-- Posted 5 May, 2010 | | Source: SilverSeek.com

The Metals:

Gold chopped its way higher in Asia and London and saw a gain of $5.79 at $1173.89 by around 8:30AM EST before it fell to see an over $10 loss at as low as $1157.55 by around 9:30AM EST, but it then rose to a new session high of $1176.42 by late morning in New York and ended with a gain of 0.43%. Silver dropped 4.4% to as low as $17.055 in midmorning New York trade before it also climbed back higher, but it still closed with a loss of 1.74%.

Euro gold rose to a new all-time high at about €912, platinum lost $29 to $1642.50, and copper fell another few cents to about $3.14.

Gold and silver equities fell nearly 3% at the open before they climbed back higher and saw slight gains midday, but they then fell back off in mid-afternoon trade and ended with almost 1% losses.

The Economy:

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 5/01 expected at 440,000 and first quarter Productivity expected at 2.4%.

The Markets:

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

Oil fell back under $80 a barrel as the U.S. dollar index and treasuries rose again on continued sovereign debt worries in Europe that sent the Dow, Nasdaq, and S&P almost 1% lower.

Among the big names making news in the market today were Time Warner, Devon, and Garmin.

The Commentary:

“The markets are moving fast so I’m typing on the fly. For me, it’s just another day, but for some (who may want to reconsider their positions if this type of action causes them to be overly concerned) it appears to warrant a few words on markets and some selected individual stocks.

U.S. Stocks – The market was ripe for a correction and that’s exactly what’s taking place. Severely wounded bears that have called for its demise from the bottom in March of 2009, have yet again said this is “The” top. While they never ring a bell at the top, there’s nothing seriously bearish fundamentally or technically to suggest the bears finally got it right. Because I’ve had the luxury of leaving my old bearish friends and avoided stepping in front of the “mother” of all bear market rallies, I’m in no rush to get back with my beaten up momma and poppa bears.

U.S. Bonds – The day of reckoning gets pushed back again and again but does nothing to make the ultimate price to be paid any better. The longer we continue to borrow and allow artificially low interest rates be a Band-Aid to a wound that goes straight to the economic bone, the more harm we create for our children and our children’s children.

U.S. Dollar – My 83-84 target area has been reached but I see no top of any kind other than some serious profit-taking somewhere in the not-too-distant future. Once again, those who remained bearish throughout the visit to the edge of the economic abyss and back have given up much of whatever they gained during the approach. Stay tuned.

Gold – Never in 25+ years in and around the financial arena have I witnessed anything so overwhelming unloved yet so greatly outperform just about everything else the world loves. Here we sit just under $1,160 when earlier this year the latest “fear-mongering” by the gold perma bears was we’re heading back under $1,000 (and now the world’s biggest fool is latching on to another foolish call for $800 in the hope his own decade-long, horribly wrong track record will somehow be rescued).

It appears to some I must say it again and again until I’m blue in the face:

• Gold will always be hated by the vast majority in the financial arena because ownership of it flies in the face of what the financial world makes it’s living from: financial assets.  You’re never going to get widespread confirmation that gold is a worthy investment. (Run like hell if you do.)
• GOLD IS IN THE MOTHER OF ALL SECULAR BULL MARKETS AND CONTINUES TO RUN OVER AND FLATTEN ALL THOSE WHO SAY OTHERWISE. SUCH SHALL BE THE CASE AGAIN AND NEW NOMINAL HIGHS ARE IN THE CARDS.

Oil – I continue to think we’re going to get to $90+ and that could coincide with my U.S. economic recovery topping out this summer.”- Peter Grandich, Grandich Letter

GATA Posts:

James Turk: Is the IMF's gold really there?

Paul Mylchreest sees GATA winning 'The Third Gold War'

China, the gorilla in the Third Gold War

Another mysterious IMF gold sale -- plugging the London leaks?

The Statistics:

Activity from: 5/04/2010

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.07 tonnes and the JSE subtracted 0.25 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 78.61 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 8,912.94 - No change from yesterday’s data.

The Miners:

NovaGold’s (NG) feasibility study revision, Cardero’s (CDY) drilling, Timberline’s (TLR) updated acquisition progress, and Yamana’s (AUY) increased dividend 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:

Inmet Mining Announces Filing of NI 43-101 Technical Report for Cobre Panama Project and Revised Annual Information Form on SEDAR - More
- May 05, 2010 | Item | ShareThis

SilverCrest and Goldsource Appoint Director of Communications - More
- May 05, 2010 | Item | ShareThis

Lake Shore Gold Announces Continued Progress at Three Timmins Mining Projects During First Quarter 2010 - More
- May 05, 2010 | Item | ShareThis

East Asia Minerals Updates Progress and Plans for Indonesia - More
- May 05, 2010 | Item | ShareThis

Huldra Announces Closing of $779,000 Private Placement - More
- May 05, 2010 | Item | ShareThis

Garrison Announces Issuance of Shares to Service Providers - More
- May 05, 2010 | Item | ShareThis

Diamond Frank Acquires 50% of the Destorbelle Property From Typhoon Exploration Inc - More
- May 05, 2010 | Item | ShareThis

Tiex Inc. Reports on Drilling of Gold Creek Gold Property - More
- May 05, 2010 | Item | ShareThis

Bard Ventures Ltd.: Drilling Intersects New Area of Molybdenum Mineralization on the Lone Pine Project - More
- May 05, 2010 | Item | ShareThis

Continental Precious Minerals Purchases Property on MMS Viken Exploration Licence - More
- May 05, 2010 | Item | ShareThis

Stratabound reports high-grade intercepts continue at CNE - More
- May 05, 2010 | Item | ShareThis

Sona Releases New Blackdome Tailings Resource Estimate - More
- May 05, 2010 | Item | ShareThis

Gossan Undertakes Silica Sand Marketing Study - More
- May 05, 2010 | Item | ShareThis

Apella Resources Inc.: Private Placement - More
- May 05, 2010 | Item | ShareThis

Avanti Mining announces dissemination of its CEO TV Interview - More
- May 05, 2010 | Item | ShareThis

Mediterranean announces private placement - More
- May 05, 2010 | Item | ShareThis

Lundin Mining Corporation: Neves-Corvo Copper Mine Industrial Action Cancelled - More
- May 05, 2010 | Item | ShareThis

Uranium International Corp. Announces Exploration Program for Guayabales Gold Project, Marmato District, Colombia. - More
- May 05, 2010 | Item | ShareThis

Cache Elaborates on Welsford REE Historical Results - More
- May 05, 2010 | Item | ShareThis

Magellan Minerals Ltd.: Positive Preliminary Economic Assessment Returned for the Coringa Project, Brazil - More
- May 05, 2010 | Item | ShareThis

Largo Resources Announces Conference Call to Provide Update on the Development of the Maracas Vanadium Project, Bahia, Brazil and Other Corporate Developments - More
- May 05, 2010 | Item | ShareThis

Ur-Energy Announces Resignation of Director - More
- May 05, 2010 | Item | ShareThis

Brionor Resources Inc.: Pitt Gold Property-Duparquet Gold District Drilling Update - More
- May 05, 2010 | Item | ShareThis

Luiri Gold-Drilling Results from Matala Shallow Central Zone - More
- May 05, 2010 | Item | ShareThis

MPM Technologies, Inc. Subsidiary Enters JV Agreement - More
- May 05, 2010 | Item | ShareThis

Golden Chalice Resources Acquires Kenogaming & Goose Lake Gold Properties in West Timmins Along Destor-Porcupine Fault - More
- May 05, 2010 | Item | ShareThis

Anooraq Confirms Appointment of Chief Financial Officer - More
- May 05, 2010 | Item | ShareThis

Gentor Resources, Inc. completes US $2,000,000 private placement - More
- May 05, 2010 | Item | ShareThis

Hard Creek Selects Balloch Group as China Representative - More
- May 05, 2010 | Item | ShareThis

First Gold Exploration Inc.: Discovery of a New Structure of Important Dimension 500 Metres From the Rose Showing - More
- May 05, 2010 | Item | ShareThis

Pro Minerals Inc.: Disco Lake Project Expanded - More
- May 05, 2010 | Item | ShareThis

Apella Resources Inc.: Drilling Commences Iron-T Vanadium-Iron-Titanium Project - More
- May 05, 2010 | Item | ShareThis

Medusa Mining Limited: New Porphyry Copper-Gold Target - More
- May 05, 2010 | Item | ShareThis

Proposed Tax Will Not Affect Medusa - More
- May 05, 2010 | Item | ShareThis

Parallel Resources Ltd.: Shareholder Update; Review of Q3 and Outlook for Q4, 2010 - More
- May 05, 2010 | Item | ShareThis

Century Receives Permit to Access the Bedard Dyke Gold Zone at the Lamaque Gold Mine, Val D'or, Quebec - More
- May 05, 2010 | Item | ShareThis

Jinshan Gold Mines Cites No Material Changes To Its Business Plan To Account For Share Price Decline - More
- May 05, 2010 | Item | ShareThis

Scarlet Resources Ltd. Closes $6.638 Million Private Placement - More
- May 05, 2010 | Item | ShareThis

Paragon Minerals and Golden Dory Begin Drilling at Huxter Lane Gold Project - More
- May 05, 2010 | Item | ShareThis

Ironwood Gold Corp. Announces Appointment of Dallas Davis as Senior Technical Consultant - More
- May 05, 2010 | Item | ShareThis

Vaaldiam Advances Sale of Non-Core Assets - More
- May 05, 2010 | Item | ShareThis

Argentex silver footprint grows at Pinguino; Trenches 1.72 meters of 487 g/t silver in new vein - More
- May 05, 2010 | Item | ShareThis

AmeriLithium Receives Second Draw Down on $10 Million Finance Agreement to Accelerate Exploration - More
- May 05, 2010 | Item | ShareThis

Sultan Minerals to Drill Zinc Targets at the HB & Garnet Zinc Mines, Jersey-Emerald Property, BC - More
- May 05, 2010 | Item | ShareThis

New Dawn to Install Diesel Powered Generators at Turk Mine in Zimbabwe to Support Gold Production - More
- May 05, 2010 | Item | ShareThis

Sandspring Presents Additional Toroparu Drill Results, Including 216m of 1.19g/t Gold and 0.24% Copper in Hole 64 Near Surface; Moving to NI 43-101 - More
- May 05, 2010 | Item | ShareThis

G4G Resources Appoints Raul Sanabria as Vice President Exploration - More
- May 05, 2010 | Item | ShareThis

Xtra-Gold Resources Corp.: Preparation for Phase 3 Drill Program has Commenced on Kibi Gold Discovery in Ghana, West Africa - More
- May 05, 2010 | Item | ShareThis

Fire River Gold Announces 3.7 opt (128 g/t) Gold Over 16.7 ft (5.1 m), Nixon Fork Gold Mine, Alaska - More
- May 05, 2010 | Item | ShareThis

Silver America, Inc. Announces Acquisition of Silver & Gold Project in Prolific Mexico Region - More
- May 05, 2010 | Item | ShareThis

Rockgate Discovers Two New Mineralized Zones at Falea Project, U3O8 Concentrations up to 0.270% at Surface - More
- May 05, 2010 | Item | ShareThis

Nautilus Hosts Investors at Offshore Technology Conference and Announces US$196 Million Cash Balance as at March 31, 2010 - More
- May 05, 2010 | Item | ShareThis

Caldera Closes Financing - Raises $1.2M - More
- May 05, 2010 | Item | ShareThis

Forum Uranium Signs Option Agreement With Cash Minerals to Explore for Uranium & REE on Forum's North Thelon Property, Thelon Basin, Nunavut - More
- May 05, 2010 | Item | ShareThis

Superior Mining International Corporation: Option Agreement to Acquire Up to 80% of Otamcopper-Gold Property in New Zealand - More
- May 05, 2010 | Item | ShareThis

Verena Minerals Initiates a 15,000 Meter Drilling Program at Volta Grande Gold Project, Brazil; Appoints V.P. Business Development - More
- May 05, 2010 | Item | ShareThis

Nemaska Exploration Inc.: $2,000,000 Private Placement - More
- May 05, 2010 | Item | ShareThis

Redstar and Centerra Finalize Option Agreement for Oasis Project in Nevada - More
- May 05, 2010 | Item | ShareThis

Cash Minerals Signs Option Agreement to Explore for Uranium & REE on Forum Uranium's North Thelon Property, Thelon Basin, Nunavut - More
- May 05, 2010 | Item | ShareThis

Alto Group Holdings Announces the Acquisition of the Los Tres Machos Property - More
- May 05, 2010 | Item | ShareThis

Colorado Goldfields Receives Endorsement From State of Colorado San Juan County Commissioners for the Pride of the West Mill - More
- May 05, 2010 | Item | ShareThis

U3O8 Corp. Grants Stock Options - More
- May 05, 2010 | Item | ShareThis

Intrepid Mines Limited: Sale of Paulsens Gold Mine - More
- May 05, 2010 | Item | ShareThis

Carpathian Concludes US$30 Million Gold Sale Agreement With Macquarie Bank - More
- May 05, 2010 | Item | ShareThis

Source Gold Corp. Increases Property Holdings in Beardmore-Geraldton Area With 100% Ownership in New Claim Group - More
- May 05, 2010 | Item | ShareThis

United Mines, Inc. Chairman to Speak at Prestigious Hong Kong-US Business Forums International Gathering in Hawaii - More
- May 05, 2010 | Item | ShareThis

Minera IRL Announces Update on Ollachea Pre-Feasibility Study - More
- May 05, 2010 | Item | ShareThis

Donlin Creek LLC Initiates Feasibility Revision for Natural Gas Pipeline - "NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) today announced that a feasibility study revision has been initiated at the Donlin Creek gold project to consider the construction and operation of a natural gas pipeline to supply project power. Donlin Creek is owned and managed by Donlin Creek LLC ("DCLLC"). DCLLC is owned equally by NovaGold Resources Alaska, Inc. and Barrick Gold U.S. Inc." More
- May 05, 2010 | Item | ShareThis

Cardero Commences Drilling at Organullo Gold Project, Northwest Argentina - "Cardero Resource Corp. ("Cardero" or the "Company") - (TSX:CDU - News)(AMEX:CDY - News)(Frankfurt:CR5 - News) is pleased to announce that drilling has commenced at its 100% owned Organullo project in Salta Province, northwest Argentina. Historical drill results from Organullo identified significant bulk-tonnage style gold mineralization, including up to 189 metres grading 0.66 g/t gold. Results from recently completed mapping, geochemical and geophysical exploration indicates potential for a large, bulk-tonnage gold system that warrants follow up drilling." More
- May 05, 2010 | Item | ShareThis

Timberline Updates Progress on Its Acquisition of Staccato Gold Resources - "Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") is pleased to provide an update on its acquisition of Staccato Gold Resources Ltd. (Staccato). The transaction continues to proceed as previously announced on March 23, 2010 and has now moved into the shareholder approval phase." More
- May 05, 2010 | Item | ShareThis

Yamana Gold announces 50 percent increase in dividend - "The Board of Directors has approved an increase in Yamana's dividend to an annualized $0.06 per share, or $0.015 per share per quarter. This represents a 50 percent increase over the prior annualized dividend of $0.04 per share, or $0.01 per share per quarter. The dividend increase will be in effect for the second quarter dividend, payable July 14, 2010, to holders of record at the close of business on June 30, 2010. The dividend is an "eligible dividend" for Canadian tax purposes." More
- May 05, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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