Consumer Confidence came in better than expected, but it was still the largest drop since the hurricanes last year.  Also making news today were some hawkish comments from fed president Moskow who noted that inflation is at the upper end of a level consistent with price stability.  The nomination of Goldman Sach’s CEO Henry Paulson to succeed John Snow as U.S. Treasury secretary also had people talking.

Tomorrow at 10AM brings Chicago PMI for May expected at 56.0.  At 2PM is the release of FOMC minutes from their May 10^th meeting.

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Gold remained near unchanged for most of trade in Asia before it moved up near $655 in early London trade, but it then fell back near $650 by the open in New York.  It then rose up near $665 by midmorning before it fell back off into the close, but it still ended 0.54% higher.  Silver followed a very similar pattern and ended with a gain of 3%.

Euro gold remained near €510, platinum lost $7 to $1,281, palladium gained $5 to $353, and copper lost about 20 cents to near $3.55.

Gold and silver equities rose about 3% in early trade, but they then fell back near unchanged by the afternoon and closed near their lows with about 1% losses.

From The Hightower Report, Futures Analysis and Forecasting:

“The bull camp can't be happy with the action Monday as the big rally fizzled despite the fact that the US Dollar was under significant pressure. With the US equity market down aggressively and some of the US economic data hinting at a deterioration of macro economic sentiment, it is not surprising that the gains were pared. However, with oil prices strong and the Dollar down, the bear camp has to feel like they dodged a bullet with the action Tuesday. While the stock market weakness undermined gold, the fact that oil prices remained strong seemed to keep the inflationary psychology alive, despite the bruised economic outlook. With a major gold mining concern predicting a slide back to $500 an ounce in gold before the longer term bull market pushes prices back up we suspect that more than a weak handed longs were prompted to bank profits and move to the sidelines.

The silver market did manage an impressive upward probe but like the gold market failed to hold the majority of the gains. However, with the market holding almost half of the gains on the session in the face of a moderate washout in the stock market the bull camp has to be somewhat happy. In fact, with copper and platinum also down on the session it is a little surprising that silver was able to hold up around the psychologically important $13.00 level. Traders continue to watch the daily change in exchange stocks closely as recent declines are hinting at a pattern of physical tightening.”

Oil gained on geopolitical worries over Iran and Nigeria.  The possibility of OPEC calling for a cut in production during the start of both driving season and hurricane season also encouraged buying.

The U.S. dollar index fell significantly on declining Consumer Confidence and on speculation that the U.S. may pursue a weaker currency now that Treasury secretary Snow has been replaced.

Treasuries fell on the weak dollar and on the Consumer Confidence that was poor, but still came in better than expected.

The Dow, Nasdaq, and S&P fell on geopolitical worries, a markedly lower dollar, inflation and interest rate worries, and higher oil.  All three indices fell throughout trade and ended near their lows with extensive losses.

Among the big names making news in the market today were Tribune, Goldman Sachs, BASF and Engelhard, Mittal and Arcelor, GM, and Kinder Morgan.

GATA Posts:

Goldman Sachs runs Treasury under both parties

In Barron's interview, GoldMoney's Turk explains gold price target of $8,000

Goldman Sachs chief will be new Treasury secretary, Wall Street Journal says

Vancouver conference to hear Murphy, Bishop, Gordon, Grandich, Lee, and Taylor

Toronto Globe and Mail takes a long look at Barrick Gold

GoldMoney founder, in Barron's, predicts panic in U.S. dollar

Kevin Kerr: Dollar's demise practically insures gold's rise

Gold & Silver Stock News Update from GoldReview.com:

Orezone’s (OZN) drilling, Golden Star’s (GSS) progress on its Bogoso sulfide expansion Project, Glencairn’s (GLE) acquisitions from Yamana (AUY) and new president and CEO appointment, Ivanhoe’s (IVN) Mongolian taxes, and IMA Exploration’s (IMR) drilling were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

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All of today's and Monday’s gold and silver stock news:

BacTech Appoints New CFO - More
- May 30, 2006 | Item | E-mail

Canadian Junior Receives $131,893 From 1st Gold Production - More
- May 30, 2006 | Item | E-mail

Golden Goose Resources Inc. Announces Election of Directors - More
- May 30, 2006 | Item | E-mail

Gold Canyon Closes Private Placement for US$331,440 - More
- May 30, 2006 | Item | E-mail

Jasper Mining announces mobilization of drill onto McFarlane property - More
- May 30, 2006 | Item | E-mail

Cabo Reports 3rd Quarter Results - More
- May 30, 2006 | Item | E-mail

Osprey Gold Corp. Recovers Major Assets - More
- May 30, 2006 | Item | E-mail

Dravco Mining Inc. Announces the Appointment of Dr. Odin D. Christensen as Chief Geologist & Director of the Company - More
- May 30, 2006 | Item | E-mail

Diamond Fields Reports Update on Gold Exploration in Liberia - More
- May 30, 2006 | Item | E-mail

StrataGold begins diamond drilling at Dublin Gulch - More
- May 30, 2006 | Item | E-mail

Strateco Intends to Distribute 20,000,000 Common Shares of a New Gold Company to its Shareholders - More
- May 30, 2006 | Item | E-mail

Update on Phase IV Drilling for IMA's Navidad - "IMA Exploration Inc. is pleased to announce results from 21 diamond drill holes at its Navidad Silver Project in Patagonia, Argentina, from the Phase IV drilling program that commenced in January of 2006. To date at Navidad IMA has drilled over 53,000 metres, announced the results from 307 diamond drill holes, and defined an Indicated Resource of 305.7 million ounces of silver and 2.9 billion pounds of lead (93.4 million tonnes at 102 g/t silver and 1.41 % lead using a 50 g/t silver equivalent cut-off)." More
- May 30, 2006 | Item | E-mail

Orezone Reports on Kossa Drilling Intersects 4m at 69.9 g/t in Narrow, High Grade Gold Zone - "Orezone Resources Inc. reports that additional results have been received from the first phase of drilling on the Company's 100 per cent owned Kossa permit in Niger, West Africa. Kossa is located immediately adjacent to the Orezone/Gold Fields Limited Essakane Project with the two properties being separated by the border between Burkina Faso and Niger." More
- May 30, 2006 | Item | E-mail

Woodruff buys out JV partner's interest in the Lemoine project in Quebec - More
- May 30, 2006 | Item | E-mail

Drake Gold Resources Inc. Appoints New CFO, Secretary and Director - More
- May 30, 2006 | Item | E-mail

Freewest and Geodex Announce a Joint Venture to Explore the Harry Brook Gold Belt in New Brunswick - More
- May 30, 2006 | Item | E-mail

Bandera Gold Ltd.: Update on Cinco Minas - More
- May 30, 2006 | Item | E-mail

Intrepid Minerals-Positive Vote Recommended on Plan of Arrangement by Institutional Shareholder Services - More
- May 30, 2006 | Item | E-mail

Fury Provides Taylor Project Update - More
- May 30, 2006 | Item | E-mail

Preliminary Geological Study Confirms That Corumel Minerals Corp.'s Mining Operations in Central African Republic 'Show All Signs of Deposits Well Worth Mining' - More
- May 30, 2006 | Item | E-mail

Golden Star Announces Good Progress on Its Bogoso Sulfide Expansion Project - "The project involves construction of a 3.5 million tonne per year sulfide circuit which is being built alongside the existing 1.5 million tonne per year oxide plant. The sulfide circuit incorporates the BIOX® bio-oxidation process which is marketed by a subsidiary of Gold Fields Limited. When built and operating, the Bogoso BIOX® plant will be the biggest operating plant of its kind in the world." More
- May 30, 2006 | Item | E-mail

AfriOre NI 43-101 Report on Akanani Platinum Project - More
- May 30, 2006 | Item | E-mail

Gitennes Exploration Inc. - Additional zinc results from Tucumachay project - More
- May 30, 2006 | Item | E-mail

Pele Mountain Mobilizes Second Drill Rig to Highland Project - More
- May 30, 2006 | Item | E-mail

Brian McEwen Joins Buffalo Gold as its President and Chief Operating Officer - More
- May 30, 2006 | Item | E-mail

Sheffield Commences 30,000 Foot Drill Program - More
- May 30, 2006 | Item | E-mail

Second Phase Drilling Starts at Radius's Natividad Project, Nicaragua - More
- May 30, 2006 | Item | E-mail

Unico, Inc. Launches New Website Photo Galleries Showing First Images of Reconstruction of Mill and Processing Facility at the Deer Trail Mine - More
- May 30, 2006 | Item | E-mail

SLAM Exploration mobilizes drill to Nash Creek - More
- May 30, 2006 | Item | E-mail

Alamos Gold Inc. Receives Consent for Early Debenture Conversion - More
- May 30, 2006 | Item | E-mail

Vantex Intersects more than 35 g/t Au on Lake Expanse - More
- May 30, 2006 | Item | E-mail

Continental Minerals Corporation and Great China Mining Inc.: Drilling Continues to Expand Xietongmen Deposit - More
- May 30, 2006 | Item | E-mail

Coral Gold Resources Ltd. Announces Drill Results - More
- May 30, 2006 | Item | E-mail

Sur American Gold Corporation: Batoto Gold Project-Exploration Update - More
- May 30, 2006 | Item | E-mail

Everton Starts Summer Work Program on Opinaca and Wildcat Projects in the James Bay Region of Quebec - More
- May 30, 2006 | Item | E-mail

Corriente Resources Inc.: Senior Management Join Ecuador Operations Team for Mirador Copper-Gold Project - More
- May 30, 2006 | Item | E-mail

Crew Gold Corporation: Significant Exploration Results for the Period February 06 - April 06 and Regional Exploration Programme - More
- May 30, 2006 | Item | E-mail

Pearl Asian Mining Industries, Inc. Commences Implementation of ''Operation Cagayan De Oro,'' Coinciding with the Start of Gold Trading Operations in Mindanao - More
- May 30, 2006 | Item | E-mail

GoldQuest Intersects 63 Meters Grading 2.09 g/t Gold Including 18 Meters Grading 6.5 g/t At Las Tres Palmas - More
- May 30, 2006 | Item | E-mail

Southwestern Resources Appoints Manager, Investor Relations - More
- May 30, 2006 | Item | E-mail

Golden Goose Resources Inc.: High Grade Gold Over Wide Zones Continue at Magino Mine, Ontario - More
- May 30, 2006 | Item | E-mail

GoldSpring, Inc. Announces Plans to Bring Big Mike Copper Project Into Production - More
- May 30, 2006 | Item | E-mail

AuEx Divides Pequop and Enters into Letters of Intent for Two Joint Ventures - More
- May 30, 2006 | Item | E-mail

Diamond Drilling Starts at Stroud's Santo Domingo Silver Project - More
- May 30, 2006 | Item | E-mail

Silver Dragon Resources Inc. Signs Agreement With Cistex Global Investment Inc. - More
- May 30, 2006 | Item | E-mail

Michigan Gold Mining Investments Inc. CEO Comments on Significant Probable Silver Reserves at Anita Mine - More
- May 30, 2006 | Item | E-mail

Marathon Announces Financial Results for Q1 2006 - More
- May 30, 2006 | Item | E-mail

Drilling confirms two mineralized zones at Etruscan's Finkolo Gold Project - More
- May 30, 2006 | Item | E-mail

Wallbridge Intersects Copper-PGE Veins 2.3 Kilometres Southwest of Broken Hammer Zone on Wisner Property - More
- May 30, 2006 | Item | E-mail

De Beira Appoints Klaus Eckhof as Chairman - More
- May 30, 2006 | Item | E-mail

Megastar Commence 3D Modeling and Targeting of SIMKAR Gold Zones - More
- May 30, 2006 | Item | E-mail

AfriOre reports year end earnings - More
- May 30, 2006 | Item | E-mail

Acero-Martin Closes $180,000 Private Placement - More
- May 30, 2006 | Item | E-mail

Aura Gold Inc. Completes $6,900,000 Private Placement & Adjusts Property Portfolio - More
- May 30, 2006 | Item | E-mail

New Gold Intersections-Structure 16 extended for 750 metres at La Fortuna - More
- May 30, 2006 | Item | E-mail

Solitaire Minerals Signs Contract for Mystery Island Airborne Study - More
- May 30, 2006 | Item | E-mail

Luna Gold Corp. - Darren Bahrey joins the board of directors - More
- May 30, 2006 | Item | E-mail

PGM Ventures Corporation: Drills Confirms Continuity of Aguas Tenidas' Main Deposit & Western Extension - More
- May 30, 2006 | Item | E-mail

Rocmec Announces Closing of Second Tranche of Financing with Desjardins-Innovatech S.E.C. - More
- May 30, 2006 | Item | E-mail

SAGE announces grant of options - More
- May 30, 2006 | Item | E-mail

Campbell Resources is granted an extension and announces the closing of equity financings - More
- May 30, 2006 | Item | E-mail

Romarco Announces First Quarter Results - More
- May 30, 2006 | Item | E-mail

Taranis Negotiates Agreement To Sell Interest in Needles Property - More
- May 30, 2006 | Item | E-mail

New resource estimate study launched on Fortune's Sue-Dianne copper-silver deposit - More
- May 30, 2006 | Item | E-mail

North Atlantic Resources Ltd. Delineation Drilling Results from the FT Gold Project in Mali Include 46 m Grading 1.64 g/t Gold and 35 m Grading 3.11 g/t Gold - More
- May 30, 2006 | Item | E-mail

Canadian Shield Appoints New Director and Closes Financing - More
- May 30, 2006 | Item | E-mail

Golden Arrow Resources Corporation: Significant Gold Soil Anomalies Identified on the San Jose Gold Property - More
- May 30, 2006 | Item | E-mail

REMINDER/Media Advisory: Dia Bras Exploration Annual Meeting - More
- May 30, 2006 | Item | E-mail

Maudore Set to Drill Comtois in June - More
- May 30, 2006 | Item | E-mail

Zaruma Resources announces exercise of Warrants - More
- May 30, 2006 | Item | E-mail

Sienna Cuts 94 meters at 2.6 gpt Gold and 65.8 gpt Silver - More
- May 30, 2006 | Item | E-mail

LEFA Gold Operation Crew Increases Ore Reserves - More
- May 30, 2006 | Item | E-mail

Norsemont adopts Shareholder Rights Plan - More
- May 30, 2006 | Item | E-mail

Crowflight Reports an Additional $1.0 Million in Cost Savings on Procurement of Buildings and Crusher for Bucko Deposit - More
- May 30, 2006 | Item | E-mail

Osprey Gold Corp. Recovers Major Assets - More
- May 30, 2006 | Item | E-mail

El Nino Announces Option Agreement with Falconbridge - More
- May 30, 2006 | Item | E-mail

Michigan Gold Announces the Presence of Significant Probable Silver Reserves in the Anita Mine - More
- May 30, 2006 | Item | E-mail

Glencairn to Acquire Operating Mine from Yamana; Appoints New President and CEO - "Glencairn Gold Corporation are pleased to announce that Glencairn has agreed to purchase Yamana's producing La Libertad gold mine in Nicaragua and its 60% interest in the Cerro Quema gold deposit in Panama. Glencairn is also pleased to announce the appointment of Peter Tagliamonte, P. Eng., as Glencairn's new President and Chief Executive Officer." More
- May 30, 2006 | Item | E-mail

Mongolian Miners Protest Profits Tax - "Ivanhoe owns the rights to a gold and copper project at Oyu Tolgoi, or Turquoise Hill, in the southern Gobi desert, one of the biggest such deposits ever found. For two years, it has been negotiating an agreement on taxes, water and land use and other conditions that would protect the company's investment from future changes in local laws that might affect revenues." More
- May 30, 2006 | Item | E-mail

Gammon Lake Resources Inc. and Mexgold Resources Inc. Agree to Business Combination Which Will Form a New World-Class Mid-Tier Producer - "Gammon Lake Resources Inc. and Mexgold Resources Inc. are pleased to announce that they have signed a binding letter of intent to complete a business combination whereby Gammon Lake will acquire all of the outstanding common shares of Mexgold not currently owned by Gammon Lake. The Transaction will create a premier multi-mine Mexican Gold- Silver mining company." More
- May 30, 2006 | Item | E-mail

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

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