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-- Posted Tuesday, 8 April 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose to $925.13 by late trade in Asia before it fell to as low as $907.50 by early trade in New York, but it then rallied back higher into the close and ended with a loss of just 0.9%.  Silver remained above $18.00 in Asia before it fell to as low as $17.41 by early trade in New York, but it also rallied back higher in the last 4 and ½ hours of trade and ended with a loss of just 2.1%.

Euro gold fell near €582, platinum lost $22.50 to $2008, and copper fell over 8 cents to about $3.91.

Gold and silver equities fell nearly 2% by late morning before they rebounded to find less than 1% losses by mid-afternoon, but they then fell back off in the last couple of hours of trade and ended with a little over 1% losses.

The Economy:

FOMC minutes from the fed’s March 18^th meeting showed that many fed members and staff now see a recession in the first half of 2008 as well as an increased inflation outlook, but many are still banking on a second half recovery for the economy and then reduced inflation in 2009 compared to 2008.  The fed also said they think that monetary policy alone cannot solve the housing and financial crises.

Tomorrow at 10AM EST is the Wholesale Inventories report for February expected at 0.5%.

The Markets:

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

Oil waffled near unchanged and closed slightly lower on reports of waning demand, but prices remain just a few dollars from a new all-time high.  All eyes now turn to tomorrow’s inventory reports which are expected to show another drop in gasoline stocks despite that reported decreasing demand.

The U.S. dollar index rose slightly in early trade before it cut into its gains following the fed’s minutes, but it still ended with a minor gain on the day.

Treasuries rose on the short end but fell in longer dated maturities as traders compensated for both a recession and increasing inflation worries.

The Dow, Nasdaq, and S&P fell on earnings reports that came in even worse than low expectations while many were also disappointed by the fed’s minutes that revealed a greater bias towards recession than previously thought.

Among the big names making news in the market today were First Marblehead, Alcoa, Washington Mutual, and Northrop Grumman.

The Commentary:

“April Gold finished down 8.7 at 914, equal to the high and 2 up from the low.

May Silver closed down 0.412 at 17.708. This was 0.268 up from the low and 0.072 off the high.

The gold market appeared to be presented with a host of minor bearish developments and that seemed to give the bear camp an edge. Certainly seeing the Dollar hold in positive ground in the face of bearish scheduled US data favored the bear camp but one almost got the impression that broad based physical commodity selling was attempting to surface again in the wake of soft US equity market action. While the gold market was probably undermined by weak action in the energy market, seeing weakness in equity prices also seemed to send some gold bulls to the sidelines on Tuesday.

The silver market showed a rather wide trading range on Tuesday with a number of physical commodity markets showing a tight correlation with the US equity market. In fact, while the silver market seemed to be undermined by the strength in the Dollar, weakness in the US equity market seemed to have a more significant influence on the ebb and flow of silver prices. However, with a relatively large trading range of 66 cents June Silver displayed some rather significant volatility in the face of a relatively slow fundamental news day!”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Rob Kirby: How derivatives suppress commodities to conceal inflation

Even Jon Nadler starts to suspect market manipulation

IMF still needs OK from Congress; says it won't add to official sales

Is gold going east to keep oil principalities in line?

IMF proposes selling 403 tonnes of gold to raise $11 billion

Will Islamic principles require real gold on hand?

The Statistics:

As of close of business: 4/07/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

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:

Claude’s (CGR) drill results, Solitario’s (XPL) new agreement, Allied Nevada’s (ANV) completed offering, Oro Silver’s (OSR.V) assay results, Minco Silver’s (MSV.TO) assay results, Coeur’s (CDE) upgrade of electrical systems, and SilverCrest’s (SVL.V) 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:

Geoinformatics Exploration Inc.: Drilling at La Noria Returns High-Grade Molybdenum Intersection - More
- April 08, 2008 | Item | E-mail

Aurora Commits to Working With Nunatsiavut Government on Uranium Development in Labrador - More
- April 08, 2008 | Item | E-mail

Dajin Reports Silver Zinc Lead Results at Jackpot - More
- April 08, 2008 | Item | E-mail

Golden Peaks Resources Ltd. - More
- April 08, 2008 | Item | E-mail

Evolving Gold Appoints New President and Director - More
- April 08, 2008 | Item | E-mail

TEAL and Antofagasta enter into Zambian Copper Exploration joint venture - More
- April 08, 2008 | Item | E-mail

Silvermet Plans Spin-out of Muskox Ni Cu PGM Project to Shareholders - More
- April 08, 2008 | Item | E-mail

NORONT Resources Ltd. and BOLD Ventures Inc. Announce Option Agreement - More
- April 08, 2008 | Item | E-mail

Rocmec Updates Progress on Peruvian Acquisition Project - More
- April 08, 2008 | Item | E-mail

Coeur d'Alene idles Chile silver/gold mine - "Coeur d'Alene Mines Corp (CDE.N: Quote, Profile, Research) said on Tuesday it would halt operations at its Cerro Bayo mine in Chile for six weeks for maintenance, trimming output by 180,000 ounces of silver and 4,000 ounces of gold." More
- April 08, 2008 | Item | E-mail

Claude Resources Drills 185.62 g/t (5.97 oz./t) Gold Over 0.41 m. (1.35 ft.) at Starratt Olsen, Madsen Project, Red Lake - "The new high grade gold mineralization is hosted within a quartz-vein system in the footwall of the Starratt Olsen mine," stated Claude Resources' Vice President Exploration Brian Skanderbeg. "The Starratt Olsen drill results being reported are 3 kilometers (1.9 miles) southwest of the Madsen mineshaft at 190 meters (623 feet) depth." More
- April 08, 2008 | Item | E-mail

Infill drilling at Golden Goose's Magino gold property continues to generate impressive results - More
- April 08, 2008 | Item | E-mail

Macusani Yellowcake Provides Update on Activities/Strike Length Now One Kilometre - More
- April 08, 2008 | Item | E-mail

Typhoon Reports Positive Results of 0.201% U3O8 on the Cote-Nord Property - More
- April 08, 2008 |