-- Posted 22 May, 2008 | | Source: SilverSeek.com

The Metals:

Gold rose almost 1% to as high as $935.20 by late trade in Asia, but it then fell back off in choppy action for the rest of trade in London and New York and ended near its low of $917.25 with a loss of 1.03%.  Silver rose over 1% in Asia to as high as $18.19 before it dropped to as low as $17.71 by midday in London, but it then rallied back higher in New York and ended with a loss of just 0.28%.

Euro gold fell to about €585, platinum lost $18.50 to $2168, and copper fell a few cents to about $3.72.

Gold and silver equities saw slight gains at the open before they slowly fell back off and saw over 2% losses by early afternoon, but they then rallied back higher in late trade and ended only about 1% lower.

The Economy:

Tomorrow at 10AM EST brings Existing Home Sales for April expected at 4,850,000.

The Markets:

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

Oil rose to as high as $135.09 after OPEC stated they can do nothing to stop the rise in prices, but profit taking took over in New York and oil ended about 2% lower on speculation that higher prices may finally be cutting into demand.

The U.S. dollar index rose on short covering after steep losses of the last two sessions as a better than expected jobless claims report raised hopes over the economy from yesterday’s grim view given in the fed’s minutes.

Treasuries fell again on inflation concerns while the Dow, Nasdaq, and S&P rebounded slightly from the severe drops of the past two sessions on relief over lower oil prices.

Among the big names making news in the market today were Ford, Moody’s, NRG and Calpine, and Cerberus.

The Commentary:

“The Dumb Award for the year goes to our revered legislators who have passed a bill allowing civil litigation against the Saudis over oil prices. If you want to see crude at $200 tomorrow, all you have to do is anger the source of energy.

Now comes the Dumber Award, which is coveted due to the difficulty in getting it.

The markets for crude, currency and gold are GLOBAL.

Gold was sold due to fear this might apply to the yellow metal as well.

It would be bullish to shut down the US market for gold because then you would have a thin market with a positive Euro bent on gold and a more positive global market would be created.

No access for major traders will be denied, that you can be sure of. I would love to see US trading stopped in paper gold. That would be good for $150 on the upside after less than 24 hours.

The poor COT would not be able to create the influence on the global market they do with the aid of the US paper market cabal.

Europe and Asia are more respectful of the price of cash trading in gold. They prefer less regulation with greater privacy.”- Jim Sinclair, JSMineset.com

“June Gold finished down 10.3 at 918.3, 9.7 off the high and equal to the low.

July Silver closed down 0.025 at 18.025. This was 0.235 up from the low and 0.075 off the high.

The gold market started out on the wrong footing early in the trading session Thursday morning and never seemed to recover. Certainly seeing the Dollar make a noted bounce undermined the gold market, even though the bounce in the US Dollar seemed to be mostly technical in nature. However, with the US initial and ongoing claims readings improving and the US equity market avoiding more serious downside action in the wake of the latest but temporary run to new all time highs in oil prices, it wasn't entirely surprising for the Dollar to bounce and for gold prices to fall back. In the end, the gold market was somewhat overbought technically after its recent run up and given what appeared to be a broad based physical commodity market setback, it wasn't at all surprising to see the bears in gold gain the upper hand during the trade on Thursday.

Like the gold market, the silver market was at least partially overbought from a technical perspective and that might have contributed to the selling bias on Thursday. However, the silver market was also confronted with overt weakness in copper and base metals prices, as well as weakness in a host of physical commodity markets. In fact, at times on Thursday it appeared as if a number of physical commodity markets were coming under broad based liquidation pressure as a result of the uncertainty being generated by the energy markets.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

GATA appeals Fed's denial of access to gold records

The Statistics:

As of close of business: 5/21/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.4 tonnes.

COMEX Gold Trust (IAU)

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

Silver Trust (SLV)

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

The Stocks:

DRDGOLD’s (DROOY) worker deaths due to xenophobic attacks, Alexco’s (AXU) agreement with the First Nation of the Na-Cho Nyak Dun, Fortuna’s (FVI.V) first quarter results, Minco’s (MSV.TO) exploration program, and Silverstone’s (SST.V) updated reserves 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:

NWT announces 20% increased uranium grades at Niger Uranium's In Gall property; Resource calculation to be completed in June 2008 - More
- May 22, 2008 | Item | E-mail

Belvedere Signs New Off-take Agreement - More
- May 22, 2008 | Item | E-mail

Alexco Resource Corp. and the First Nation of the Na-Cho Nyak Dun Sign Cooperation Agreement - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco") and the First Nation of the Na-Cho Nyak Dun ("FNNND") are pleased to announce that they have entered into a Cooperation Agreement relating to the activities of Alexco and its subsidiaries in the Keno Hill Silver District area." More
- May 22, 2008 | Item | E-mail

Fletcher Nickel finds Texmont extension, completes historical reserve confirmation drilling, commences permitting work - More
- May 22, 2008 | Item | E-mail

Victory Nickel Engages Outotec to Design Frac Sand Production Plant for Minago - More
- May 22, 2008 | Item | E-mail

Pan African Mining Corp. Consents to Open Market Purchases of Its Shares by Acquiring Party - More
- May 22, 2008 | Item | E-mail

WSR-Metalex-Arctic Star Joint Venture Intersects Massive Sulphides on Ring of Fire Geophysical Target, James Bay Lowlands, Ontario - More
- May 22, 2008 | Item | E-mail

Uranerz Welcomes Bruce Larson as Exploration Manager for Arkose Mining Venture - More
- May 22, 2008 | Item | E-mail

Lincoln Gold continues drilling Guadalupe y Calvo district - Chihuahua, Mexico - More
- May 22, 2008 | Item | E-mail

Alamos Gold Inc. Announces Results of Annual and Special Meeting of Shareholders - More
- May 22, 2008 | Item | E-mail

Stingray Copper Inc.: Results Continue to Flow From El Pilar Drilling - More
- May 22, 2008 | Item | E-mail

Metalex-WSR-Arctic Star joint venture intersect massive sulphides on Ring of Fire geophysical target, James Bay Lowlands, Ontario - More
- May 22, 2008 | Item | E-mail

Getty Copper Inc. litigation update - More
- May 22, 2008 | Item | E-mail

Rusoro Mining Releases Drilling Update - More
- May 22, 2008 | Item | E-mail

Ur-Energy Application Deemed Complete - More
- May 22, 2008 | Item | E-mail

Dynacor Gold Mines reports record gold sales of 6.71 million dollars in Q1 2008 - More
- May 22, 2008 | Item | E-mail

Positive Drill Results Continue at HudBay's Lalor Lake - More
- May 22, 2008 | Item | E-mail

Malaga Inc. reports its Q1 2008 financial results and outlook for 2008 - More
- May 22, 2008 | Item | E-mail

Matamec Begins Drilling Program on its Matheson JV Gold Property - More
- May 22, 2008 | Item | E-mail

Fortuna Reports 1Q 2008 Revenue of $6.83 Million, Net Loss of $0.64 Million, and Working Capital of $57.91 Million - "We are very pleased with Caylloma's operating results for the quarter. Our investment plan laid out a year ago for the Caylloma mine has been successful in providing significant increases in throughput and metal production. Concentrate production in the first quarter of 2008 increased by 76% over 2007, and we expect to see continued expansion of production over the following quarters. We plan for increased silver output towards the fourth quarter of 2008 as we bring into production new silver rich zones." More
- May 22, 2008 | Item | E-mail

MDN Inc.: First Results of the 2008 Isambara Drilling Program - More
- May 22, 2008 | Item | E-mail

Inspiration Intersects 0.807% Ni Over 24.74m or 81.17ft Containing 1.094% Ni Over 14.64m or 48.03ft and 0.476% Ni Over 77.78m or 255.18ft - More
- May 22, 2008 | Item | E-mail

Source Press: Vangold Resources Launches Drill Program at Uganda Nickel Mine - More
- May 22, 2008 | Item | E-mail

Platinex Commences Lawsuit Against Ontario Government - More
- May 22, 2008 | Item | E-mail

Mesa Uranium Signs Definitive Joint Venture Agreement with Energy Fuels - More
- May 22, 2008 | Item | E-mail

Silver Dragon Resources Inc. -- Chinese Academy of Science Research Program Status Update - More
- May 22, 2008 | Item | E-mail

Silver Shield Drills High Grade Silver at Elk Lake; Intersects 2,659.50 g/t Silver (77.66 oz/t) - More
- May 22, 2008 | Item | E-mail

Paul Matysek Joins Nevada Copper's Board of Directors - More
- May 22, 2008 | Item | E-mail

Hana Mining Adds Reverse Circulation Drill Rig to Extend Zones on Its Copper-Silver Project in Botswana - More
- May 22, 2008 | Item | E-mail

Golden Valley Mines Ltd./Abitibi Grassroots Exploration Program Update: Diamond Drill Program Underway-Ducros Prospect (Senneterre, Quebec) - More
- May 22, 2008 | Item | E-mail

Eastfield Resources Options Zymo Copper-Gold Property to Canadian Gold Hunter - More
- May 22, 2008 | Item | E-mail

Intrepid Extinguishes Westpac Project Debt Facility Six Months Ahead of Schedule - More
- May 22, 2008 | Item | E-mail

Carlisle Goldfields Limited announces initial resource estimate for McLellan Gold Project - More
- May 22, 2008 | Item | E-mail

North American Gem Inc. Adopts Shareholder Rights Plan - More
- May 22, 2008 | Item | E-mail

AmMex Completes Drilling at the Concha Property in Mexico - More
- May 22, 2008 | Item | E-mail

East West Resource Corporation: Midway Copper-Nickel-PGE Property Optioned - More
- May 22, 2008 | Item | E-mail

Golden Share Provides Update on the Elwood Property - More
- May 22, 2008 | Item | E-mail

Stratagold signs exploration cooperation agreement with the First Nation of Nacho Nyak Dun - More
- May 22, 2008 | Item | E-mail

Grenville Gold Partners With Intercapital Canada to Establish Finance and Marketing in Latin America - More
- May 22, 2008 | Item | E-mail

DRDGOLD says 2 killed in SAfrica foreigner attacks - "South Africa's fourth-ranked gold producer DRDGOLD (DRDJ.J: Quote, Profile, Research) said on Thursday two of its workers were killed in xenophobic attacks that saw a drop in output at one of its three mines in the country.

Bigger miners in South Africa, which also employ foreigners from the rest of Africa, said their staff and operations had not been affected by the anti-immigrant attacks that spread from Johannesburg." More
- May 22, 2008 | Item | E-mail

Redstar Completes Purchase of Nevada Database From AngloGold Ashanti - More
- May 22, 2008 | Item | E-mail

Geoff Stanley Accepts Position as Chairman of the Board of Directors for Bannerman Resources - More
- May 22, 2008 | Item | E-mail

Breakwater and Virginia-Coulon JV Project - More
- May 22, 2008 | Item | E-mail

The Coulon JV Project Still Very Fertile at Depth With Drill Intersections Grading 5.1% Zn, 1.72% Cu and 54.21 g/t Ag/22m (Lens 08)... - More
- May 22, 2008 | Item | E-mail

Mountain Boy Minerals Ltd - Drilling Results have shown Zinc-Silver and Lead Values within the High Grade Silver - Massive Sulphide Horizon - More
- May 22, 2008 | Item | E-mail

Zambia still on course for $415 mln mine tax target - "Zambia is on course to collect a projected $415 million from new mining taxes in 2008 following compliance by mining companies, a senior tax official said on Thursday, contradicting a top treasury official." More
- May 22, 2008 | Item | E-mail

Bancroft Sees Optimistic Long-Term Future for Uranium - More
- May 22, 2008 | Item | E-mail

Duluth Metals Continues to Expand Nokomis Deposit - More
- May 22, 2008 | Item | E-mail

VMS Ventures Inc.: RD-08-36 Contains 81.07 m of 3.54% Copper and RD-08-41 Intersects 22.74 m of NSS at 360 m Below Surface at Reed Lake Discovery Zone - More
- May 22, 2008 | Item | E-mail

Kootenay Drilling Confirms Widespread Mineralization to a Depth of 444 Meters: Highlights Include 7.85 Meters Grading 473.9 g/t - More
- May 22, 2008 | Item | E-mail

Minco Silver Starts Regional Exploration Program Along the Fuwan Silver Belt - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to report the start of the regional exploration program along the highly prospective Fuwan Silver Belt. To date, Minco Silver has focused on the Fuwan Silver Deposit, containing a NI 43-101 compliant Indicated silver resource of 93.5 million ounces and an Inferred silver resource of 63.3 million ounces." More
- May 22, 2008 | Item | E-mail

Energy Fuels Signs Definitive Joint Venture Agreement with Mesa Uranium, Advances Whirlwind BLM Permit, and Extends Warrants - More
- May 22, 2008 | Item | E-mail

Uranium Energy Corp Announces 2008 Uravan Mineral Belt Exploration and Development Program - More
- May 22, 2008 | Item | E-mail

Silverstone Announces 130% Increase in Silver Reserves at Lundin Mining's Neves-Corvo Mine - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) is pleased to announce updated 2007 year end Mineral Reserve and Mineral Resource estimates for Lundin Mining Corp.'s (Lundin) Neves-Corvo mine located in Portugal. A National Instrument 43-101 compliant technical report has been prepared for Silverstone by Qualified Person, Mr. Neil Burns P.Geo., Lundin's Corporate Resource Geologist." More
- May 22, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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