Gold traded around $655 in Asia and moved up to about $660 in London before it furthered its gain in New York and ended near its highs of the session with an over 1% gain at a new 25 year high.  Silver also fell off slightly in Asia, but it then rose to near $14 in London and furthered its gains in New York to end nearly 2% higher and just 35 cents away from a new 22 and ½ year closing high.

Euro gold made new all-time highs above €530, platinum gained $9 to $1,169 to new 26 year highs, palladium gained $1 to $380 to new 4 year highs, and copper fell slightly from all-time highs near $3.30.

Gold and silver equities found about 1% gains in morning trade, but they then fell off to find over 1% losses midday before they rallied into the close and ended nearly 1% higher just off their highs of the session.  The XAU and GDM ended at new all-time closing highs and the HUI ended less than 1 point from a new all-time closing high.

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

“We have often talked of THE PERFECT STORM when it comes to outside markets fueling the prices of gold and silver. The clouds continue to darken on the horizon and are pitch black at Goldman Sachs and JP Morgan Chase, the key players in The Gold Cartel. For the dollar to be sinking, while US interest rates are making new highs for their moves, means all is not well in US financial market land. Planet GATA has seen this coming for some time. Planet Wall Street has a few shocks coming its way.

Meanwhile, as far as the gold market action is concerned, it could also not be worse for The Gold Cartel. Gold traded today like copper has for some time … going up steadily and VERY QUIETLY. Specs are somewhat hesitant to follow the move up, but there are few sellers. What is occurring is The Gold Cartel, led by GS and JPM, are trying to cover shorts, so there is not much for sale since they were the ones doing much of the selling for so many years. The other usual sellers in years past, the hedgers, have also withdrawn from selling (for the most part), so you have the bad guys trying to cover in somewhat of a vacuum.”

From The Hightower Report, Futures Analysis and Forecasting:

“The gold market managed to throw off the unimpressive early action to thrust up into new highs. With the US equity market adding to early gains and fashioning an impressive rally and oil prices generally favoring the upside during the action it is clear that growth and rising inflation expectations are coexisting and that is a potentially a really powerful fundamental combination for the gold bulls. The Dollar was somewhat weak but did attempt several bounces during the session but in the end even the currency impact on gold remained positive. From the geopolitical front, the Saudi Oil Minister indicated that his country remained alert to terrorist attacks but that they expected to see more terror attacks against oil assets and that certainly keeps the flight to quality mentality alive. With US corporate earnings strong it would seem like expectations for global economic activity will remain strong and that could serve to keep gold investors flush with capital and perhaps even more interested in the precious metals. It should be noted that oil prices were strong, equity prices were strong and the CRB Index made a new all time high and that certainly smacks of inflation!

After a sloppy start the silver market managed to right the ship and track in the footsteps of gold. While we suspect that silver was at times held back by rather significant losses in copper, the overall positive macro economic attitude is seemingly provide fuel to the silver market. With investor interest a continuing pillar of the bull market in silver, we have to think that the new all time high in the CRB Index on Tuesday and the fact that equity prices also managed to soar is simply a conducive environment for silver. In fact, the silver market seemed to rally on Tuesday with only minimal support from the flight to quality or geopolitical anxiety.”

Oil rose back within $1 of all-time highs on further geopolitical concerns over Iran and its nuclear program.  News from late yesterday about Bolivia nationalizing its energy reserves also helped to hold up prices.

The U.S. dollar index fell to new 1 year lows versus the euro as strong European economic data and concerns over U.S. trade and budget deficits reinforced the belief that Europe will raise interest rates faster than the U.S.

Treasuries found slight gains as traders reversed yesterday’s beliefs and returned more so to the mindset that the fed will stop raising interest rates soon.  The yield on the 10-year fell from its highest level since May of 2002.

The Dow, Nasdaq, and S&P rose on strong earnings and easing interest rate worries.  The Dow made a new 6 year closing high and the S&P made a new 5 year closing high.

Among the big names making news in the market today were Burger King, Repsol, Dubai, Ford, Nissan, Chrysler, Hyundai, Toyota, Bank of America and Itau, Verizon, KKR, IAC/InterActiveCorp, Visteon, Sirius, ADM, Emerson, Duke Energy, and Amazon.

GATA Posts:

Silver ETF should be up to 23 million ounces

'Perfect storm' on horizon as confidence in paper money breaks, Embry says

Bernanke's confiding in CNBC's Maria Bartiromo spooks market

Copper users denounce London exchange for letting speculators take over

Gold & Silver Stock News Update from GoldReview.com:

Worries over Bolivian nationalization, Gold Reserve’s announced public offering, Cardero’s conditional listing acceptance from the TSX, Tanzanian Royalty’s fifth tranche of their C$3 million private placement, Yamana’s completed C$200.1 million equity financing, Rubicon’s $4 million option deal with Crosshair, Taseko’s progress update, earnings from Penoles and Gold Fields, Freeport’s dividend, Coeur’s clarification on their Bolivia investment, and Apex Silver’s response to today’s trading 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:

Gold Reserve Inc. Announces Public Offering - "Gold Reserve Inc. announced today that it has filed a preliminary short form prospectus with Canadian securities regulators and a related registration statement with the U.S. Securities and Exchange Commission under the U.S.-Canada multi-jurisdictional disclosure system relating to a proposed public offering of its Class A common shares." More
- May 02, 2006 | Item | E-mail

MGM Mineral Resources Completes Acquisition of La Esperanza Mine in Colombia's Highest Yielding Gold Zone - More
- May 02, 2006 | Item | E-mail

ESO Intersects Uranium in its Initial Drill Program at Cluff Lake Project, Athabasca Basin, Saskatchewan. - More
- May 02, 2006 | Item | E-mail

New Guinea Gold: Progress Update - More
- May 02, 2006 | Item | E-mail

Penoles profits leap 101 percent to $104.7 million - "Mexico's Penoles, the world's top silver producer, said on Tuesday its first-quarter net profit rose 101 percent, helped by soaring world silver prices and the sale of a mine. Penoles said its profit in the January-March period hit $1.141 billion pesos ($104.7 million), and billed sales rose 40.5 percent to 7.171 billion pesos. Penoles said its results had been bumped up by record world silver prices and a 949.8 million peso windfall from the sale of its Pinos Altos project to Canadian company Agnico Eagle." More
- May 02, 2006 | Item | E-mail

Prize Mining Corporation - Exploration and Development Programs Move Forward - More
- May 02, 2006 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Announces $0.75 per Share Supplemental Common Stock Dividend - "Freeport-McMoRan Copper & Gold Inc. announced today that its Board of Directors has authorized a supplemental common stock dividend of $0.75 per share to be paid on June 30, 2006 to shareholders of record as of June 15, 2006. The supplemental dividend to be paid in June represents an addition to FCX's regular quarterly common stock dividend of $0.3125 per share (equivalent to $1.25 per share per annum)." More
- May 02, 2006 | Item | E-mail

Coeur Clarifies Bolivia Investment - "As previously announced, Coeur has been proceeding with its capital investment in the project at a measured pace as it gains additional clarity concerning the political situation in Bolivia. The company currently expects to resume full-scale construction activities at July 1, 2006. At December 31, 2005, the company had approximately $35 million invested in the San Bartolome project. Such amount is insured by a risk insurance policy from the Overseas Private Investment Corporation (OPIC). The policy is in the amount of $155 million and covers 85% of any loss arising from expropriation, political violence, or currency inconvertibility." More
- May 02, 2006 | Item | E-mail

Apex Silver Responds to Unusual Trading Activity in Its Ordinary Shares - "Apex Silver Mines Limited (Amex: SIL - News) today responded to the unusual trading activity in its ordinary shares. The company believes this activity is related to recent events in Bolivia concerning the country's planned nationalization of its hydrocarbon industry. The company is not aware of any plan by the government of Bolivia to follow a similar policy in mining. Apex Silver was particularly encouraged by recent statements made by the Bolivian Minister of Mines and Metallurgy in which he emphasized that 'the mining policy does not contemplate nationalization and even less incorporation of private companies such as San Cristobal.'" More
- May 02, 2006 | Item | E-mail

Geological Report on Maun Lake Claims Received - More
- May 02, 2006 | Item | E-mail

Inmet announces increased design capacity and updated capital costs for the Las Cruces Copper Project - More
- May 02, 2006 | Item | E-mail

Inmet's 2006 first quarter earnings nearly tripled compared to the same period in 2005 - More
- May 02, 2006 | Item | E-mail

Peru miners aim to instill confidence at gold meet - "With surging metal prices, new mining projects and technology to showcase, Peru hopes a gold convention this week will lift investor confidence in the Andean nation, even though two presidential candidates aim to raise taxes on miners' profits." More
- May 02, 2006 | Item | E-mail

Virginia Mines and Yukon Resources Sign Binding Agreement on Sagar Uranium/Gold Property - More
- May 02, 2006 | Item | E-mail

Cardero Receives Conditional Listing Acceptance From TSX - "Cardero Resource Corp. is pleased to announce that, on April 13, 2006, the Toronto Stock Exchange conditionally approved the listing of the Company's common shares, subject to fulfilling all of the requirements of the TSX, and receipt of all required documentation on or before July 12, 2006." More
- May 02, 2006 | Item | E-mail

Cabo announces drilling contract with Houston Lake Mining Inc. - More
- May 02, 2006 | Item | E-mail

Coronation Minerals Inc.: Drilling to Start at Wellgreen Mine Property - More
- May 02, 2006 | Item | E-mail

Apex, Coeur d'Alene stocks drop on Bolivia worries - "Stock in two silver mining companies plummeted on Tuesday amid concern that mineral-rich Bolivia would extend its nationalization from oil and gas to other natural resources. The fears were eased somewhat when Bolivian Vice President Alvaro Garcia later ruled out mine seizures, but he said big foreign mining companies must still pay higher taxes." More
- May 02, 2006 | Item | E-mail

Yukon Resources and Virginia Mines Sign Binding Agreement on Sagar Uranium/Gold Property Located Within the Labrador Trough in Northern Quebec - More
- May 02, 2006 | Item | E-mail

Full Metal Commences 10,000 Meter Drilling Program at Lucky Shot - More
- May 02, 2006 | Item | E-mail

Shoreham Resourced Ltd.: Exploration Program Launched on Favourable Lake Property - More
- May 02, 2006 | Item | E-mail

Sacre-Coeur Minerals Appoints Limor Rubin as New CFO and Director - More
- May 02, 2006 | Item | E-mail

ESO Intersects Uranium in its Initial Drill Program at Cluff Lake Project, Athabasca Basin, Saskatchewan - More
- May 02, 2006 | Item | E-mail

Vantex Signs an Agreement with Richmont Mines Inc. - More
- May 02, 2006 | Item | E-mail

DUMONT engages European IR consultant and lists on the Frankfurt Stock Exchange - More
- May 02, 2006 | Item | E-mail

Tanzanian Royalty Chairman Proceeds with Fifth Tranche of C$3 Million Private Placement - "Tanzanian Royalty Exploration Corporation advises that Mr. James E. Sinclair is proceeding with the fifth tranche of the private placement announced on January 13, 2005 whereby Mr. Sinclair agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in 8 quarterly tranches of $375,000 each, commencing February 1, 2005." More
- May 02, 2006 | Item | E-mail

Western Warrior Ready to Drill at Eppler Lake, Manitoba - More
- May 02, 2006 | Item | E-mail

YGC Resources Ltd. improves visibility: In USA by obtaining Mergent listing; In Asia with Chinese web page; In Europe with web presence - More
- May 02, 2006 | Item | E-mail

International Wayside Gold Mines Ltd.: Preliminary Assessment Report, Scoping Study, & Application for Mine Permit for Bonanza Ledge Filed - More
- May 02, 2006 | Item | E-mail

Goldstake: High-Grade Copper, N.T., Australia - More
- May 02, 2006 | Item | E-mail

Erdene Outlines Multiple Drill Targets Adjacent to Major Copper Mine in Mongolia - More
- May 02, 2006 | Item | E-mail

Kulu mine resumes operations - More
- May 02, 2006 | Item | E-mail

Alberta Star Receives Formal Approval for a Second 25,000 Meter 'Class A-5 Year Drill Permit' for the Eldorado Project - More
- May 02, 2006 | Item | E-mail

Media advisory - Dynatec Corporation: Annual and Special Meeting Webcast - More
- May 02, 2006 | Item | E-mail

NovaGold Updates Status on Offer for Coast Mountain Power Corp - "Presently, NovaGold is preparing a formal take-over bid circular to be distributed to Coast Mountain shareholders. Under the offer, shares of Coast Mountain will be exchanged for NovaGold shares on a ratio to be determined based upon the weighted average trading price of NovaGold shares at a value of C$2.00 per Coast Mountain share. The offer values the transaction at approximately C$40 million, representing a 42% premium to the one month weighted average trading price of Coast Mountain shares prior to the offer." More
- May 02, 2006 | Item | E-mail

Cascadero Signs Option To Acquire 51% Interest In The Santa Rosa Property - More
- May 02, 2006 | Item | E-mail

GoldSpring Secures Commitment for Financing to Expand Operations - More
- May 02, 2006 | Item | E-mail

Sanatana Announces Final Permits for Drilling Granted and Provides Exploration Update - More
- May 02, 2006 | Item | E-mail

Buffalo Applies for Eight New Uranium Exploration Tenements in Queensland, Australia - More
- May 02, 2006 | Item | E-mail

New Rare-Earth Target Outlined for Upcoming Bear Lodge Exploration Program - More
- May 02, 2006 | Item | E-mail

Excellon Announces Additional Assay Results from Nine Sulphide Intercepts in Guadalupe Manto and Initial Assay Results From the Guadalupe South Manto - More
- May 02, 2006 | Item | E-mail

Global Resource Research Initiates Coverage of SearchGold in Germany - More
- May 02, 2006 | Item | E-mail

Admiralty Holding Company to Receive New Patent - More
- May 02, 2006 | Item | E-mail

Callinan to drill Coles Creek copper targets in June - More
- May 02, 2006 | Item | E-mail

Continental Minerals Corporation: Drilling Continues to Expand Xietongmen Copper-Gold Deposit - More
- May 02, 2006 | Item | E-mail

Furio to Acquire Mineral Properties - More
- May 02, 2006 | Item | E-mail

General Metals: New President and CEO Takes Helm And Heads For Global Expansion Of The Company's Mining Interests - More
- May 02, 2006 | Item | E-mail

Goldstake: High-Grade Copper, N.T., Australia - More
- May 02, 2006 | Item | E-mail

Romarco Outlines Four Drill Programs - More
- May 02, 2006 | Item | E-mail

Northern Peru Cuts 213m Grading 1.04g/t Gold at Hilorico and Reports Excellent Progress at Nearby Galeno Copper-Gold-Molybdenum Project - More
- May 02, 2006 | Item | E-mail

GoldQuest Drilling Intersects Gold Mineralization from Surface - More
- May 02, 2006 | Item | E-mail

East Asia Minerals acquires additional key Mongolian uranium properties - More
- May 02, 2006 | Item | E-mail

Golden China Resumes Resource Definition Drilling at the Beyinhar Gold Deposit, Inner Mongolia; Completes Preliminary Metallurgical Testwork - More
- May 02, 2006 | Item | E-mail

Estrades Project - Massive sulphides intersected outside existing resource - More
- May 02, 2006 | Item | E-mail

Entree Gold Commences US$4.8 Million Exploration Programs in Mongolia - More
- May 02, 2006 | Item | E-mail

Southwestern Resources Corp.: High-Grade Gold-Silver Veins Identified, Millo Project, Peru - More
- May 02, 2006 | Item | E-mail

Timberline Appoints Paul Dircksen as Vice-President of Exploration - More
- May 02, 2006 | Item | E-mail

Consolidated Gold Win Ventures Inc.: Multiple Kimberlite Sills Intersected at Mud Lake Diamondiferous Kimberlite - More
- May 02, 2006 | Item | E-mail

Yamana Completes Cdn$200.1 Million Equity Financing - "Yamana Gold Inc. announces that it has completed its previously announced Cdn$200.1 million equity financing. An underwriting syndicate, co-led by Canaccord Capital Corporation and Merrill Lynch Canada Inc. and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., GMP Securities L.P., National Bank Financial Inc., Sprott Securities Inc., Bear, Stearns & Co. Inc., Blackmont Capital Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Jennings Capital Inc., Paradigm Capital Inc. and Salman Partners Inc., purchased 17.4 million common shares of Yamana at a price of Cdn$11.50 per share." More
- May 02, 2006 | Item | E-mail

Rubicon Minerals Signs $4 Million Option Deal with Crosshair - "David W. Adamson, President and CEO of Rubicon Minerals Corporation is pleased to announce that Rubicon Minerals has optioned its Golden Promise project, located in north central Newfoundland to Crosshair Exploration & Mining Corporation. Exploration by Rubicon at Golden Promise has documented a new gold-bearing environment within sedimentary rocks of the Victoria Lake Group. Significant gold-bearing quartz veins have been identified at the Jaclyn, Jaclyn North, Jaclyn South and Christopher Zones." More
- May 02, 2006 | Item | E-mail

Gold Fields Limited: Q3 F2006 Results - Quarter Ended 31 March 2006 - "Gold Fields Limited today announced March 2006 quarter net earnings of R483 million compared with R262 million in the December 2005 quarter and a loss of R2 million for the March quarter of 2005. In US dollar terms net earnings for the March 2006 quarter equated to US$76 million compared with US$40 million in the December 2005 quarter and US$0.2 million for the March quarter of 2005. Net earnings excluding gains and losses on financial instruments and foreign debt net of cash and exceptional items were R376 million (US$60 million) for the March 2006 quarter compared with R275 million (US$42 million) for the December 2005 quarter." More
- May 02, 2006 | Item | E-mail

Gold Fields says it is attractive takeover target - "South Africa's Gold Fields Ltd is an attractive takeover target, but a potential tie-up with bigger rival AngloGold Ashanti probably did not make sense, its chief executive said on Tuesday. Ian Cockerill also said during a results news conference that Gold Fields itself, the world's fourth biggest gold producer, was considering making several possible acquisitions. But the raging gold price, which raced to a fresh 25-year peak on Monday, was making the search for takeovers tricky." More
- May 02, 2006 | Item | E-mail

Taseko Update Progress of Feasibility Study Work on Prosperity Copper-Gold Project - "Taseko Mines Limited announces that it has retained engineering firm SNC Lavalin to update the feasibility study on its Prosperity copper-gold project, located 125 kilometres southwest of the city of Williams Lake in south-central British Columbia. Taseko's 100% owned Prosperity property hosts one of the largest undeveloped open pittable copper-gold deposits in North America." More
- May 02, 2006 | Item | E-mail

Gold Fields Q3 up 36 pct, but new mine disappoints - "Gold Fields Ltd, the world's fourth-biggest gold producer, posted a 36 percent jump in third-quarter earnings on Tuesday on higher prices, but weak output at a newly-acquired mine disappointed investors. Shares in the South African firm, which have gained around a third this year, fell 0.2 percent to 151.02 rand by 1210 GMT." More
- May 02, 2006 | Item | E-mail

Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Do you have questions, comments, or suggestions about this report?  Email Chris Mullen at cm@goldseek.com

- Written by Chris Mullen

Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news.  For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

© Gold Seeker 2006

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.