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*Different source than normal for today’s euro/yen quotes.

Gold fell near $680 in Asia before it rebounded throughout trade in London to over $690 by midmorning New York trade, but it then fell off into the close and ended near its lows with a 1.66% loss.  Silver traded mostly slightly lower in Asia and London and started off in New York near unchanged, but it then fell off throughout the rest of trade in New York and ended near its lows with a 5.21% loss.

Euro gold fell near €530, platinum lost $15 to $1,295 after setting new all-time highs early on, palladium lost $9 to $365, and copper remained above $3.60.

Gold and silver equities rose about 1% at the open, fell off to find over 1% losses midday, rallied back to near unchanged, and then fell back off into the close to end near their lows with almost 2% losses.

From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com:

“The past 24 hours has to be the wildest I have seen in 8 years. Gold was hit in the Access market last evening, went berserk in the early Asian market and into the early London hours (rising more than $22), was then clobbered by "you know who" (for all their devious reasons) and still managed to close modestly higher. However, like always the past few nights, these cabal cretins then took gold down $5 in the Access Market THE MINUTE it opened this afternoon.

These people who continue to STEAL your money are among the worst of humankind … in my book. Most of them, if they were poor and convicted common thieves, would be in jails. May we find a way to send some of them exactly there.”

From The Hightower Report, Futures Analysis and Forecasting:

“The gold market seemed to have the best fundamental and technical setup early in the session and that setup gradually decayed throughout the session. While the Dollar was down and was mostly weak during the session, the outlook for the economy seemed to soften and the Fed still seemed to be content to battle inflation if prices continue to rise. On the other hand, they seemed to worry over asset price vulnerability (real estate) and while that might increase uncertainty and prompt flight to quality buying of gold, the market also detects a bit of recessionary concern in the dialogue Thursday.

As mentioned in the mid day coverage today, the silver market was the weakest precious metals market early and in the end it was given an additional push lower by a late failure in the copper market. Fortunately for the bull camp in silver, the equity market held together and kept concerns of severe economic slowing to a minimum. Some traders noted a record quarterly production tally by a Canadian silver mining company and with silver prices already lower on the session that seemed to validate the recent selling pattern. In short, most traders suggest that the key market to watch for direction in the silver market is the equity market.”

Oil dropped to under $68 in morning New York trade, but it then climbed higher heading into afternoon trade and ended up near $70 as geopolitical concerns over Iran and Nigeria and supply concerns heading into hurricane season encouraged buyers to enter the market.

The U.S. dollar index fell on mixed economic data and various fedspeak that overall did not give a clear indication as to whether the fed will continue to raise interest rates or not.

Treasuries gained on mixed economic data and on words from Fed President Lacker that the fed would keep the mission of containing inflation its “primary focus.”

The Dow, Nasdaq, and S&P traded mostly slightly higher on easing inflation fears after yesterday’s large sell off that was prompted by raised inflation fears, but all three indices then dropped off markedly in the last hour of trade and ended with notable losses as inflation fears were somewhat reignited.

Among the big names making news in the market today were Dell, Gap, Burger King, Barnes & Noble, Mittal and Arcelor, Sears, Merck, and SFBC International.

GATA Posts:

Risk of defaults hangs over London Metal Exchange

Ted Butler: The final wash-out in silver?

Gold & Silver Stock News Update from GoldReview.com:

A 1-day strike in South Africa, Great Basin’s (GBN) completed $25 million financing, Tanzanian Royalty’s (TRE) completed drill program, Entree’s (EGI) acquired copper project option, and Endeavour’s (EDR.TO) 1^st quarter results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

All of today's gold and silver stock news:

New World Receives $1,135,314 from Exercise of Warrants - More
- May 18, 2006 | Item | E-mail

Diadem Announces Flow Through Equity Financing Of Up To $1,000,000 - More
- May 18, 2006 | Item | E-mail

Carat Exploration Inc. Retains AGORACOM Investor Relations - More
- May 18, 2006 | Item | E-mail

New Guinea Gold Corporation: Further High Grade Gold to 16.05g/t & Silver to 91g/t Intersected in Drill Holes at Imwauna - More
- May 18, 2006 | Item | E-mail

Stanley Dempsey, Chairman and CEO, Presented With Honorary Degree at Colorado School of Mines Commencement - "Building and operating mines is serious business. Every Mines graduate that I have ever dealt with has a mighty respect for safety and in meeting our responsibilities to the public. I was lucky to have had so much contact with Mines people in my career and have a genuine respect for the Colorado School of Mines community." More
- May 18, 2006 | Item | E-mail

Copper Fox Metals unaware of any material change - More
- May 18, 2006 | Item | E-mail

Marifil Mines Ltd.: No Material Change - More
- May 18, 2006 | Item | E-mail

CORRECTION: Northland Delivers NI43-101 Iron Ore Resource for Stora Sahavaara Project, Sweden - More
- May 18, 2006 | Item | E-mail

Pan American Not Proceeding with Option on Mexican Silver Property - More
- May 18, 2006 | Item | E-mail

Diamond Peak Gold/Zinc Property in Nevada optioned to Kokanee Placer Ltd. - More
- May 18, 2006 | Item | E-mail

Moto Goldmines Limited-Contractual Relationship With Okimo - More
- May 18, 2006 | Item | E-mail

Franklin Mining, Inc. Receives First of Four Cerro Rico Mine Analysis Reports - More
- May 18, 2006 | Item | E-mail

Shoreham Announces Completion of Airborne Survey On Favourable Lake Property - More
- May 18, 2006 | Item | E-mail

Dia Bras Reports More Drill Hole Results With Some High Grade Sections Assaying 23.22% Zinc and 5.08% Copper - More
- May 18, 2006 | Item | E-mail

Eagle Plains Receives Interim Order for Copper Canyon Resources - More
- May 18, 2006 | Item | E-mail

Great Basin Gold Ltd. Completes $25 Million Financing - "Great Basin Gold Ltd. is pleased to announce that it today closed a previously announced short form prospectus offering of 11,200,000 common shares on a bought-deal basis at the price of Cdn $2.25 per share. The figure includes an over-allotment option of 4,500,000 shares which Pacific International Securities Inc and BMO Nesbitt Burns Inc. fully exercised. The financing raised gross proceeds to the Company of $25.2 million. The private placement financing of $10 million for shares at the same price is expected to complete next week." More
- May 18, 2006 | Item | E-mail

Endeavour Reports Record Quarterly Silver Production, Gross Revenues, Operating Cash Flow, Mine Operating Earnings and Loss for the Period in First Quarter 2006 - "Gross revenues for the First Quarter (only February-March consolidated) were a record US$2.24 million, thanks to increases in both silver production and the silver price. Operating cash flow before depreciation, depletion and amortization was a record US$875,704 and mine operating earnings were US$456,475. Cash costs net of gold as a credit averaged US$5.47 per oz. silver. These costs were higher than anticipated and silver production was lower than anticipated, due to reduced plant availability, which averaged 70% in Q1, 2006 allowing for repairs and refurbishment." More
- May 18, 2006 | Item | E-mail

Tonogold Resources, Inc. Expands Holdings and Recognizes New Gold Potential at Tonopah Divide - More
- May 18, 2006 | Item | E-mail

Simberi Gold Corporation: Press Release - More
- May 18, 2006 | Item | E-mail

Northland Delivers NI43-101 Iron Ore Resource for Stora Sahavaara Project, Sweden - More
- May 18, 2006 | Item | E-mail

1,305 g/t Ag, 11.6% Zn, 12.5% Pb and 3.34 g/t Au from Shaft lens surface sample on Nicholas-Denys property - More
- May 18, 2006 | Item | E-mail

Mega Uranium Ltd.: Gold Credit Confirmed at Lang Lake Copper Deposit - More
- May 18, 2006 | Item | E-mail

Pacific North West Capital announces Phase 9A $1,100,000 Exploration Budget Approved - More
- May 18, 2006 | Item | E-mail

SearchGold is a Featured Presentator at Stock Days in Germany - More
- May 18, 2006 | Item | E-mail

Rosia Montana EIA Filed with Romanian Government - More
- May 18, 2006 | Item | E-mail

Garibaldi Resources Corp.: Purchase of Iris Claims at Ocampo Accelerated; Private Placement Closed - More
- May 18, 2006 | Item | E-mail

Canstar Updates Exploration Projects - More
- May 18, 2006 | Item | E-mail

Canada's Gabriel submits Romanian gold mine study - More
- May 18, 2006 | Item | E-mail

U.S. Precious Metals Adds New Member to Board of Directors - More
- May 18, 2006 | Item | E-mail

ECU Silver Mining Inc.: Press Release - More
- May 18, 2006 | Item | E-mail

HE-5 Resources, Corp. Addresses Shareholders' Concerns - More
- May 18, 2006 | Item | E-mail

Wits Basin Begins Underground Drilling Program in Colorado - More
- May 18, 2006 | Item | E-mail

Tanzanian Royalty's RC Drill Program Completed at Luhala - Diamond Drilling Contracts Sent Out For Tender - "Tanzanian Royalty Exploration Corporation is pleased to announce that all assay results have been received from the Phase 6 drill program completed in April on its Luhala Gold Project in the Lake Victoria Greenstone Belt of Tanzania. This latest phase of drilling included 15 Reverse Circulation (RC) drill holes representing some 986 metres of drilling." More
- May 18, 2006 | Item | E-mail

S.Africa gold firms hit by 1-day strike - "A one-day strike protesting against poverty by South Africa's biggest labour federation on Thursday hit about half of Harmony Gold's operations and two of three mines owned by Gold Fields. The impact of the planned action by COSATU on the third major gold producer, AngloGold Ashanti was not immediately clear, the firm said." More
- May 18, 2006 | Item | E-mail

SA hit hard by Cosatu strike - "About 60 percent of Harmony Gold's workforce at its SA gold mines went on strike on Thursday, costing the company up to R12-million in lost revenue, the group said. According to Harmony spokesperson Philip Kotze, about 100 kilograms to 110 kilograms or about 3215 troy ounces to 3537 oz of gold output was likely to be lost as a result of the strike." More
- May 18, 2006 | Item | E-mail

Entree Acquires Option on Arizona Copper Project - "The early-stage Sol Dos property is located strategically, near the intersection of two major mineral-bearing structural trends. The northwest trend defines one of the premier copper districts in the world, hosting Phelps Dodge's Lone Star, Dos Pobres, San Juan and Sanchez deposits, which collectively are reported to contain over 2 billion tons of leachable copper resources. The northeast-trending, Morenci lineament hosts Phelps Dodge's Morenci Mine, which is reported to contain in excess of 16 billion pounds of copper." More
- May 18, 2006 | Item | E-mail

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- Written by Chris Mullen

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

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© Gold Seeker 2006

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-- Posted Thursday, 18 May 2006 | Digg This Article