Gold fell near $675 in after hours trade late yesterday, rebounded to above $685 in mid-Asian trade, and fell back under $675 near the open in London, but it then rallied throughout trade in London and New York and ended near its highs of the session with a 1.2% gain.  Silver followed a similar rollercoaster ride and gained 1.95%.

Euro gold rose near €540, platinum gained $18 to $1,292, palladium gained $10 to $373, and copper rose over 10 cents to above $3.75.

Gold and silver equities rose about 2% early on before they fell to find about 3% losses midday, but they then rebounded to near unchanged and ended just slightly lower on the day.

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

“It is important to keep in mind this correction, like other recent ones, are NOTHING like the ones in the old days before The Gold Cartel lost control of the gold market. We know this because there has been NO build-up in the open interest. There are relatively few short-term specs to flush out as compared to the past. This is the major reason why corrections have been brief. In days of yore, there were 50 to 100,000 NEW spec longs to be flushed out of their positions.”

From The Hightower Report, Futures Analysis and Forecasting:

“With the European gold market managing to finish higher on the session Tuesday, at least part of the lingering bearishness from the massive May 12th and 15th washouts was erased. We also suspect that stellar leadership from the copper market provided the precious metals with a lift. In fact, with oil prices trading mostly higher throughout the session Tuesday, it is not surprising that the gold market saw persistent buying interest for most of the day. In the end, the market couldn't rule out a return to inflationary conditions from the data released during the session, even if the totality of the US economic numbers seemed to come down on the side of a slowing economy. With the Dollar seemingly falling back from its recent highs and in the process giving off the impression of a top, there were some players that were willing to go home long gold in anticipation of a downside extension in the Dollar on Wednesday.

After making an impressive new low for the move the July silver managed to rebound and return to the vicinity of the $13.50 level. Some traders trumpeted the recovery in copper as the guiding light for the silver bulls, while others suggested that the recovery in oil prices served to shut off the talk of a broad sustained commodity market liquidation wave. However, the recovery action Tuesday wasn't so impressive that the recent selling pressure was forgotten and with another inflation reading out on Wednesday, the bull camp might need some added support from the inflation front to get the recent liquidation wave in the rear view mirror. For the past 6 months the most conducive condition for the silver bulls, has been rising equity prices, rising energy prices, a lower Dollar and optimism toward future growth and in looking at the scheduled reports on Tuesday, there is a lot of room for debate on the fundamental picture in silver.”

Oil rebounded slightly from previous losses of the past two sessions as recent indications of falling demand were offset by renewed geopolitical and supply concerns.

The U.S. dollar index fell and treasuries gained as Core PPI was seen as tame and reduced inflation fears, thus reducing the chances for further interest rate hikes by the fed.

The Dow, Nasdaq, and S&P remained near unchanged on mixed company and economic reports.

Among the big names making news in the market today were HP, Delphi, Warren Buffet and Tesco, Visa, Airbus, Wal-Mart, Home Depot, and Staples.

GATA Posts:

James Turk: Hold gold, not the Dow

Foreign governments sell U.S. bonds as Caribbean 'banks' buy

From Charleston Voice:

"The (ESF) was conceived to operate in secrecy under the exclusive control of the Secretary of the Treasury, with the approval of the President, "whose decisions shall be final and not subject to review by any other officer of the United States."…The intention was to cloak foreign exchange market intervention… The secrecy promoted two           objectives. One was to conceal from the public and Congress the exchange rates at which foreign currencies were bought and sold, particularly if they involved losses.  

A second objective was to permit the Treasury, if it so desired, to conceal information about any other operations the ESF might undertake… The ESF in its original design as a creature of the Executive Branch, immune to legislative oversight, breaches the separation of powers.²⁵ "

......Congressman Jim Saxton, Joint Economic Committee Study, 1999

While the above proclamation may seem like "fightin' words", Saxton and his committee made no move or no intention to abolish the un-Constitutional Federal Reserve, and re-claim the authority granted to Congress to regulate the value of money. For the ESF and the Fed, it's business as usual. Together, they are the "Great Currency Manipulator".

http://www.treasury.gov/offices/international-affairs/esf/

Gold & Silver Stock News Update from GoldReview.com:

Yamana’s (AUY) drill results, Nevsun’s (NSU) first shipment of gold produced from Tabakoto, Cambior’s (CBJ) suspension of operations at Rosebel, Ivanhoe’s (IVN) President and CEO appointment, and Silver Standard’s (SSRI) closed $165.6 million 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:

Valencia Approves $750,000 Exploration & Drill Program For Rancheria Silver Project - More
- May 16, 2006 | Item | E-mail

Yamana Announces Positive Drill Results at Canavieiras, C1 Santa Luz and Pau-a-Pique Targets, Brazil - "Yamana Gold Inc. reports that it has received additional results from diamond drilling at its Canavieiras project in the Jacobina Complex, Bahia, the C1 Santa Luz project in the Rio Itapicuru Greenstone Belt (RIGB), Bahia and Pau-a-Pique in the Santa Elina Gold Belt, Mato Grosso. Yamana holds mineral concessions on three major Gold Belts in Brazil and an extensive exploration land position in Central America." More
- May 16, 2006 | Item | E-mail

Paramount Gold Signs Agreement to Create Gold Alliance in Argentina, Chile and Peru - More
- May 16, 2006 | Item | E-mail

Gold Reserve Announces Conference Call to Discuss 2006 First Quarter Results - "Gold Reserve Inc. will hold a conference call to discuss 2006 first quarter results on Thursday, May 18, 2006 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time)." More
- May 16, 2006 | Item | E-mail

Amarillo Gold Corp.: More Assay Results From South Posse Deposit, Confirming Near Surface Extent of Higher Grade - More
- May 16, 2006 | Item | E-mail

Exall Resources Limited: Douglas Scharf Appointed Vice President, Finance And Chief Financial Officer - More
- May 16, 2006 | Item | E-mail

Davis & Company LLP Partner Appointed as Advisor by Gold Canyon - More
- May 16, 2006 | Item | E-mail

Gold Canyon Intersects Fault Offset of East Extension Gold Mineralization and Prepares for Summer Field Programs at Springpole - More
- May 16, 2006 | Item | E-mail

Michigan Gold Mining Investments Inc. Is the New Name for Ecological Recycling Co and Is Now Under New Management - More
- May 16, 2006 | Item | E-mail

Nevsun Announces First Shipment of Gold From Tabakoto Gold Mine, Mali - "Nevsun Resources Ltd. is pleased to announce that the Company has made its first shipment of gold produced from the commissioning phase of its Tabakoto Gold Mine in Mali, West Africa. The Tabakoto Gold Mine's processing facilities have been designed to treat the ores from both the Tabakoto license and the adjoining Segala mining license." More
- May 16, 2006 | Item | E-mail

White Knight Board of Directors Announces Filing and Mailing of Directors' Circular in Respect of U.S. Gold Offer - More
- May 16, 2006 | Item | E-mail

Enterayon Retains Geologist to Oversee Exploration Program - More
- May 16, 2006 | Item | E-mail

Celtic Minerals Ltd. - Options Granted - More
- May 16, 2006 | Item | E-mail

Promising results regarding the alumina clay of the Grande-Vallée property - More
- May 16, 2006 | Item | E-mail

Golden Odyssey Signs Letter of Intent to Joint Venture Lincoln Gold's JDS Property, Cortez Trend, Nevada - More
- May 16, 2006 | Item | E-mail

MetalCORP; DRILLING Intersects More COPPER-ZINC-SILVER-GOLD with STRONG Off-Hole Pulse EM Conductors at BIG LAKE - More
- May 16, 2006 | Item | E-mail

Acero-Martin Exploration Inc.: New Gold-Silver Zone Intersected at Pinaya's Montana de Cobre - More
- May 16, 2006 | Item | E-mail

Kinbauri Gold Corp.: High Grade at Pozo Del Ingles Including 10.3g Au/t Over 1m - More
- May 16, 2006 | Item | E-mail

Temex Engages Consulting Firm as Senior Project Advisor for Gowganda Silver Project - More
- May 16, 2006 | Item | E-mail

East Asia Minerals addresses concerns about possible changes to Mongolian mining laws - More
- May 16, 2006 | Item | E-mail

Golden Odyssey Announces Joint Venture on the JDS Property, Cortez Trend, Nevada - More
- May 16, 2006 | Item | E-mail

Cambior Inc.: Rosebel's Operations Suspended by an Illegal Work Stoppage - "On Sunday, May 14, 2006, a significant number of employees of Rosebel Gold Mines N.V., a subsidiary of Cambior Cambior is based in Suriname, were led into an illegal work stoppage by a non-official union representative. This work stoppage forced Rosebel to suspend all activities at its Rosebel mine. There is to date no official union accredited by the government of Suriname to represent Rosebel's group of workers. Rosebel's employees have yet to table demands to Rosebel management." More
- May 16, 2006 | Item | E-mail

John Macken Appointed President and CEO as Ivanhoe Mines Prepares for its Next Phase of Growth After 10 Years as a Public Company - "Headlining the changes is the appointment of John Macken, Ivanhoe's current President and Chief Operating Officer, to the elevated role of President and Chief Executive Officer (CEO). Mr. Macken, 54, who also is a member of Ivanhoe's board of directors, joined Ivanhoe in 2003 after a 19-year career with mining giant Freeport McMoran Copper and Gold, of New Orleans, USA. He spent a total of 13 years with Freeport's operating unit, P.T. Freeport Indonesia (PTFI), culminating in the position of Executive Vice-President and General Manager at Freeport's Grasberg mining complex in Papua, the world's largest single copper and gold mine." More
- May 16, 2006 | Item | E-mail

Silver Standard Closes US$165.6 Million Public Offering - "Silver Standard Resources Inc. reports that it has closed its public offering of 7.2 million common shares at a price of US$23.00 (C$25.31) per common share to a syndicate of underwriters. Silver Standard has also granted the underwriters an option exercisable until June 15, 2006 to purchase up to an additional 1.08 million of its common shares. If the underwriters fully exercise the overallotment option, Silver Standard will receive additional net proceeds of approximately US$23.4 million (C$25.8 million)." More
- May 16, 2006 | Item | E-mail

Medallion Completes Ocelot, Nevada Gold Acquisition; Arranges $510,000 Private Placement - More
- May 16, 2006 | Item | E-mail

Medallion Completes Ocelot, Nevada Gold Acquisition; Arranges $510,000 Private Placement - More
- May 16, 2006 | Item | E-mail

VTEM Survey Reveals Over 20 Massive Sulphide Targets At Mengold's Goldcreek Property More Ground Acquired - More
- May 16, 2006 | Item | E-mail

Western Troy: Annual Shareholder Meeting Held - More
- May 16, 2006 | Item | E-mail

Goldcorp to drill Vault's Lebel Gold project - More
- May 16, 2006 | Item | E-mail

Battle Mountain Royalty Update -- Dolores Receives Environmental Permits - More
- May 16, 2006 | Item | E-mail

Pelangio advised of further high grade gold results at Detour Lake Block A - More
- May 16, 2006 | Item | E-mail

Canadian Zinc Corporation: Exploration Land Use Permit Approved for Prairie Creek Property - More
- May 16, 2006 | Item | E-mail

Caledonia Mining 1st Quarter Results 2006 - More
- May 16, 2006 | Item | E-mail

Aurus Provides Technical Data on Its Klyon "Maple" Property and Its 1.9M Ounces of Gold and 4.9 Ounces of Silver - More
- May 16, 2006 | Item | E-mail

Scorpio Mining Signs Letter of Intent for Joint Venture of Mexico Land Package to Alma Resources Ltd. via Promotora Minera Dialex SA de CV - More
- May 16, 2006 | Item | E-mail

Osisko Releases Final Phase Three Results at Canadian Malartic - More
- May 16, 2006 | Item | E-mail

Drilling to Commence at Chert Ridge, Badu and Akrobi Prospects: Ghana's Minister of Mines Grants Birim 9 Prospecting Licenses on Bui Belt - More
- May 16, 2006 | Item | E-mail

Northern Peru Announces Excellent Metallurgical Testing Results for Galeno - More
- May 16, 2006 | Item | E-mail

Alhambra Resources Ltd. - 2006 Exploration Program - More
- May 16, 2006 | Item | E-mail

Initial Drilling at Lac Herbin's Hangingwall Zone Returns Up to 19.85 g Au/t Over 4.3 Metres - More
- May 16, 2006 | Item | E-mail

EuroZinc Assembles Largest Exploration Land Package in History of Iberian Pyrite Belt in Portugal - More
- May 16, 2006 | Item | E-mail

Galantas Gold Corporation: Drilling Program Initiated - More
- May 16, 2006 | Item | E-mail

Silver Dragon Begins Drill Program to Define and Expand Silver Resource at the Cerros Las Minitas Project, Mexico - More
- May 16, 2006 | Item | E-mail

Trade Winds Discovers New, Near Surface Gold Zone of 4.12 Grams/Tonne Over 13.00 Metres at Detour Lake, Ontario - More
- May 16, 2006 | Item | E-mail

Itronics Increases First Quarter 2006 Sales by 24 Percent; Reduces Loss by 69 Percent - More
- May 16, 2006 | Item | E-mail

Wildcat Exploration Ltd. - Drill Results - Poundmaker Property - Bissett Mining Camp - More
- May 16, 2006 | Item | E-mail

Consolidated Gold Win Ventures Inc.: Drilling of Western Extension Started-Mudlake Kimberlite NWT - More
- May 16, 2006 | Item | E-mail

USCorp, a Junior Gold Exploration Company, Announces Frankfurt Exchange Listing of Class B Non-Voting Common Shares - More
- May 16, 2006 | Item | E-mail

Results for the first quarter ended March 31, 2006 - More
- May 16, 2006 | Item | E-mail

Uranium One Reports First Quarter Results - More
- May 16, 2006 | Item | E-mail

Mining Interests Protest Mongolian Plan - "Details of the new law, enacted late Friday, were not available. But according to local reports, including the Web site Mongolia Web, the law would impose a 68 percent tax on profits from mineral sales when the price of copper reaches $2,600 a ton and when gold reaches $500 an ounce." More
- May 16, 2006 | Item | E-mail

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- Written by Chris Mullen

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