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-- Posted Thursday, 10 April 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose to $939.70 by midday in London before it fell $921.77 by early afternoon in New York, but it then rebounded over $6 higher into the close and ended with a loss of just 0.69%.  Silver rose to $18.40 and fell to $17.795 before it also rallied back higher in the last hour of trade and ended with a loss of just 1.3%.

Euro gold fell near €589, platinum remained at $2016.50, and copper fell over 7 cents to about $3.95.

Gold and silver equities fell nearly 2% by about a half hour into trade, but they then slowly and steadily climbed higher for the rest of trade and ended at about unchanged on the day.

The Economy:

Bernanke said at a luncheon today that the current crisis is at the level of financial distress among the most serious since World War II.  When asked about similarities to the great depression he said that there are some but also argued that we have learned the lessons from the great depression and as a result the fed will try to not allow banks to collapse or the monetary base to deflate.

Tomorrow at 8:30AM EST brings Import and Export Prices for March and at 10AM is Michigan Sentiment for April expected at 69.0.

The Markets:

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

Oil fell from yesterday’s record high as the dollar rebounded and the government reported oil imports fell in February, but it still ended at over $110 a barrel.

The U.S. dollar index rose and treasuries fell as Initial Jobless Claims came in better than expected.  The ECB left rates unchanged and the BoE lowered rates as expected.

The Dow, Nasdaq, and S&P rose despite mostly poor retail sales reports as traders covered their shorts on those various retail names in “sell on the news” action.  Lower oil prices and better than expected Initial Jobless Claims data also seemed to put traders at ease while most ignored a much worse than expected Trade Balance in February.

Among the big names making news in the market today were Wal-Mart, Costco, Yahoo, Microsoft, AOL, Takeda and Millennium, Lehman Brothers, DuPont, and Rite Aid.

The Commentary:

“June Gold finished down 5.7 at 931.8, 7.7 off the high and 6.8 up from the low.

May Silver closed down 0.157 at 18.043. This was 0.133 up from the low and 0.207 off the high.

The gold market fell off its highs early in the session to a morning low around $925 but then managed to bounce off that low ahead of the close. However, the gold market bulls didn't get much help from outside market action as the Dollar rejected early weakness, energies gave up early gains and the rest of the metals seemed to join into a broad based physical commodity profit taking wave. Perhaps the recovery in the Dollar was associated with the upcoming G7 meeting and perhaps the recovery in the US stock market served to chase some flight to quality longs out of gold, but in the end it seemed as if a number of paths pointed downward for gold.

The silver market also fell hard from the overnight highs but the May contract did manage to turn the tide of selling partly around in the hours after the US scheduled report flow. However, a rise in the Dollar seemed to limit the short covering interest in silver and with the copper market seeing a very strong slide from its highs, the silver bulls just couldn't seem to shed the bearish tilt that hung around in the market for most of the session.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

GATA Washington conference announces agenda

Peter DeGraaf sounds like GATA in making case for higher gold and silver

The Statistics:

As of close of business: 4/09/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 0.22 tonnes.

COMEX Gold Trust (IAU)

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

Silver Trust (SLV)

Note: Change in Total Tonnes from yesterday’s data: 15.41 tonnes were added to the trust.

The Stocks:

Tanzanian Royalty’s (TRE) article clarification, Ivanhoe’s (IVN) sale of Jinshan (JIN.TO) to China National Gold Group Corporation, Lihir’s (LIHR) merger update, ECU’s (ECU.TO) investor relations appointment, Oro Silver’s (OSR.V) financing, and Sabina’s (SBB.V) 2008 work campaign 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:

Platinum Group Metals, Anglo Platinum and Wesizwe Platinum Purchase Hoisting Equipment for Platinum Mine Project 1 - More
- April 10, 2008 | Item | E-mail

Pure Nickel Announces Initial Results From Its William Lake Drill Program - More
- April 10, 2008 | Item | E-mail

Golden Goose hits multiple high nickel, copper and palladium grades at Lac Levac - More
- April 10, 2008 | Item | E-mail

Ucore Uranium Receives 2008 Drill Permit for Bokan Mountain - More
- April 10, 2008 | Item | E-mail

Largo Reports Upgraded Resource Estimate and Confirms Higher-Grade Tungsten and Molybdenum Zones at Northern Dancer, Yukon - More
- April 10, 2008 | Item | E-mail

MacMillan Gold Corp. Appoints Officers - More
- April 10, 2008 | Item | E-mail

BOLD Ventures Appoints New President and Elects Two Additional Directors - More
- April 10, 2008 | Item | E-mail

Inter-Citic Reports Dachang Mineral Resource Update - More
- April 10, 2008 | Item | E-mail

Pershimco: Appointment as Director of Claude Arcand, Ex-Director of Cambior - More
- April 10, 2008 | Item | E-mail

Continued high grade gold intersected at Jojay - More
- April 10, 2008 | Item | E-mail

Eagle Plains Announces Bronco Results - More
- April 10, 2008 | Item | E-mail

Little Squaw Reports Mexican Gold Drilling Progress -