-- Posted 12 May, 2006 | | Source: SilverSeek.com

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

Today’s Economic Data:

This week’s economic reports:

Next week’s economic highlights include Net Foreign Purchases on Monday, housing data and PPI on Tuesday, CPI on Wednesday, and the Philadelphia Fed on Thursday.

CoT Reports: Gold | Silver  

Gold fell over $5 in after hours trade yesterday, recovered a bit in Asia, and rose near $730 in London, but it then fell throughout trade in New York and ended near its lows of the session to close with a 1.33% loss and fall from 25 year highs.  Silver followed a very similar pattern and ended nearly 5% lower to fall from its 25 year high set on Thursday.

Gold and silver equities fell throughout morning trade to find over 5% losses at one point, but they did rebound slightly in afternoon trade and ended with about 4% losses.

Euro gold fell from all-time highs but held above €550, platinum gained $22 to $1,310 to new all-time highs, palladium lost $7 to $387 to fall from 4 year highs, and copper lost about 7 cents to fall from all-time highs.

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

“The PERFECT STORM is becoming a nightmare for Planet Wall Street. Bonkers commodity prices, a falling dollar, and rising interest rates. The US stock market is in the deepest of trouble.

JUST IN - more bad news for the pitiful Gold Cartel: What MIDAS brought to your attention months ago has been confirmed from the best of sources:: IRAN IS BUYING ALL THE PHYSICAL GOLD THAT CAN BE SHIPPED TO THEM. The buying is NOT price sensitive. The Iranians are getting their gold from one of the most highly respected banks in Europe!!!”

From The Hightower Report, Futures Analysis and Forecasting:

“The gold market ended the week on a negative note but the gains on the week were still stellar. However, the fundamental condition at the end of the week was somewhat disappointing as equity prices were showing moderate weakness and softer oil pricing prompted some spec longs to exit gold. Perhaps the most disappointing development of the day Friday was the fact that the US Trade Deficit reading actually came in better than expected and a certain portion of the gold market was hopeful that the Trade figures would continue to promote flight to quality conditions in the gold market. However, the slightly better than expected US Trade readings also served to lift up the Dollar from fresh news lows and that also undermined the gold market. While there continues to be significant geopolitical uncertainty the gold market didn't seem to leave the week with as much bullish baggage as it began the week.

The silver market seemed to be looking for a chance to bank profits as it started out weak despite strength in the gold market and a sharply lower US Dollar. However, we suspect that copper market weakness and an extension of the recent weakness in the US equity market undermined sentiment in silver and facilitated spec selling interest. Some traders feared that the COT report would show an overly long spec and fund positioning while others specifically cited weaker energy price action as a reason to stand aside from the bull trend. News that Chinese copper imports for the first 4 months of 2006 declined by 19% also undermined demand expectations in silver but again the trade was looking for bearish evidence in the trade Friday.”

The U.S. dollar index recovered from overnight losses after Import Prices raised inflation fears, but it then fell back off to new 1 year lows following a poor reading from Michigan sentiment.

Oil fell as the International Energy Agency said that it was cutting its global oil demand growth forecast.  A pipeline explosion in Nigeria also had traders talking, but it was not caused by militants so geopolitical concerns were not raised.

Treasuries fell on inflation worries raised from high Import Prices.  The yield on the 10-year rose to it highest since May of 2002.

The Dow, Nasdaq, and S&P again fell throughout trade and ended over 1% lower on inflation worries.  On a weekly basis, the Dow fell for the first time in 6 weeks.

Among the big names making news in the market Friday were Best Buy and Taser.

GATA Posts:

Royal Mint warns against melting pennies as dentists profit from scrap

Gold & Silver Stock News Update from GoldReview.com:

IAMGOLD’s (IAG) earnings, Kimber’s (KBX) drill results, Great Basin’s (GBN) feasibility study results, Nevsun’s (NSU) completed C$10 million private placement, Tanzanian Royalty’s (TRE) completed fifth tranche of a private placement, U.S. Energy’s (USEG) molybdenum project, Cardero’s (CDY) drilling, Barrick’s (ABX) and Goldcorp’s (GG) completed transaction, Eldorado’s (EGO) gold pour at Kisladag, and Agnico-Eagle’s (AEM) project updates were among the big stories in the gold and silver mining industry making headlines Friday.

WINNERS

LOSERS

All of Friday's gold and silver stock news:

Kimber continues stepping out at Carmen; cuts 7.25 g/t Au Eq over 8 metres - "Results from Carmen include MTR-331 which had 8 metres of 7.25g/t Au eq and 4 metres of 10.09 g/t Au eq. This hole was drilled in the sparsely-drilled gap between the well-drilled portion of the deposit and the Cocos structure. MTR-328, in the same area to the southwest of the Cocos structure, contained 18 metres of 2.10 g/t Au eq. Overall, the results from Carmen show multiple intervals of good open pit grades in almost all of the holes." More
- May 12, 2006 | Item | E-mail

PolyMet Announces Exercise of 9.7 Million Warrants - More
- May 12, 2006 | Item | E-mail

Positive Results from Feasibility Study for Great Basin's Burnstone Gold Project, South Africa; Amended see Numbers in Table Page 2 - "The Burnstone Gold Project is located in the South Rand area of the Witwatersrand Basin, 80 kilometers southeast of Johannesburg. The proposed mine site is situated in an area of open, rolling country, traversed by major paved highways, railroads, power lines and pipelines that provide excellent infrastructure for development. Skilled labour, mining expertise, equipment, process facilities and development capital are all at hand to support efficient development of the Project." More
- May 12, 2006 | Item | E-mail

Big Red Diamond Files its 2005 Annual Information and Audited Financial Statements as Well as the January 31, 2006, Quarterly Statements - More
- May 12, 2006 | Item | E-mail

Richview Resources Commences Public Information Sessions - More
- May 12, 2006 | Item | E-mail

Columbia Metals Corporation Limited to Complete Brokered and Non-Brokered Private Placement - More
- May 12, 2006 | Item | E-mail

Breakwater Resources corrects error reported in Globe and Mail - More
- May 12, 2006 | Item | E-mail

Orsa Signs MOU to Acquire Mongolian Gold Project - More
- May 12, 2006 | Item | E-mail

Intrepid Minerals Files Management Information Circular - More
- May 12, 2006 | Item | E-mail

Nevsun Completes Cdn$10 Million Private Placement - "Nevsun Resources Ltd. is pleased to announce that it has completed its financing as announced May 10, 2006 to sell to an investor by way of a non-brokered private placement 2,500,000 common shares at a price of $4.00 per share. Nevsun has received approval from all required stock exchanges." More
- May 12, 2006 | Item | E-mail

Tanzanian Royalty Chairman Completes Fifth Tranche of C$3 Million Private Placement and C$1 Million Private Placement - "Tanzanian Royalty Exploration Corporation confirms that the fifth tranche of the private placement by James E. Sinclair, Chairman and CEO, announced on May 2, 2006 and the $1,000,000 private placement by Mr. Sinclair, announced on May 3, 2006 have now closed. Inclusive of the proceeds of the fifth tranche and the $1 million private placement, Mr. Sinclair's total share placements to date aggregate over C$10.2 million." More
- May 12, 2006 | Item | E-mail

Aurora Gold Corporation Announces That Drilling is Rescheduled to Commence on or About the 18 of May - More
- May 12, 2006 | Item | E-mail

U.S. Energy Corp. and Crested Corp. Hire Firm to Open Dialogue About Lucky Jack Molybdenum Project - "We are very pleased to welcome MGA to the USEG and Crested family of strategic partners. In the future, we expect MGA to play an important role in supporting our commitment to open communication with the community, civic leaders and stakeholders throughout the development of the Lucky Jack molybdenum project," noted Mark Larsen, President of U.S. Energy Corp. More
- May 12, 2006 | Item | E-mail

BrazMin Reports Results for Quarter Ended March 31, 2006 - More
- May 12, 2006 | Item | E-mail

Vencan Closes First Tranche of $800,000 in Financing; Airborne Survey Commences - More
- May 12, 2006 | Item | E-mail

Wildcat Announces Non-Brokered Private Placement Financing - More
- May 12, 2006 | Item | E-mail

Cardero Resource Corp.: Definition Drilling Commences at Pampa El Toro Cardero Options an Additional 3,600 Hectares of Iron Sands - "Cardero's near term strategy for the Iron Sands Project is to highlight a logistically easily accessible area containing sufficient magnetite (iron oxide) bearing sands to support a 20 to 30 year integrated mining operation. Following this strategy, Cardero has focused its initial exploration work on the highest-grade area of the Pampa El Toro target, with additional magnetite-bearing areas within the Company's large claim block to be examined in due course." More
- May 12, 2006 | Item | E-mail

CORRECTION FROM SOURCE: Petaquilla Minerals Ltd.: Plan of Arrangement Update - More
- May 12, 2006 | Item | E-mail

China Gold Corp. Announces Update on Forward Stock Split - More
- May 12, 2006 | Item | E-mail

Drill Rig Moves Onto Globex-Queenston Discovery - More
- May 12, 2006 | Item | E-mail

Barrick Closes Goldcorp Transaction - "Barrick Gold Corporation today announced that it has concluded the sale of the shares of Placer Dome (CLA) Limited, which owns four Placer Dome mines and other agreed interests to Goldcorp Inc. The transaction was previously announced on October 31, 2005 when the parties signed a Bid Support and Purchase Agreement, and follows Barrick's successful acquisition of all of the outstanding shares of Placer Dome Inc. Accordingly, there will be no impact to Barrick's projected 2006 gold production of 8.6 - 8.9 million ounces. Net cash proceeds from the sale were approximately $1.6 billion, including the effect of certain adjustments on closing." More
- May 12, 2006 | Item | E-mail

Goldcorp Completes Acquisition of Placer Assets From Barrick - "Goldcorp Inc. announced today that it has completed the acquisition of four Placer Dome mines and other agreed interests from Barrick Gold Corporation for approximately US$1.6 billion. The assets acquired include Placer Dome's former interests in the Campbell mine, the Porcupine and Musselwhite joint ventures in Ontario, as well as a 50% interest in the La Coipa gold/silver mine in Chile and a 40% interest in the Pueblo Viejo development project in the Dominican Republic. Goldcorp used a portion of its current cash balances and existing credit facilities to fund the acquisition." More
- May 12, 2006 | Item | E-mail

American Bonanza Announces Drill Results at La Martiniere - More
- May 12, 2006 | Item | E-mail

Paramount Gold Closes $1 Million Financing at $4.25 per share - More
- May 12, 2006 | Item | E-mail

Stealth Minerals Limited: Permits Submitted for Four Drill Programs in the Toodoggone - More
- May 12, 2006 | Item | E-mail

Garibaldi Forms Advisory Board - More
- May 12, 2006 | Item | E-mail

Zaruma Resources reports on First Quarter 2006 - More
- May 12, 2006 | Item | E-mail

Western Copper to Commence Trading on TSX - More
- May 12, 2006 | Item | E-mail

Small Town Radio Announces Completion of Reverse Split and Name Change to Tombstone Western Resources, Inc. - More
- May 12, 2006 | Item | E-mail

2006 development and exploration update - More
- May 12, 2006 | Item | E-mail

Jaguar Mining Reports Q1 2006 Results, Development Plans - More
- May 12, 2006 | Item | E-mail

HudBay Announces Strong First Quarter 2006 Results - More
- May 12, 2006 | Item | E-mail

Candente-Canaco Option Mexico's Historic Gold Producer, El Oro, from Goldcorp - More
- May 12, 2006 | Item | E-mail

Petaquilla Minerals Ltd.: Plan of Arrangement Update - More
- May 12, 2006 | Item | E-mail

Eldorado Announces First Gold Pour at the Kisladag Gold Mine - "The pouring of the Company's first gold in Turkey is a very special occasion for our shareholders, employees and the local communities, whose efforts and continued support have enabled our success," commented Paul Wright, President and Chief Executive Officer. More
- May 12, 2006 | Item | E-mail

IAMGOLD announces record first quarter earnings - "Net earnings for the first quarter of 2006 were $19.9 million or $0.13 per share compared to $7.7 million or $0.05 per share for the first quarter of 2005. The increase in earnings is mainly a result of higher gold prices and exceptional production and cost containment at the Yatela mine in Mali." More
- May 12, 2006 | Item | E-mail

Agnico-Eagle to build LaRonde II gold project; provides updates on its four other gold growth projects - "Agnico-Eagle Mines Limited today announced that a positive development decision was made for the 100% owned LaRonde II project. LaRonde II is the extension of Zone 20 North beneath the current infrastructure at the LaRonde mine. The gold reserves at LaRonde II total 3.6 million ounces from 18.8 million tonnes grading 6.0 grams per tonne. In addition to its gold reserves, the LaRonde II deposit contains approximately 13 million ounces of silver, 62,000 tonnes of copper and 155,000 tonnes of zinc." More
- May 12, 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.

Latest Articles Gold Seeker Closing Report: Gold and Silver Fall Over 2% More 13 December, 2011 Gold Seeker Closing Report: Gold and Silver Fall Almost 3% 12 December, 2011 Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week 9 December, 2011 Gold Seeker Closing Report - Article Archive List