-- Posted 26 April, 2006 | | Source: SilverSeek.com

Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:

Today’s Economic Data:

New Home Sales surprisingly increased 13.8%, but that economically strong data was somewhat offset by data showing that new home prices fell 2.2% from the same month last year.  The fed’s Beige Book showed some concerns about high energy prices and inflation.  Tomorrow at 8:30 AM EST brings Initial Jobless Claims for 4/22 expected at 305,000.  At 10AM EST is the Help-Wanted Index for March expected at 39.  Also starting at 10AM is fed chairman Bernanke’s testimony before congress.

Gold remained near $630 in Asia before it moved a couple dollars higher in London, but it then fell back under $630 at the New York open.  Any losses were short-lived, however, as gold soon jumped above $635 and then made its way near $640 by the close to end over 1% higher at a new 25 year closing high.  Silver gained over 20 cents in Asia to over $12.75 before it fell off a bit in London and then dropped at the New York open to find around 20 cent losses, but it then gained throughout the rest of trade in New York and ended with a gain of more than 2%.

Euro gold rose back near all-time highs around €515, platinum gained $1 to $1,127 to new 26 year highs, palladium gained $1 to $364, and copper fell from all-time highs and lost over 10 cents to about $3.11.

Gold and silver equities rose about 2% by mid-afternoon before selling off a bit, but they still ended with about 1.5% gains.

From The Hightower Report, Futures Analysis and Forecasting:

“While the gold market started the session out chopping around, it was clear later in the session that the bull camp was still firmly in control of prices. With the US economic report slate coming in much stronger than expected and the US Dollar remaining weak, the bulls seemed to have a number of elements working to their favor. It would even seem like lower energy prices fostered gains in the stock market and in turn improved the forward growth view and that is generally a positive to the gold market. The sentiment was so positive following the US numbers that few players even fretted over the prospect of an impending May and June US rate hike! In conclusion, most developments on Wednesday were bullish and those that weren't specifically bullish were seemingly spun in a bullish fashion.

With the industrial metals providing a very positive roadmap for silver and the US economic readings in some ways off the map positive, it is not surprising that the silver market managed to throw off the somewhat indecisive morning action and clawed back toward this week's highs. With the stock market mostly higher and energy prices down for a second session in a row, some traders suggested that the threat of renewed intense commodity fund liquidation was declining and that might embolden small spec players. About the only bull theme that was damaged in the action Wednesday was the flight to quality theme, as stronger US numbers, lower oil prices and a steady Dollar could disappoint a portion of the flight to quality players in the metals markets.”

Oil remained near unchanged ahead of inventory reports which showed crude inventories fell 200,000 barrels, gasoline inventories fell 1.9 million barrels, and distillates fell 1.0 million barrels.  The reports came in about as expected, but a report showing falling demand pushed prices lower by the close of trade.

The U.S. dollar index found some strength on the day’s economic data, but it remained near unchanged to slightly lower as many concentrated on the dollar’s poor fundamentals like the twin deficits and the fact that other countries will likely be raising their interest rates while the U.S. is expected to stop raising interest rates soon.  The euro made new 7 month highs.

Treasuries fell on today’s strong economic data that sent the yield on the 10-year to its highest since May of 2002.

The Dow, Nasdaq, and S&P ignored higher interest rates and rose on good earnings and lower oil.

Among the big names making news in the market today were Moody’s, Microsoft, Anheuser-Busch, Norfolk Southern, CBS, ConocoPhillips, Boeing, PepsiCo, Sprint, Amerada, Weyerhaeuser, AmerisourceBergen, WellPoint, and Honda.

GATA Posts:

If something is missing from your house, it may have been monetized

Silver ETF launch reported imminent but MorganChase is custodian

Ted Butler: A long time coming

Gold & Silver Stock News Update from GoldReview.com:

IAMGOLD’s new vice president and closed gold royalties sale and Ivanhoe’s swap of its coal division for a majority stake in Asia Gold 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:

Azimut Exploration Appoints New Officer - More
- April 26, 2006 | Item | E-mail

Pele Mountain Reports Progress on Festival Bulk Sample Processing - More
- April 26, 2006 | Item | E-mail

Ivanhoe to swap coal unit for stake in Asia Gold - "Ivanhoe Mines Ltd. will exchange its coal division in Mongolia with Asia Gold Corp. for a majority stake in the small explorer, Ivanhoe said on Wednesday. Ivanhoe, which currently has a 47 percent stake in Asia Gold, will acquire 82.58 million common shares, boosting its holding to 88.8 percent on a fully diluted basis. As part of the transaction, Ivanhoe has agreed to extend an interim working line of credit to Asia Gold of up to $10 million. The deal is subject to approval from Asia Gold shareholders." More
- April 26, 2006 | Item | E-mail

Freegold Commences Resource Expansion Activities at Almaden - More
- April 26, 2006 | Item | E-mail

Typhoon Intersects More Higher Gold Grades at Fayolle, as Company Prepares to Drill Next 20,000 Meter - More
- April 26, 2006 | Item | E-mail

AfriOre Announces Further Mineralized Drill Intersections for the Akanani Platinum Project - More
- April 26, 2006 | Item | E-mail

Access available for Inmet Mining Annual Meeting and webcast and subsequent first quarter conference call - More
- April 26, 2006 | Item | E-mail

Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation today declared a regular quarterly dividend of $0.10 per share, payable June 29, 2006 to holders of record at the close of business on June 8, 2006." More
- April 26, 2006 | Item | E-mail

Odyssey Files its 2005 Year-End Financial Documents and Announces AGM Date - More
- April 26, 2006 | Item | E-mail

PCFG Resumes Plant Testing - More
- April 26, 2006 | Item | E-mail

Alberta Star Appoints Eagle Mapping to Acquire New Aerial Imagery and Map the Contact Lake & Eldorado IOCG & Uranium Belts - More
- April 26, 2006 | Item | E-mail

Woodruff Capital Management Announces Appointment of Ned Goodman to Board of Directors - More
- April 26, 2006 | Item | E-mail

Serbian Government Signs Exploration and Mining Concession Agreements with DPM - More
- April 26, 2006 | Item | E-mail

Vior Continues its Exploration Program on Douay Properties - More
- April 26, 2006 | Item | E-mail

Clarification regarding the acquisition by Fieldex of 100% of Blondeau Copper Nickel Property - More
- April 26, 2006 | Item | E-mail

Homeland Precious Metals Corp. Begins 2006 Work Program - More
- April 26, 2006 | Item | E-mail

BacTech Announces Joint Venture Strategy - More
- April 26, 2006 | Item | E-mail

Palmarejo Gold-Silver Project: Update on Drilling Results - More
- April 26, 2006 | Item | E-mail

Golden Arch nets $50,000 working capital - Warrants exercised at $0.25 - More
- April 26, 2006 | Item | E-mail

Exploration Begins on Buffalo's Australian Gold and Uranium Properties - More
- April 26, 2006 | Item | E-mail

SearchGold Intersects High Grade Gold Values of Up to 855,58 G/T Au on Lac Fortune West Property - More
- April 26, 2006 | Item | E-mail

Sienna Gold Inc. - Significant Assay Results and Porphyry Evaluation - More
- April 26, 2006 | Item | E-mail

Tanqueray options McCaffery and Otter Properties in Spences Bridge Gold Belt Area, B.C. - More
- April 26, 2006 | Item | E-mail

Gold Hawk Resources Inc.-Appointment of President and Chief Operating Officer - More
- April 26, 2006 | Item | E-mail

Cusac Gold Mines Ltd.: Mining and Financial Executive Michael Smyth Joins Cusac Advisory Board - More
- April 26, 2006 | Item | E-mail

Romarco Receives Drill Permits for Cortez Project - More
- April 26, 2006 | Item | E-mail

High grade gold results from three additional holes at Pelangio's Detour Lake Block A - More
- April 26, 2006 | Item | E-mail

Trade Winds Continues Reporting High Grade Gold Results at Detour Lake, Ontario - More
- April 26, 2006 | Item | E-mail

Wits Basin Announces Update to Colorado Drilling Program - More
- April 26, 2006 | Item | E-mail

El Capitan Applies for Listing on American Stock Exchange and Reports on Hyperspectral Survey - More
- April 26, 2006 | Item | E-mail

Battle Mountain Announces Closing of $21.8 Million Purchase of IAMGOLD's Gold Royalty Assets - More
- April 26, 2006 | Item | E-mail

Miners struggling to keep up with metal price boom - "With many metal prices at record highs -- some having doubled in the past six to eight months -- you'd expect miners to be rushing to dig the stuff out of the ground at ever greater rates and add new capacity. The problem is, machinery, supplies and skilled workers are now in short supply while geologists and engineers to find deposits in the first place and then oversee operations are like, well, gold dust." More
- April 26, 2006 | Item | E-mail

BrazMin Announces Phase II Sao Jorge Exploration Program - More
- April 26, 2006 | Item | E-mail

IAMGOLD appoints new Vice President and announces close of gold royalties sale - "IAMGOLD Corporation, is pleased to announce the appointment of Ross D. Gallinger, P.Ag. to the position of Vice President, Environment, Health, Safety and Community. Mr. Gallinger brings with him close to 20 years of experience, most recently as the Vice President, Sustainability with Placer Dome Canada. His past accomplishments include the investigation, assessment and development of sustainability strategies on various projects at corporate and government levels, environmental compliance and corporate environmental management system development, as well as the development of onsite safety programs. Ross will report directly to the President and CEO, beginning on May 1, 2006." More
- April 26, 2006 | Item | E-mail

Ivanhoe Mines to Vend its Mongolian Coal Division into Asia Gold in Exchange For Majority Ownership of Asia Gold - "Gene Wusaty, President of the Coal Division of Ivanhoe Mines Ltd., and David Owens, President of Asia Gold Corp., announced today that the two companies have reached an agreement in principle for Asia Gold to acquire Ivanhoe Mines' Coal Division in exchange for 82,576,383 common shares of Asia Gold. The proposed transaction would result in Asia Gold becoming a majority-owned, publicly-traded subsidiary of Ivanhoe Mines, and having a coal division and a mineral exploration division." More
- April 26, 2006 | Item | E-mail

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- Written by Chris Mullen

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