Gold traded a couple dollars on either side of unchanged in Asia and London, but it then steadily climbed higher in New York and ended near its highs of the session at a new 25 year high.  Silver traded in a wide range of about $13.35 to $13.70 in Asia, London, and early New York, but it then surged higher in afternoon New York trade and ended with a 3.29% gain at a new 22 and ½ year high.

Euro gold made new all-time highs above €500, platinum gained $12 to $1,106 to new 26 year highs, palladium gained $5 to $361 to new 3 and ½ year highs, and copper gained over 15 cents to new all-time highs just under $3 a pound.

Gold and silver equities rose throughout trade and ended near their highs with about 2% gains.  The XAU traded just 1.46 points short of a new all-time intraday high at 156.47, but the HUI and GDM did make new all-time highs.

More Precious Metals Analysis:

“The gold market started out higher, corrected back to lower on the day before finishing up moderately higher. In other words, the bulls and the bears traded shots at each other and the bulls came out on top again. One has to think that a marginally lower US Dollar and a big early afternoon recovery in the stock market provided the gold market an offset to a partially disappointing inflation report from the PPI. Just to highlight the bullish bias in the marketplace some gold traders suggested that a muted core PPI report was actually a bullish development for gold as that will keep the Fed in a less aggressive stance. In the event that the Fed is less aggressive that would seem to leave the inflation wave building along side the rise in oil prices and seeing the Fed back off from additional rate hikes could mean that growth is allowed to accelerate.

The silver market eventually rammed through the prior day's high and in the end all the metals showed very impressive action on the session. As suggested in gold, there were times in which the bears tried to push back against the gains but the buying volume seems to be pretty solid. Certainly seeing the US stock market signal an OK on the US economy and also seeing copper prices explode to unheard of historical levels is beneficial to silver, as the outlook for physical and investment demand in silver is accentuated. Apparently concerns about overdone short term technical indicators and a temporary lull in momentum indicators were quickly forgotten by the silver market into the close on Tuesday.” - The Hightower Report, Futures Analysis and Forecasting

“The way gold has moved over the past sessions indicates to me the market is even stronger than was thought just last week. Gold may exceed the $625 limit I had considered as a short-term target.  The potential remains for this market to keep moving deeper into the $600’s with silver moving towards, and potentially beyond, $15. 

Metal equities are still digesting this move and will continue to move higher here, although some of the technical charts indicate that at some point in the future a correction is possible to fill in some gaps.  The HUI is still positioned to move to 400, volatility should remain particularly high.

For the remainder of this week, the risk remains to the upside with $625 still the next target.” – Peter Spina of www.goldforecaster.com

Oil climbed over $72 in London before dropping a bit coming into New York, but it still set a new record intraday high at $71.60 and a new record closing high at $71.35.  The move comes on continued geopolitical concerns and in preparation for tomorrow’s inventory reports that Platts expects at +1.9 million barrels for crude, -2.7 million barrels for gas, and -1.75 million barrels for distillates.

The U.S. dollar index fell throughout trade and treasuries rose on tame Core PPI and housing data that was not as good as expected.  This indicated to most that the fed will stop raising interest rates soon and that belief was later reinforced with fed comments.  The yield on the 10-year fell back under 5% and the euro rose to new 7 month highs.

The Dow, Nasdaq, and S&P ignored record high oil and found impressive gains first on tame economic/inflation data, next on comments by fed president Yellen, and finally on FOMC minutes that indicated the fed may stop raising interest rates soon.  All three indices gained nearly 2%.

Among the big names making news in the market today were Texas Instruments, Yahoo, IBM, Amgen, Motorola, Gilead Sciences, Dow Jones, Mattel, Boston Scientific, J&J, Wells Fargo, Merrill Lynch, Goldman Sachs, and UnitedHealth.

GATA Posts:

ROB-TV interviews GATA partisans Otto Spork and John Embry

A note from Charleston Voice:

“Up we go again!

But two days after increases the margin requirement for COMEX silver on 4/13, at the end of tomorrow's close they'll go up again this time a larger incremental hike of $500, from $3,250 to $3,750.

Copper will go from $3,500 to $3,750.

With silver now trading over $14 in the access market the margin % required will go to 5.36% from 4.64%.

The banking cartel will do whatever it again to cripple commodities while protecting housing. If any future Fed Funds rate increases are to be delayed the precious metals and commodities in general will soar, putting us over the threshold to hyperinflation. The problem then is to crush commodities with the margin hammer.”

Gold & Silver Stock News Update from GoldReview.com:

Freeport-McMoRan’s earnings, Tanzanian Royalty's assay results, Fronteer’s new silver-gold discovery in southwestern Mexico, Arizona Star’s listing on the Amex, and Pan American’s closed $137 million public offering of common shares 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:

Taranis Completes Drilling Of Kettukuusikko South Zone on 25 Meter Centers - More
- April 18, 2006 | Item | E-mail

Exploration expands Gitennes Alpha zinc target - More
- April 18, 2006 | Item | E-mail

Vencan Gold Corporation Announces Increase in Financing to $1,600,000 - More
- April 18, 2006 | Item | E-mail

King's Bay Gold Identifies New Airborne EM Conductors at 'North Rock' Area Property - More
- April 18, 2006 | Item | E-mail

LKA Releases Highlights of 2005 Year-End Financial Results - More
- April 18, 2006 | Item | E-mail

Carpathian Gold Inc. drilling continues to intersect gold (Au) copper (Cu) mineralization on the Colnic Au-rich Porphyry Prospect - More
- April 18, 2006 | Item | E-mail

Improved Offer Mailed to Adastra Shareholders - More
- April 18, 2006 | Item | E-mail

International Wayside Gold Mines Ltd.: Drilling Continues at the Cariboo Gold Project - More
- April 18, 2006 | Item | E-mail

Quinto Increases Private Placement - More
- April 18, 2006 | Item | E-mail

Plexmar Resources Inc.: Volcanic and Intrusive Rocks Bear Gold !! - More
- April 18, 2006 | Item | E-mail

Sterlite Gold announces management cease trade order and provides status update - More
- April 18, 2006 | Item | E-mail

Cloudbreak to Receive 43-101 Report - More
- April 18, 2006 | Item | E-mail

Freeport profit surges on gold, copper prices - "Freeport-McMoRan Copper & Gold Inc., said on Tuesday its first quarter profit nearly doubled on skyrocketing copper and gold prices, even as production fell. The results, coupled with a management pledge to return more profits to shareholders, sent the mining company's shares soaring more than 7 percent to an all-time high." More
- April 18, 2006 | Item | E-mail

New Island Resources Inc.: Clarification of News Release - More
- April 18, 2006 | Item | E-mail

Franklin Mining, Inc. and Petty International Development Company Have Completed COMIBOL Negotiations - More
- April 18, 2006 | Item | E-mail

SIERRA Provides Update on its Acquisition of the Cerro Colorado Gold Mine, Mexico - More
- April 18, 2006 | Item | E-mail

Canadian Shield Appoints Advisory Board - More
- April 18, 2006 | Item | E-mail

High Copper and Silver Values Compliment Previous Trenching Results from Tanzanian Royalty's Kibara Project - "The latest results enhance and compliment the gold grades reported in the Company's News Release of March 27, 2006 with the addition of high copper and silver values. "What we find intriguing about these trenching results is the strong gold-copper-silver association and their proximity to a potentially large porphyry intrusive that may have played a role in the dissemination of high gold, copper and silver values in the area," said the Company's president, John Deane." More
- April 18, 2006 | Item | E-mail

SearchGold Provides an Update on its Mandiana Gold Project Exploration Program - More
- April 18, 2006 | Item | E-mail

Fronteer Makes New Silver-Rich Discovery in Mexico and Prepares for Drilling Program - "Fronteer Development Group Inc. has made a significant new silver-gold discovery in southwestern Mexico that is over 2 kilometres long and up to 34 metres wide. The new discovery is on the Clara Project where recent surface samples have returned values of up to 6.02 ounces per ton silver and 4.90 grams per tonne gold over 7.5 metres." More
- April 18, 2006 | Item | E-mail

International Royalty Corporation enters Agreement to Acquire Producing Australian Gold Royalty - More
- April 18, 2006 | Item | E-mail

Laramide Appoints Gibson as CFO; Completes Data License Agreement for Westmoreland - More
- April 18, 2006 | Item | E-mail

Guyana Goldfields Intersects 160.5 metres of 3.65 g/t Au - More
- April 18, 2006 | Item | E-mail

Haber Executives Meet with Officials in Suriname to Demonstrate Haber Gold Process and Discuss Potential ''Stamp'' Program Implementation - More
- April 18, 2006 | Item | E-mail

Mayfair Mining & Minerals, Inc. Acquires Control of Union Prospection Miniere, Madagascar - More
- April 18, 2006 | Item | E-mail

Haber, Inc. Signs Letter of Intent to Establish E-waste Plant in North Carolina's Global Transpark - More
- April 18, 2006 | Item | E-mail

Nevada Star Resource Corp. Adjourns Annual General and Special Meeting to May 5, 2006 - More
- April 18, 2006 | Item | E-mail

American Stock Exchange Lists Common Stock of Arizona Star Resource Corp. - "Based in Canada, Arizona Star Resource Corp. and its subsidiary companies are engaged in the acquisition, evaluation, and exploration of mineral properties. The Company's principal asset is a 25% interest in the Cerro Casale project in Chile. The Cerro Casale project is one of the world's largest underdeveloped gold and copper projects. Barrick Gold Corporation holds a 51% interest in the project and Bema Gold Corporation holds the remaining 24% interest. The Company is headquartered in Toronto, Ontario. The Company's mineral properties have not generated any revenues to date and are considered to be in the development stage." More
- April 18, 2006 | Item | E-mail

Yukon Gold Corporation, Inc. Begins Trading on the Toronto Stock Exchange -- TSX - More
- April 18, 2006 | Item | E-mail

Manicouagan Minerals acquires claims containing copper, nickel and gold surface showings in central Quebec - More
- April 18, 2006 | Item | E-mail

Solitario Plans Drilling on Eight Projects in 2006 - More
- April 18, 2006 | Item | E-mail

Exploration to Resume at La Carolina Project, Argentina - More
- April 18, 2006 | Item | E-mail

Phoenix Matachewan Mines Inc.: Steel River 23.5% Zinc and 3.1% Copper in 2005, 2006 Follow-Up Exploration Program Starting - More
- April 18, 2006 | Item | E-mail

Konigsberg Corporation Enters Into Letter of Intent to Obtain an Interest in a Gold and Silver Joint Venture in Chihuahua State, Mexico - More
- April 18, 2006 | Item | E-mail

Golden Phoenix Expands Into Canada With Acquisition of the 'Northern Champion' Molybdenum Deposits - More
- April 18, 2006 | Item | E-mail

Sparton to Begin Drilling Program at Sierra Rosario Silver-Gold Project, Mexico; Initial Testing of 1100 Metre Long High Grade 'La Josca' Target Area - More
- April 18, 2006 | Item | E-mail

Northwater Resources Inc.: Sampling and Trenching Program Reveals Potential for a Porphyry Copper System with Gold and Silver Credits at Rio Mayo Project in Mex - More
- April 18, 2006 | Item | E-mail

Amerix Precious Metals Reports Progress at Vila Porto Rico Property - More
- April 18, 2006 | Item | E-mail

Alexis Minerals Corporation: Lac Herbin Continues to Impress with Results of up to 40.7 gAu/t over 3.0 Metres - More
- April 18, 2006 | Item | E-mail

Southwestern Resources Corp.: High-Grade Silver Veins/Breccias Identified at the Pacapausa Project, Peru - More
- April 18, 2006 | Item | E-mail

Pearl Asian Mining Industries Contracts BUYINS.NET For Short Sale Data To Be Used In A Squeeze Trigger Report Designed To Combat Naked Short Selling In PAIM - More
- April 18, 2006 | Item | E-mail

Nicholas-Denys property yields average silver equivalent grade of 13.4 oz/t over 4.9 metres - More
- April 18, 2006 | Item | E-mail

Serabi Mining plc Releases 2005 Annual Report - More
- April 18, 2006 | Item | E-mail

Pan American Silver closes US$137 million public offering of common shares - "Pan American Silver Corp. announced today that it has closed its previously announced public offering of common shares. Pursuant to the Offering, Pan American issued 5,750,000 common shares at a price of US$23.88 per share, for aggregate proceeds of US$137,310,000. Pan American expects to use the net proceeds of this Offering primarily for the construction and development of its Manantial Espejo silver project in Argentina and the remainder for working capital and general corporate purposes." More
- April 18, 2006 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Reports First-Quarter 2006 Results - "Freeport-McMoRan Copper & Gold Inc. reported first-quarter 2006 net income applicable to common stock of $251.7 million, $1.23 per share, compared with net income of $130.4 million, $0.70 per share, for the first quarter of 2005. First-quarter 2006 net income included a $36.6 million ($0.17 per share) loss on the redemption of FCX's Gold-Denominated Preferred Stock, Series II and a $1.3 million ($0.01 per share) loss on early extinguishment and conversion of debt." More
- April 18, 2006 | Item | E-mail

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