-- Posted 6 April, 2010 | | Source: SilverSeek.com

The Metals:

Gold fell as much as $10.35 to $1122.70 in London before it rose to see a gain of $5.40 at $1138.65 by about 11:30PM EST in New York, but it then fell back off a bit in the last couple of hours of trade and ended with a gain of just 0.16%.  Silver dropped 24 cents to $17.84 in London before it rallied back to almost unchanged at $18.075 by late morning in New York, but it also fell back off into the close and ended with a loss of 0.88%.

Euro gold rose to a new all-time high at over €849, platinum lost $5.50 to $1694.50, and copper fell a couple of cents to about $3.61.

Gold and silver equities rose to see roughly 1% gains by late morning, but they then fell back off to see slight losses by mid-afternoon and closed near unchanged.

The Economy:

Job Openings in U.S. Decrease to 2.72 Million  Bloomberg

Treasury Yield Rise Slowed as Currency Reserves Grow  Bloomberg

Fed Finds Record-Low OECD Inflation as ECB Shows Convergence  Bloomberg

U.S. Apartment Rents Decline as Vacancies at Record, Reis Says  Bloomberg

Recovery 'Sustainable,' No Double-Dip: Fed's Lacker  CNBC

FOMC minutes from the fed’s last meeting showed that members “saw signs of a strengthening recovery that could be hobbled by high unemployment and tight credit, and some warned of raising rates too soon.”

Tomorrow at 3PM EST brings Consumer Credit for February expected at -$200,000,000.00

The Markets:

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

Oil ended slightly higher on continued economic optimism as traders looked ahead to tomorrow’s inventory reports.

The U.S. dollar index rose after the euro dropped again on renewed worries over Greece.  “Canada's dollar strengthened to one-for-one footing with the U.S. currency on Tuesday for the first time since July 2008, powered by rising commodity prices and an economic rebound investors expect will soon trigger rate hikes.”

Treasuries held on to early gains after today’s $40 billion 3-year note auction drew a high yield of 1.776% with a bid to cover of 3.10.

The Dow, Nasdaq, and S&P remained mixed and near unchanged in low volume trade.

Among the big names making news in the market today were Biotech, Toyota, Home Depot, NYSE Euronext, and AT&T.

The Commentary:

“Dear Friends,

Fears involving Greece and some other nations in the Eurozone returned overnight and continued in today’s session derailing the European currencies once again and knocking the Euro below the 1.340 level. It appears from a technical perspective that traders are watching for rallies as further opportunities to short the currency. The result was a move higher in the Dollar pushing it back up and away from 81 on the USDX.

Impressively enough, that did not seem to bother gold as it was able to actually bounce upwards off the $1,130 level instead of dropping back within its containment box in spite of Dollar strength. This is interesting because earlier in the session crude oil was also higher in the face of Dollar strength as were some other commodities such as the grains, cotton and copper as well. I mentioned yesterday that it appears the nearly direct link between Dollar performance and commodity performance might be weakening. Today’s action is tending to reinforce this. It translates into the fact that managed money wants to own commodities right now irrespective to some extent of what is occurring with the Dollar. What this means for gold is that further upward progress in conjunction with a higher dollar will move it higher in terms of various other foreign currencies at a faster pace. It does not mean that the link with the Dollar is not vital – it assuredly is – but it means that the general commodity world will not be at the direct mercy of the Dollar on a day by day basis. It is unclear what the reason behind this is right now but it might be related to the extreme valuation of the equity markets and the relative value of commodities by comparison.

Along that line of thinking, Euro gold set a brand new all time high of €847.233 at the London PM Fix while gold priced in British Pound terms was fixed at £746.704, not far off from its all time high. It is going to be difficult for the perma bears at the Comex to keep up the pressure on the yellow metal if it continues making all time highs in terms of the European currencies.

Gold still needs to take out that previous swing high near the $1,145 level to kick off an upside trending move. It will also help things out if the HUI can take out the 435 level on a close simultaneously. That would have the gold world firing on both cylinders. When we get days like this in which the HUI struggles to move higher, it tends to knock the props out from under the Comex gold bulls. Let’s see how the HUI fares today and tomorrow.

Gold’s fade going into the close is a bit discouraging but it did manage to stay outside of its former trading range and get a second close above the critical $1,130 level.”- Dan Norcini, More at JSMineset.com

GATA Posts:

Christopher Barker: Is your safe haven a house of cards?

The Statistics:

Activity from: 4/05/2010

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The JSE subtracted 0.01 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 76.94: -0.02 tonne change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,178.27: -38.9 tonne change from yesterday’s data.

The Miners:

US Gold’s (UXG) drill results, Exeter’s (XRA) increased resource, Seabridge’s (SA) drill program, Great Basin’s (GBG) credit facility, Keegan’s (KGN) Preliminary Economic Assessment Study results, and Excellon’s (EXN.TO) exploration drilling 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:

VMS Ventures Inc. Options Base / Precious Metal Properties in the North Range of the Sudbury Basin - More
- April 06, 2010 | Item | ShareThis

White Pine Resources Exploration Update for the 'Ring of Fire' - More
- April 06, 2010 | Item | ShareThis

CRU/CESCO-Canada's Exeter in talks with potential buyers - "Exeter Resource Corp (XRC.TO) is in talks with a number of companies interested in acquiring the exploration company and its Caspiche gold-copper-silver project in Chile, a top company official said on Tuesday." More
- April 06, 2010 | Item | ShareThis

Ur-Energy Receives Draft Permit From Wyoming for UIC Class I Injection Wells and NRC Construction Authorization - More
- April 06, 2010 | Item | ShareThis

Pancon/Crossland Commence Drilling at Kalabity - More
- April 06, 2010 | Item | ShareThis

Romarco corrects certain prior disclosures - More
- April 06, 2010 | Item | ShareThis

Kent Exploration Inc.: Gnaweeda Gold Project Phase I Diamond Drill Program Completed - More
- April 06, 2010 | Item | ShareThis

Lincoln Mining reports high grade gold and silver assays received from La Bufa Project, Mexico - More
- April 06, 2010 | Item | ShareThis

Apella's Iron-T Project Continues to Deliver - More
- April 06, 2010 | Item | ShareThis

Peru's wildcat miners resist new laws - "A protest by wildcat miners in Peru has led to a deadly clash with police and put pressure on Congress to repeal or modify laws designed to curb tax evasion and environmental pollution." More
- April 06, 2010 | Item | ShareThis

Oro Gold Announces New Officer Appointments - More
- April 06, 2010 | Item | ShareThis

US Gold Corporation: El Gallo Continues to Grow Rapidly More Thick Intercepts & Good Grade - "US GOLD CORPORATION (AMEX:UXG - News) (TSX:UXG - News) is pleased to announce additional core drilling results that have expanded the mineralization (Fig. 1) at the El Gallo Project in Sinaloa State, Mexico. The three best holes of the eight assayed since the last update on March 24, 2010 are: 3.7 ounces of silver per ton (opt) over 266.9 ft (feet) (125.6 grams per tonne silver over 81.4 meters (m), 8.0 opt silver over 75.6 ft (273.8 gpt silver over 23.1 m) and 21.1 opt silver over 26.6 ft (725.1 gpt silver over 8.1 m)." More
- April 06, 2010 | Item | ShareThis

Ecometals Limited: Update re Closing of Proposed Sale of Condor Gold Project - More
- April 06, 2010 | Item | ShareThis

Uragold Acquires 100% Interest in 65 Mineral Claims Adjacent to Dios Rare Metals and Uranium Pontax Project Situated in the James Bay Area of Quebec... - More
- April 06, 2010 | Item | ShareThis

MERCATOR GOLD plc: Transaction Update - More
- April 06, 2010 | Item | ShareThis

Avino Provides Progress Report for Bulk Sampling Program - More
- April 06, 2010 | Item | ShareThis

Calibre Announces Investor Relations Contract - More
- April 06, 2010 | Item | ShareThis

Millrock Resources Announces That Kinross Increases Its Stake in the Company - More
- April 06, 2010 | Item | ShareThis

Apoquindo Minerals Intersects 380m of 0.62% Cu and 0.11 g/t Au Including 104m of 1.17% Cu and 0.11 g/t Au at ZAFRANAL - More
- April 06, 2010 | Item | ShareThis

Dia Bras Reports More High-Grade Gold Samples at the La Cascada High-Sulfidation Gold Prospect at the Bolivar Property - More
- April 06, 2010 | Item | ShareThis

Jiminex Inc. increases size of Pickle Lake, Ontario property - More
- April 06, 2010 | Item | ShareThis

North American Palladium Updates Reserves and Resources for Gold Division - More
- April 06, 2010 | Item | ShareThis

Fire River Gold Corp. Tailings Sampling/Drill Program Averages 7.6 g/t Gold at Nixon Fork Gold Mine, Alaska - More
- April 06, 2010 | Item | ShareThis

Crowflight Receives a $150 Million Offer From Jinchuan Group Ltd. of China - More
- April 06, 2010 | Item | ShareThis

Melkior Intersects 5.84 g/t Gold Over 2.50 Metres at 450.50 Metres at West Timmins. Second Drill Added. - More
- April 06, 2010 | Item | ShareThis

Galahad Receives Regcourt 3-D Modeling Report - More
- April 06, 2010 | Item | ShareThis

Century Prepares for First Gold Pour on Schedule at Lamaque Gold Project - More
- April 06, 2010 | Item | ShareThis

EMC Metals Announces New Chairman and President - More
- April 06, 2010 | Item | ShareThis

Stina Announces 2010 Work Programs for Gold and Vanadium Properties - More
- April 06, 2010 | Item | ShareThis

U.S. Precious Metals, Inc. Dave Burney to Explain Exploration Expansion - More
- April 06, 2010 | Item | ShareThis

Everton Hits High Grade Gold at Stevens Island Deformation Zone Northwestern Ontario (SLW10-26 Intersection of 11.72 g/t Au over 2.44 meters) - More
- April 06, 2010 | Item | ShareThis

Copper One Intersects 290 Meters of 0.32% Copper at Lone Mountain - More
- April 06, 2010 | Item | ShareThis

Romarco encounters 19.9 meters of 9.8 g/t gold - More
- April 06, 2010 | Item | ShareThis

International Samuel Acquires Copper-Gold Property in North Central Manitoba - More
- April 06, 2010 | Item | ShareThis

Rocky Mountain Enters Into Advisory Services Agreement with Byron Capital Markets - More
- April 06, 2010 | Item | ShareThis

Tombstone Exploration Selects Weber Drilling for Drill Program - More
- April 06, 2010 | Item | ShareThis

Widescope Transitions to Nickel Explorer - More
- April 06, 2010 | Item | ShareThis

Sandspring Initial 2010 Toroparu Drill Results Expand Deposit Model; Hole 54 hits 2.1g/t Gold Over 111m on West Margin; Second Drill Operational - More
- April 06, 2010 | Item | ShareThis

Magma Metals Limited: Exploration Update-Thunder Bay North - More
- April 06, 2010 | Item | ShareThis

Rockridge Commences Fieldwork at Fatou Gold Project, Mali, West Africa - More
- April 06, 2010 | Item | ShareThis

Bolero Resource Corp.: Bolero Raises $250,000 in Flow-Through - More
- April 06, 2010 | Item | ShareThis

Castle Resources Signs LOI to Option the Historic Granduc Copper Mine in Stewart, B.C. - More
- April 06, 2010 | Item | ShareThis

Gowest-Timmins, Ontario Drills 5.7m of 8 g/t Gold While Demonstrating Significant Extensions at Its Frankfield East Gold Deposit - More
- April 06, 2010 | Item | ShareThis

Richfield and Paget form joint venture to explore the Nechako Basin - More
- April 06, 2010 | Item | ShareThis

Paget Minerals and Richfield Ventures Form Joint Venture to Explore Nechako Basin - More
- April 06, 2010 | Item | ShareThis

Fission Energy's Latest Vertical Step-Out Drilling Identifies 2.19m "Off-Scale" Radioactivity and Extends "J-Zone" to 90m X 50m - More
- April 06, 2010 | Item | ShareThis

East Asia Minerals Extends Miwah Gold Mineralization North, South and in Lower Zone; Discovers Vuggy Silica Outcrops 600 Metres West of Known Main Zone - More
- April 06, 2010 | Item | ShareThis

Superior Mining International Corporation: Acquisition of New Ground Adjacent to Defined Gold Zones on Victory Property - More
- April 06, 2010 | Item | ShareThis

Western Uranium Provides Baza Project Update - More
- April 06, 2010 | Item | ShareThis

Cadillac Pickle Gold Project Update - More
- April 06, 2010 | Item | ShareThis

Strategic Mining Appoints Two Additional Experienced Geologists to Consulting Team - More
- April 06, 2010 | Item | ShareThis

Gold Canyon Intersects 3.30 Grams Per Tonne Gold Over 64.0 Meters at the Springpole Gold Project - More
- April 06, 2010 | Item | ShareThis

Anglo Swiss Resources Retains Equity Exploration Consultants Ltd. for 2010 Nelson Mining Camp Exploration Program - More
- April 06, 2010 | Item | ShareThis

Palladon Ventures Ltd.: Letter to Shareholders - More
- April 06, 2010 | Item | ShareThis

Bellhaven Announces Formation of Advisory Board to Support Strategic Re-Focus on Exploration in Colombia/Panama - More
- April 06, 2010 | Item | ShareThis

DOT Pursues Alternate Financing Arrangements - More
- April 06, 2010 | Item | ShareThis

Pacific Comox Blasts 2,000 Tonnes of Mineralization at Mabel Property for Larger Leach Tests - More
- April 06, 2010 | Item | ShareThis

VMS Ventures to Spin Out Its Nickel Properties and Become the Largest Shareholder in North American Nickel - More
- April 06, 2010 | Item | ShareThis

Elray Resources Acquires Prime Property in El Oro Province, Ecuador - More
- April 06, 2010 | Item | ShareThis

American Manganese Inc.: Artillery Peak Manganese Project Review and Update - More
- April 06, 2010 | Item | ShareThis

Geo Minerals Approves Work Program at Silver Bell West, Arizona - More
- April 06, 2010 | Item | ShareThis

Argex hires metallurgists to develop proprietary technology for La Blache - More
- April 06, 2010 | Item | ShareThis

CanAlaska Uranium Appoints Chief Financial Officer - More
- April 06, 2010 | Item | ShareThis

Candente Gold Begins Work at El Oro - More
- April 06, 2010 | Item | ShareThis

RockBridge Update - More
- April 06, 2010 | Item | ShareThis

Vena Enters Into C$10 Million Standby Equity Distribution Agreement - More
- April 06, 2010 | Item | ShareThis

Excellon Announces Commencement of Exploration Drilling at Miguel Auza - "Excellon Resources Inc. (TSX:EXN - News) is pleased to announce that exploration diamond drilling commenced at its Miguel Auza property on April 2nd 2010. As previously announced, district-scale remapping of its Miguel Auza Property in northern Zacatecas State, Mexico has led to the recognition of six wide northwest-trending epithermal quartz veins similar in character to those in Bonanza-grade silver-gold vein systems of the nearby Fresnillo Silver Trend." More
- April 06, 2010 | Item | ShareThis

Exeter increases Caspiche resource to: Indicated - 14.3 million ounces gold + 3.5 billion pounds copper; Inferred - 10.0 million ounces gold - "Exeter Resource Corporation (NYSE-AMEX:XRA, TSX:XRC, Frankfurt:EXB - "Exeter" or the "Company") is pleased to provide an updated National Instrument 43-101 compliant mineral resource estimate for its Caspiche Project. The new estimate is based on drilling to the end of 2009 and assay data to February 5th, 2010. The new resource shows an increase of 23% in gold content over the October 2009 resource; 14% contributed by the new drilling and 9% contributed by AMEC's change to higher long term metal prices. 59% of the contained ounces of gold now report to the indicated resource category." More
- April 06, 2010 | Item | ShareThis

Seabridge Gold Announces 2010 Program for Courageous Lake - "Seabridge Gold Inc. (TSX:SEA - News)(AMEX:SA - News) announced today that it plans to spend approximately $15 million this year to advance its 100% owned Courageous Lake gold project towards a National Instrument 43-101 compliant Preliminary Feasibility Study. The main objective of the program is to conduct further diamond drilling designed to upgrade a substantial portion of the existing inferred resource at the project to the measured and indicated resource categories." More
- April 06, 2010 | Item | ShareThis

Great Basin Gold Obtains US$47 Million Credit Facility - "The facility will be provided by Credit Suisse Ag and will have a maximum term of 4 years from date of draw down, with interest and capital repayment commencing 9 months after draw down. The facility will bear interest at a margin of 4% over the USD LIBOR rate (currently 0.3%). The Company will have the option to retire the loan 12 months after draw down at no additional costs. The Burnstone project will be the guarantor for the facility." More
- April 06, 2010 | Item | ShareThis

Keegan Resources Inc.: Positive Preliminary Economic Assessment for the Esaase Gold Project - "Keegan Resources Inc. (TSX:KGN - News)(AMEX:KGN - News) ("Keegan") is pleased to announce the results of the Preliminary Economic Assessment Study (the "Study") of its 90% owned Esaase Gold Project (the "Project") located near Kumasi, in southwestern Ghana. The Study was completed by Lycopodium Minerals Pty Ltd ("Lycopodium") and Coffey Mining Pty Ltd ("Coffey") both of Perth, Australia, using a base case Indicated Mineral Resource of 2.28 million ounces of gold (58.0 million tonnes grading 1.2 g/t gold at a cut-off grade of 0.4 g/t which relates to the economic cut-off in the Study) and Inferred Mineral Resource of 1.65 million ounces of gold (41.7 million tonnes grading 1.2 g/t gold at the same cut-off grade). Using a base case gold price of $850 per ounce, the Study shows that the Project has a net pre-tax cash flow (undiscounted) of $397 million with an after tax Net Present Value (NPV) of $168 million using a 5% discount rate. The mine would recover 1.98 million ounces of gold at a waste to ore strip ratio of 3.5 to 1 over a 10-year mine life." More
- April 06, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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