-mail

Wits Basin Precious Minerals Inc. Announces Investor Conference Call, Hosted by Vance White, CEO - More
- April 11, 2006 | Item | E-mail

World Ventures Acquires Major Saskatchewan Acreage for Gold and Diamonds - More
- April 11, 2006 | Item | E-mail

Exeter Resource Corporation: Drilling Confirms Extension to Luna Gold Zone at La Cabeza - More
- April 11, 2006 | Item | E-mail

Mascot Mines Logging to Finance Drilling and Other Projects - More
- April 11, 2006 | Item | E-mail

U.S. Energy Corp. Announces Sutter Gold Private Placement - "The Sutter Gold project is situated on a contiguous 3.2 mile segment (535-acre block of mining claims) 45 miles east-southeast of Sacramento, California, in the central part of the 121-mile-long Mother Lode gold belt. The Sutter Gold project has been the subject of considerable modern exploration activity, most of it centering on the Lincoln and Comet zones, which are adjacent to each other and together referred to as the Lincoln project." More
- April 11, 2006 | Item | E-mail

Great Basin Gold Announces Financings for Growth Projects - "Great Basin Gold Ltd. has entered into an agreement with an underwriter, pursuant to which the Underwriter has agreed to purchase for resale to the public, on a bought-deal basis, 6,700,000 common shares of GBG at a price of $2.25 per share, for gross proceeds of $15,075,000." More
- April 11, 2006 | Item | E-mail

Royal Gold Announces Reserve Increases and Production Forecast From Its Royalty Operators for Calendar 2006 - "ROYAL GOLD, INC., the leading precious metals royalty company, today announced updated ore reserve and additional mineralization estimates and production forecasts for its royalty properties in calendar year 2006. These reserves, additional mineralization and production estimates are provided to us by the operators of our royalty properties:" More
- April 11, 2006 | Item | E-mail

Metallica Resources Updates Reserves and Economics for Cerro San Pedro Project, Mexico - "Metallica Resources Inc. is pleased to report updated mineral reserves and economics for its 100% owned Cerro San Pedro heap-leach gold and silver project in Mexico. The updated mineral reserve estimate was calculated using prices of $400/oz for gold and $6.15/oz for silver, which approximate the historical three-year average, and indicates a gold-equivalent reserve of approximately 2 million ounces, when using a silver-to-gold price ratio of 65:1." More
- April 11, 2006 | Item | E-mail

Silver Standard Closes Sale of Interest in Manantial Espejo Project to Pan American Silver - "Silver Standard Resources Inc. is pleased to report the closing of the sale of its 50% interest in Manantial Espejo to its joint venture partner, Pan American Silver Corp., for 1.95 million common shares of Pan American. Manantial Espejo is located in the province of Santa Cruz in southern Argentina. Silver Standard has C$149.8 million in cash, marketable securities and 1.95 million ounces of silver bullion valued as of April 7, 2006, including the 1.95 million shares of Pan American." More
- April 11, 2006 | Item | E-mail

AngloGold to raise $495m from share offering - "AngloGold Ashanti said on Tuesday that it expected to raise about $495m from selling new shares as mining group Anglo American cedes control of the South African gold mining company. Anglo American is giving up direct control of AngloGold by reducing its holding in the subsidiary from 51 per cent to about 41 per cent through a $1bn share offering. It announced plans to make AngloGold independent last October as part of a strategic review of its operations." More
- April 11, 2006 | Item | E-mail

AngloGold to raise $495 mln in new share sale - "The world's third biggest gold miner AngloGold Ashanti said on Tuesday it will raise about $495 million by selling new shares under Anglo American's plan to relinquish control of AngloGold. Shares in AngloGold traded 2.06 percent higher at 321.50 rand minutes after the market opened, in line with the gold sector index <.JGLDX>. AngloGold said last month when the deal was unveiled it would offer 10.3 million new shares to selected investors, increasing shares in issue by around 4 percent. It said the money would be used mainly to expand operations and build new mines." More
- April 11, 2006 | Item | E-mail

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