Gold rose to over $660 in Asia, fell back under $655 by the New York open, soon rose back above $660, and then fell back under $655 in afternoon New York trade, but it then rallied into the close and ended with a nearly 1% gain at a new 25 year high.  Silver rose to near $14 in Asia, fell off to near unchanged close to $13.50 at the New York open, quickly rallied back to over $14, and then fell back off a bit, but it then rallied into the close and ended near it highs with an over 3% gain.

Euro gold rose to new all-time highs above €520, platinum rose to new 26 year highs and gained $14 to $1,160, palladium gained $8 to $379 to new 3 and ½ year highs, and copper rose to new all-time highs above $3.30.

Gold and silver equities rose about 2% at the open, but they then fell off throughout most of the rest of trade and ended with only about 0.5% gains.

From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com:

“For a very long time MIDAS has cited perhaps the most significant factor in the gold market is the one the mainstream gold world refuses to discuss: THE MASSIVE GOLD SHORT POSITION. While demand has picked up for numerous reasons, the biggest impetus behind the gold move is The Gold Cartel and other shorts trying to extricate themselves from a growing nightmare. This is not guesswork. We know this is so because of the configuration and totals of the Comex open interest.”

From The Hightower Report, Futures Analysis and Forecasting:

“The gold market did manage a new high for the move off the initial slide in the Dollar early Monday morning and probably added to the upside off ongoing hard-line dialogue from Iran regarding the imposition of sanctions. We also suspect that the metals markets in general were cheered on by the fact that US economic numbers were stronger than expected and yet that didn't seem to undermine the equity markets from renewed rate hike fears. In other words, economic growth and economic sentiment still isn't being derailed by consistently rising commodity prices. Some might suggest that the metals got the best of both worlds Monday, as stronger economic numbers came in conjunction with a weaker US Dollar. Certainly the Iranian dialogue and firmer energy prices provided the gold market with the majority of its buying interest.

With the silver market seeing a favorable lift from both the industrial and precious metals tilt to start the week out, it is clear that a number of bullish themes are operating. In fact, for the market to manage the gains in the face of partial closing in Europe due to the May Day holiday, suggests that activity is set to remain very active. The market could have come under pressure in the wake of stronger than expected US economic reports, as the stronger US readings could have rekindled concerns that the US Fed would be forced to continue hiking interest rates. In the end, flight to quality and investment interest for silver remained a fixture in the first trading day of the new week.”

Oil rose markedly on geopolitical/production concerns in Iran, Nigeria, and Iraq.

The U.S. dollar index fell early on despite strong economic data as the prevailing view continues to be that Asia and Europe will raise interest rates faster than the U.S., but comments late in the day hinted toward further U.S. interest rate increases and that boosted the index at the close to allow it to end with slight gains.

Treasuries fell on strong economic data that raised some inflation fears.  The yield on the 10-year rose to its highest since May of 2002.

The Dow, Nasdaq, and S&P traded mostly higher on decent earnings and economic data, but they then fell off in the last half hour of trade as comments came out that Bernanke would pay attention to economic data to determine interest rate actions.  It had been earlier widely interpreted that the fed may stop raising rates even if economic data indicates they should continue to raise rates.

Among the big names making news in the market today were the automakers, Boeing and Aviall, Teva, RanBaxy, and Merck, Humana, Kerzner, Delphi and GM, Tyson Foods, Wisconsin Energy, BASF and Engelhard, Level 3 and TelCove, Dubai, Sysco, and Bridgestone.

GATA Posts:

James Turk: Another 25-year high for gold

AngloGold considers takeovers while it is in 'active de-hedging mode'

An interview with Britain's gold miner in Russia, Peter Hambro

Treasury secretary affirms 'strong dollar' policy in a way that raises doubts

Gold & Silver Stock News Update from GoldReview.com:

U.S. Gold’s bid for White Night, Metallica’s updated drill results, Pacific Rim’s latest drill results, Freeport’s operations in Indonesia, Western Silver’s vote in favor of the Glamis Gold transaction, Hecla’s future appearance on the History Channel, and Silver Standard’s announced public offering 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:

Mexivada Appoints VP - Exploration and Manager - Special Projects - More
- May 01, 2006 | Item | E-mail

Medoro's Special Committee Recommends Acquisition of Panwest - More
- May 01, 2006 | Item | E-mail

Aberdeen Royalty Generates Strong Return On Rising Gold Price - More
- May 01, 2006 | Item | E-mail

Golden Star Schedules First Quarter Results Conference Call and Annual General Meeting - "Golden Star Resources Ltd. will release its first quarter results after the market close on Wednesday, May 10, 2006, and has scheduled a conference call and webcast on Thursday, May 11, 2006, at 11:00 a.m. Eastern time (9:00 a.m. Mountain time)." More
- May 01, 2006 | Item | E-mail

Hecla Featured on History Channel's ''Modern Marvels'' - "Hecla Mining Company is pleased to announce that its Lucky Friday silver mine will be featured this week on The History Channel program Modern Marvels: Silver Mines. The Lucky Friday mine, located in northern Idaho, is the deepest operating precious metals mine in the United States." More
- May 01, 2006 | Item | E-mail

Metallica Resources Updates Drill Results for the El Morro Project, Chile - "Metallica Resources Inc. is pleased to report the results for 21 additional diamond drill core holes totaling 7,707 meters from this season's drilling program at the El Morro copper-gold project in Chile. These results represent the second series of holes to be reported from an approximate 70-hole drilling program totaling approximately 27,000 meters on the La Fortuna copper-gold resource. Including the results reported in this press release, 30 holes totaling 12,438 meters have been reported to date for the current drilling program." More
- May 01, 2006 | Item | E-mail

Augusta Announces Rosemont Project Update - More
- May 01, 2006 | Item | E-mail

Acero-Martin Cuts 83.95 m/275.4 ft of 2.1 gpt Gold and 1.11% Copper at Pinaya - More
- May 01, 2006 | Item | E-mail

Private placement completed for $747,750 - More
- May 01, 2006 | Item | E-mail

Keith Minty Appointed as President and Chief Executive Officer and George Laforme appointed as Chairman of the Board of Directors - More
- May 01, 2006 | Item | E-mail

New World Resource Corp.: Sprott Buys 13% of New World - More
- May 01, 2006 | Item | E-mail

Coarse Metallics Assays Add to Sacre-Coeur's Results at Million Mountain - More
- May 01, 2006 | Item | E-mail

CGW to Begin Trading on Frankfurt Exchange May 2 - More
- May 01, 2006 | Item | E-mail

Full Metal Acquires Moore Creek Gold Property - More
- May 01, 2006 | Item | E-mail

Imperial Reports High Grade Results in Boundary Zone - More
- May 01, 2006 | Item | E-mail

Western Silver Shareholders Vote in Favour of Glamis Gold Transaction - "Final court approval of the Arrangement will be sought on May 2, 2006. Assuming that approval is received, it is expected that the transaction will be completed on May 3, 2006 and the shares of Western Silver will cease to trade on the Toronto Stock Exchange and the American Stock Exchange on or about May 4, 2006. Any shareholders who have purchased Western Silver shares prior to that time will receive, for each Western Silver share held, 0.688 shares of Glamis Gold and one share of Western Copper Corporation, a newly created company which will hold the Carmacks Copper Project, an early-stage exploration project in Mexico and approximately $38 million in cash." More
- May 01, 2006 | Item | E-mail

BacTech Announces New Board Chairman - More
- May 01, 2006 | Item | E-mail

Asia Gold Mongolia Exploration Update - More
- May 01, 2006 | Item | E-mail

Augyva Starts the Field Work on the Yasinski Property, James Bay, Quebec - More
- May 01, 2006 | Item | E-mail

Typhoon Cuts 2.19 oz/t Gold at Fayolle - More
- May 01, 2006 | Item | E-mail

Inter-Citic Minerals Inc.: Major Drilling Program Now Underway at Dachang - More
- May 01, 2006 | Item | E-mail

U.S. Gold Bids for White Knight; Shareholders Offered 25% Premium; Goal to Create Nevada's Premier Exploration Company! - "U.S. Gold is pleased to announce that it will file with securities regulators in Canada and the United States its formal offer to acquire all the outstanding shares of White Knight Resources Ltd. U.S. Gold is commencing the mailing of its offering circular and related documents to White Knight shareholders effective immediately. U.S. Gold intends to make formal offers to the shareholders of Nevada Pacific Gold Ltd., Tone Resources Limited and Coral Gold Resources Ltd. based on the share exchange ratios announced by U.S. Gold on March 5th, 2006 as soon as practicable following the completion by each of the foregoing companies of formal valuations required under applicable law." More
- May 01, 2006 | Item | E-mail

Savoy Resources Corp. Agrees to Sell Interest in China Joint Venture; Enters Final Negotiations for Acquisition of Yukon Gold Property - More
- May 01, 2006 | Item | E-mail

Goldrea Resources Corp.: Exploration Shaft Commenced on the Down Dip Extension of the Daye Gold Mine Orebody - More
- May 01, 2006 | Item | E-mail

VME announces non-brokered private placement to raise $1 million for Energy Fuels subsidiary - More
- May 01, 2006 | Item | E-mail

Vena Resources to Drill Uranium and Gold Projects and Encouraging Analysis at its Aucapampa Copper/Gold/Iron Skarn Project - More
- May 01, 2006 | Item | E-mail

Tiomin Finalizes Term Sheet with Jinchuan Group Ltd. of PRC - More
- May 01, 2006 | Item | E-mail

MGM Mineral Resources Begins Trading Its Shares on the OTC Pink Sheets Under the Symbol MGMX - More
- May 01, 2006 | Item | E-mail

Apogee Drilling Intersects 32 Metres of 308 g/t Silver at Paca Project - More
- May 01, 2006 | Item | E-mail

Independent professional report discloses good gold ore containing an abundance of large gold nuggets - More
- May 01, 2006 | Item | E-mail

RSM Completes $15 Million Private Placement - More
- May 01, 2006 | Item | E-mail

ValGold drilling adds to the J-P Zone, Garrison Gold Project, Ontario - More
- May 01, 2006 | Item | E-mail

Unico, Inc. Announces Extension Agreement of Bromide Basin Mine Lease and Option to Purchase With Kaibab Industries, Inc. - More
- May 01, 2006 | Item | E-mail

U.S. Gold Bids for White Knight; Shareholders Offered 25% Premium; Goal to Create Nevada's Premier Exploration Company! - "U.S. Gold is pleased to announce that it will file with securities regulators in Canada and the United States its formal offer to acquire all the outstanding shares of White Knight Resources Ltd. U.S. Gold is commencing the mailing of its offering circular and related documents to White Knight shareholders effective immediately. U.S. Gold intends to make formal offers to the shareholders of Nevada Pacific Gold Ltd., Tone Resources Limited and Coral Gold Resources Ltd. based on the share exchange ratios announced by U.S. Gold on March 5th, 2006 as soon as practicable following the completion by each of the foregoing companies of formal valuations required under applicable law." More
- May 01, 2006 | Item | E-mail

Pacific Rim Mining Corp.: Latest South Minita Drill Results Include Best Hole Drilled on El Dorado Project to Date - "Delineation drilling at Pacific Rim Mining Corp.'s South Minita deposit on the El Dorado project, El Salvador, has yielded a number of high grade gold intersections over significant widths including 17.4 g/t gold over 9.9 meters in hole P06-433, 8.4 g/t gold over 9.5 meters in hole P06-431 and 24.2 g/t gold over 3.4 meters in hole P06-442. With a grade-thickness index of 172, P06-433 is the best hole drilled on the entire El Dorado project to date." More
- May 01, 2006 | Item | E-mail

Aurus Posts Audited Financial Statements: Over $4 Billion USD in Total Assets - More
- May 01, 2006 | Item | E-mail

President's Letter to Metalline Mining Company Shareholders - More
- May 01, 2006 | Item | E-mail

Trend Elaborates on Plans for Mouat Nickel-Copper Deposit - More
- May 01, 2006 | Item | E-mail

Battle Mountain Royalty Update -- Increased Production and Resources for the Don Mario Mine - More
- May 01, 2006 | Item | E-mail

First Quantum Acquires Adastra - More
- May 01, 2006 | Item | E-mail

Argentex budgets $2 million for exploration and drilling at silver-gold properties in Santa Cruz, Argentina - More
- May 01, 2006 | Item | E-mail

Birim Acquires Techimentia Concession, Ghana Sefwi Belt Land Holdings Increase to 1,358 sq. km. - More
- May 01, 2006 | Item | E-mail

Midlands Minerals Corporation upgrades Sian's historical resource to current resource - More
- May 01, 2006 | Item | E-mail

Alhambra Resources Ltd. - Acquisition of Canadian Mineral Claims - More
- May 01, 2006 | Item | E-mail

Colombia Goldfields Increases Interest in the Marmato Mountain Development Project to 50% - More
- May 01, 2006 | Item | E-mail

U. S. Antimony Announces Approval to Start Antimony Plant in Mexico - More
- May 01, 2006 | Item | E-mail

El Capitan Reports Status of Assay Verification and Extraction Method - More
- May 01, 2006 | Item | E-mail

Aur Resources to Hold First Quarter Results Conference Call - More
- May 01, 2006 | Item | E-mail

Aur Resources Inc. Announces a Positive Feasibility Study for the Andacollo Hypogene Copper-Gold Deposit in Chile - More
- May 01, 2006 | Item | E-mail

Silver Standard Resources Inc. Announces Public Offering - "Silver Standard Resources Inc. announced today that it has filed a preliminary short form prospectus under the multi-jurisdictional disclosure system relating to a proposed public offering of 6 million common shares in the United States and Canada." More
- May 01, 2006 | Item | E-mail

Freeport's Indonesia output normal after brawl - "Mining operations were running normally on Monday at Freeport-McMoran Copper & Gold Inc.'s giant Grasberg mine in Indonesia after a weekend clash at a party near the mine. Nine people were hurt in violence between police and party-goers at a function attended by about 1,000 mine staff and guests in Tembagapura town in the remote Papua province on Saturday." More
- May 01, 2006 | Item | E-mail

TTM Rresources Inc. Called to Trade on Frankfurt Stock Exchange 'Symbol T2U' - More
- May 01, 2006 | Item | E-mail

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