-- Posted 29 April, 2008 | | Source: SilverSeek.com

The Metals:

Gold remained near unchanged in Asia, but it then fell throughout most of trade in London and New York and ended near its low of $871.45 with a loss of 2.04%.  Silver fell to $16.44 by about 9AM EST in New York, but it then rallied nearly 1% from its low and ended with a loss of 2.64%.

Euro gold fell to about €562, platinum lost $42.50 to $1922, and copper fell a few cents to about $3.90.

Gold and silver equities fell throughout most of trade and ended with over 4% losses.

The Economy:

Also making economic news today was the Case-Shiller survey that said home prices fell 12.7% in February while foreclosures were also reported to have risen for the seventh straight quarter.  Tomorrow at 8:15AM EST is the ADP Employment report expected at -60,000.  At 8:30 is first quarter GDP expected at 0.5%, the Chain Deflator expected at 3.0%, and the Employment Cost Index expected at 0.8%.  At 9:45 is Chicago PMI for April expected at 47.5 and at 2:15 is the FOMC policy statement.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil fell 2.6% as a strike ended in the UK and the EIA reported that demand for February fell much more than the expected 2% at 7%.

The U.S. dollar index rose on hopes the fed will surprise the market and not cut interest rates tomorrow.

Treasuries rose on poor economic data that dragged the Dow, Nasdaq, and S&P lower for most of trade, but stock losses again pared to minimal by the close and the Nasdaq eked out a small gain in a repeat of yesterday’s performance.

Among the big names making news in the market today were Countrywide, Shell, BP, MasterCard, Corning, GMAC, ArvinMeritor, and Time Warner.

The Commentary:

“The following is what has pressured gold and caused short covering in the dollar/euro:

Media has convinced the public that the Fed will go hawkish, first by decelerating the drop in interest rates. The deceleration has been attributed to the Fed having done the right thing.

Media has convinced the public that the ECB will reduce interest rates now faster than the Fed, thereby boosting the dollar versus the euro.

Although the business statistics are negative, the media has held out the carrot that it takes six months for the Fed's action to materialize in the economy so all will be well in six to nine months.

The idea that the credit crisis is over is the message that firming financials are communicating as media supports that position.

Media has declared gold as DEAD.

90% of the above is raving BS. There is no way the Fed can go hawkish without causing, via the equity market, the revelation that nothing has changed for the better. There is no mention of the impact lower Federal Tax revenues will have on the US Federal Budget deficit and its negative weight on the dollar. There is no mention of the desire of many central banks to diversify out of the dollar when a short covering rally presents itself.

I feel whatever gold has to do on the downside will be covered by the end of the first week of May. I have written recently on junior gold shares which you can review by clicking here.”- Jim Sinclair, JSMineset.com

“June Gold finished down 18.7 at 876.8, 9.2 off the high and 2.8 up from the low.

May Silver closed down 0.473 at 16.54. This was 0.055 up from the low and 0.12 off the high.

The gold market came under moderately aggressive liquidation that seemed to be partly the result of ongoing strength in the Dollar. However, it is also possible that a moderately aggressive liquidation in the energy complex was the real culprit behind the washout in gold prices on Tuesday morning. In addition to renewed US recession concerns in the wake of lackluster US numbers, weakness in a host of physical commodity markets seemed to suggest that a liquidation wave in commodities similar to the washout waves seen in the month of March were present. In fact, seeing crude oil prices at times trading roughly $4.00 per barrel below their highs of the day suggests that something significant seems to have taken place. Perhaps the gold market was put under additional selling pressure because of concerns that the Wednesday US rate cut might be the last cut in the cycle.

Like the gold market, the silver market came under moderate selling pressure and that selling pressure seemed to be linked with overt weakness in a long list of physical commodity markets. In the end seeing significant weakness in crude oil and copper prices seemed to have an even more dramatic negative influence on silver prices. In retrospect, seeing news of rising silver production from a Canadian silver miner probably added to the washout but that issue appeared to be a secondary issue for the trade. With a higher Dollar, weaker oil and a weak US equity market, some traders suggested that silver saw a perfect wave of outside market negatives on Tuesday.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Adrian Douglas: Novel analysis technique demonstrates gold price suppression

Bailout of Bear Stearns questioned by ex-Fed staffer

Al Korelin interviews speakers at GATA's Washington conference

James Turk: Inflation fears and food shortages

The Statistics:

As of close of business: 4/28/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU)

 Note: Change in Total Tonnes from yesterday’s data: 1.23 tonnes were removed from the trust.

Silver Trust (SLV)

 Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

Gold Fields’ (GFI) fatal mine accidents, ITH’s (THM) drill results, Cardero’s (CDY) testing, Aurelian’s (ARU.TO) suspended drilling, Seabridge’s (SA) project description report, Keegan’s (KGN) drill results, Banro’s (BAA) drill results, Kirkland’s (KGI.TO) drill results, Anglo American’s (AAUK) mining rights, Penoles’ (PENOLES.MX ) share reaction, First Majestic’s (FR.TO) 1^st quarter production results, and Minco’s (MSV.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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

All of today's gold and silver stock news:

North American Palladium Releases Infill Drilling Results for Offset High Grade Zone - More
- April 29, 2008 | Item | E-mail

Iberian Minerals Corp.: Update on Aguas Tenidas Stockworks Drilling - More
- April 29, 2008 | Item | E-mail

Avalon Reports on Warren Township Anorthosite Project Furnace Trial - More
- April 29, 2008 | Item | E-mail

Pinnacle encouraged by positive surface sampling results - More
- April 29, 2008 | Item | E-mail

Ecuador mining freeze spurs Canada miner layoffs - "Aurelian Resources (ARU.TO: Quote, Profile, Research) said on Tuesday it has laid off most of its workers and suspended drilling activity in Ecuador, and other Canadian mining companies were mulling similar moves following the country's decision to freeze exploration and revoke mining concessions." More
- April 29, 2008 | Item | E-mail

Forsys Expands Uranium Zones at Valencia - More
- April 29, 2008 | Item | E-mail

Phoenix Matachewan Mines Inc.: Completes SIDEX Private Placement - More
- April 29, 2008 | Item | E-mail

Golden Dawn Acquires the Bonanza Gold Property in Timmins, Ontario - More
- April 29, 2008 | Item | E-mail

ITH Intersects New Zone of Mineralization at its North Bullfrog Project, Nevada - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce the results of initial drilling at Air Track Hill target in the north-western portion of the North Bullfrog Project. Eleven holes were completed at Air Track Hill to follow up on historical broad near-surface zones of gold mineralization (Table 1)." More
- April 29, 2008 | Item | E-mail

Cardero Completes Phase I Testing of Magnetic Separation Pilot Plant at Pampa El Toro Iron Sands Project - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce it has successfully commissioned the Eriez magnetic separator pilot plant at its Pampa el Toro iron sands project, located in the Marcona District of south-eastern Peru, and that a quality iron concentrate has been produced." More
- April 29, 2008 | Item | E-mail

Eaglecrest Reports Highest Gold Grade Thickness in Company's History - More
- April 29, 2008 | Item | E-mail

Atomic grants stock options - More
- April 29, 2008 | Item | E-mail

Satellite Structural Study on the Fayolle Property - More
- April 29, 2008 | Item | E-mail

Centamin Egypt Reports on Activities in the Quarter Ended March 31, 2008 - More
- April 29, 2008 | Item | E-mail

Mexican silver miner Penoles' shares fall 4 pct - "Shares of Penoles (PENOLES.MX: Quote, Profile, Research), Mexico's largest producer of refined silver, fell 4 percent on Tuesday, a day after the company posted a 0.2 percent drop in first-quarter net profit." More
- April 29, 2008 | Item | E-mail

Northern Shield Resources Identifies Layered Intrusion Indicator Minerals at its Eastbank Property in the James Bay Lowlands - More
- April 29, 2008 | Item | E-mail

First Nickel Inc.: Gerry Bilodeau Appointed as Vice President Operations - More
- April 29, 2008 | Item | E-mail

First Majestic Silver Corp.: 1st Quarter Production Results - "First Majestic Silver Corp. ("First Majestic" or the "Company") (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) is pleased to announce that production in the first quarter ending March 31st 2008 increased again to a record 1,061,720 equivalent ounces of silver representing a 5% increase over the prior quarter production and an increase of 36% over the same quarter in the prior year." More
- April 29, 2008 | Item | E-mail

Fatal Accidents at Driefontein and South Deep Gold Mines - "Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) deeply regrets to report that four mineworkers were fatally injured in two separate underground accidents at its Driefontein and South Deep gold mines on the West Rand today." More
- April 29, 2008 | Item | E-mail

Inmet announces first quarter 2008 earnings of $2.21 per share - More
- April 29, 2008 | Item | E-mail

Constitution Mining Appoints Independent Financial Expert to Board of Directors - More
- April 29, 2008 | Item | E-mail

Hinterland Drills Up to 1.46g/t PGE at Ebay Property, Quebec - More
- April 29, 2008 | Item | E-mail

Aura Silver Flying Airborne EM/Mag Survey of Entire Greyhound Land Position-Grants Stock Options - More
- April 29, 2008 | Item | E-mail

MacLellan zone continues to reward at depth - More
- April 29, 2008 | Item | E-mail

Romarco Intercepts Visible Gold at Haile - More
- April 29, 2008 | Item | E-mail

Garibaldi Expands Drill Plans Proposed for Morelos and Temoris Projects Chihuahua State, Mexico - More
- April 29, 2008 | Item | E-mail

AmMex 2,000 Meter Drilling Program Underway at the Concha Property in Mexico - More
- April 29, 2008 | Item | E-mail

War Eagle Mining Company Inc.: Core Drilling Confirms Surface Mineralization Continues to Depth - More
- April 29, 2008 | Item | E-mail

Intrepid Mines Announces Resignation of Chief Financial Officer - More
- April 29, 2008 | Item | E-mail

Lakota Resources Inc. Announces additional Private Placement of Common Share Units and Final Approval of Private Placement of Flow Through Common Share Units - More
- April 29, 2008 | Item | E-mail

Canadian Arrow - Assay update, underground resource estimate update initiated - More
- April 29, 2008 | Item | E-mail

Klondike Star Clears Final Regulatory Step on Indian River Gold Project - More
- April 29, 2008 | Item | E-mail

USA Uranium Elects New Director with Medical and Technical Credentials - More
- April 29, 2008 | Item | E-mail

USCorp Total Gold Resource Rises to Over 2.2 Million Ounces Gold, as USCorp Reports Over 527 Thousand Ounces Gold at Picacho Salton Property, California - More
- April 29, 2008 | Item | E-mail

Strateco Resources Inc./New Discovery on Matoush: 1.32% eU3O8 Intersected Over 28 Metres - More
- April 29, 2008 | Item | E-mail

Eagle Hill Exploration Corporation: Core Drilling Confirms Surface Mineralization Continues to Depth - More
- April 29, 2008 | Item | E-mail

Stroud Intersects 359.47(g/t) Silver 1.63(g/t) Gold Over 4.55 Metres on its Santo Domingo Project in Mexico - More
- April 29, 2008 | Item | E-mail

Redstar Intersects Bulk Tonnage Gold Mineralization at its North Bullfrog Project, Nevada - More
- April 29, 2008 | Item | E-mail

Everton and GlobeStar: Exploration Update on New Mineralized Zone, Cuance, Dominican Republic - More
- April 29, 2008 | Item | E-mail

General Moly Completes Pre-Feasibility Study on Hall-Tonopah Indicating an Estimated Project Net Present Value of $356 Million - More
- April 29, 2008 | Item | E-mail

Semafo Commended for Corporate Social Responsibility - More
- April 29, 2008 | Item | E-mail

Liberty Star Options Porphyry Copper Targets in Arizona and a Precious Metal Target in Nevada - More
- April 29, 2008 | Item | E-mail

AuEx Ventures, Inc.: Exploration Update - More
- April 29, 2008 | Item | E-mail

Philex Gold Announces Drilling Results at Vista Alegre Project for the First Quarter of 2008 - More
- April 29, 2008 | Item | E-mail

Philex Gold Announces Results of Infill Drill Holes at the Boyongan and Bayugo Properties - More
- April 29, 2008 | Item | E-mail

Laramide Submits Plan of Operations for Underground Development and Mine Production at La Jara Mesa, Grants District, New Mexico - More
- April 29, 2008 | Item | E-mail

Alhambra Resources Ltd. - Year 2007 Financial and Operational Results - More
- April 29, 2008 | Item | E-mail

International Silver Is Approved for Quotation on the OTC Bulletin Board and Announces Its Future Plans - More
- April 29, 2008 | Item | E-mail

Globex Receives Cash and Shares; Commercial Production Starts at Fabie Bay - More
- April 29, 2008 | Item | E-mail

Constantine Metal Resources Ltd.: Croesus Type Vein Structures Intersected on the Off-Set South Side of the Croesus Fault and at Depth - More
- April 29, 2008 | Item | E-mail

Denison Announces Commencement of Conventional Ore Processing at White Mesa Mill - More
- April 29, 2008 | Item | E-mail

Minco Silver Releases Additional Step Out Drilling Results From Fuwan - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to report the assay results of 22 holes, for a total of 6,015.78 metres (m), from exploration drilling on its Fuwan Silver Project located in Guangdong Province, China. The program was predominantly designed to expand the known resource base through step out drilling. All of the holes in this release are considered step out holes, most of which have extended the size of the currently known mineralization." More
- April 29, 2008 | Item | E-mail

Aurelian Suspends Drilling as Required by the Ecuador Mining Mandate - "Aurelian Resources Inc. (Toronto:ARU.TO - News) today announced that the Company is obliged by order of the Mining Mandate to reduce its operations and workforce. The previously announced Mining Mandate, effective April 18, 2008, ordered a halt to mining activities on concessions, including drilling, exploration and development." More
- April 29, 2008 | Item | E-mail

Universal Uranium Ltd. and Silver Spruce Resources Inc. Announce an Initial Mineral Resource Estimate at the Two Time Zone - More
- April 29, 2008 | Item | E-mail

Project Description Report Filed for Seabridge Gold's KSM Project - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that the B.C. Government has formally initiated the review of the Company's 100% owned Kerr-Sulphurets-Mitchell ("KSM") project, located near Stewart, British Columbia, Canada. The environmental assessment review and permitting and licensing process are scheduled to be completed within three years." More
- April 29, 2008 | Item | E-mail

Bancroft Updates Uranium Exploration and Drilling Progress - More
- April 29, 2008 | Item | E-mail

Keegan Continues to Hit High Grade Gold Intercepts in Esaase Infill Program - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce the results of three new infill drill holes in the high grade north resource area along the A-1 structure as well as seven holes drilled into the recently discovered D-1 zone. The best intercept was from drill hole KERC317, which encountered 73 meters of 3.23 g/t." More
- April 29, 2008 | Item | E-mail

Banro Intersects 18.62 metres grading 20.15 g/t Au and 7.25 metres grading 73.67 g/t Au in Pre-Feasibility Drilling at Namoya Gold Project - "Other drill intersections include 21.33 metres grading 6.56 g/t Au, 23.85 metres grading 5.07 g/t Au, 19.65 metres grading 4.94 g/t Au, 33.62 metres grading 2.26 g/t Au and 18.80 metres grading 3.28 g/t Au" More
- April 29, 2008 | Item | E-mail

Anglo says ready to shut mines where safety dictates - "Mining group Anglo American (AAL.L: Quote, Profile, Research) (AGLJ.J: Quote, Profile, Research) is ready to continue shutting down mines with poor safety records that lead to worker deaths and injuries, Anglo Chief Executive Cynthia Carroll said on Tuesday." More
- April 29, 2008 | Item | E-mail

Kirkland Lake Gold Inc.: New High-Grade Discovery Located 1200 Feet West of South Mine Complex; Production Commences from a Second Level in the SMC - "Kirkland Lake Gold Inc. (the "Company") (TSX:KGI - News; AIM:KGI) is pleased to announce an update on exploration drilling and development on the South Mine Complex (SMC). The SMC consists of 15 or more mineralized zones located 800 feet or more south of the historical mine workings." More
- April 29, 2008 | Item | E-mail

Anglo American says granted new order mining rights - "Mining group Anglo American (AAL.L: Quote, Profile, Research) (AGLJ.J: Quote, Profile, Research) said on Tuesday South Africa's Department of Minerals and Energy had granted it new order mining rights for all its South African operations.

The new rights relate to the conversion of all the mineral rights in Anglo American's South African coal, ferrous and base metals and platinum businesses." More
- April 29, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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