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-- Posted Monday, 21 April 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose to $928.60 in London before it fell back off in New York to as low as $910.80 by about noon EST, but it then rallied back higher into the close and ended with a gain of 0.21%.  Silver rose to $17.95 and fell to $17.255 before it also rallied back higher into the close, but it still ended with a loss of 2.3%.

Euro gold fell to about €575, platinum lost $35 to $2006, and copper fell a couple of cents to about $3.90.

Gold and silver equities fell about 2% by late morning and remained near their lows into the close.

The Economy:

There were no major economic reports today, and there are none due out tomorrow.

The Markets:

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

Oil rose to a new record high over $117 and gasoline topped $3.50 as sabotage attacks in Nigeria forced Shell to declare force majeure and cut world oil supply.

The U.S. dollar index fell and treasuries rose while the Dow, Nasdaq, and S&P dropped on earnings reports that came in short of expectations and increased recession worries, but that Nasdaq was able to turn slightly higher by the close on optimism over upcoming earnings reports.

Among the big names making news in the market today were Bank of America, Carlyle, Deutsche Bank, Lilly, Mattel, and National City.

The Commentary:

“The sole reason I am entering into the USD$1,000,000 wager agreement that gold will trade at $1650 on or before the close of the COMEX open outcry session at the end of the 2nd week of January 2011 is to demonstrate to you how much confidence I have in my predictions. There is no PR attached to this, nor will I speak with anyone who publishes or broadcasts on this subject.

It appears an agreement will be concluded shortly between myself and a Canadian hedge fund as counsel for both parties. When the details are finalized and legally binding, I will announce the name of the other party here on JSMineset.

Gold’s volatility is only beginning. Regardless, the price of gold is going to a minimum of $1650.

Right now, right here, the euro is in charge.

If you are leveraged there is the possibility that your life may pass in front of your eyes at any time. Those invested on a cash basis have no problems.” - Jim Sinclair, More free commentary at JSMineset.com

“June Gold finished up 2.4 at 917.6, 13.8 off the high and 2.9 up from the low.

May Silver closed down 0.46 at 17.36. This was 0.06 up from the low and 0.545 off the high.

The gold market appeared to fight selling pressure throughout the trading session but generally seemed to be able to hold above the prior session's closing value. Apparently the Dollar wasn't weak enough and oil prices were off balance and that took some of the early bullishness out of play. It is possible that a slight tempering of the US macro economic outlook in the wake of scheduled US numbers and renewed financial sector concerns prompted some of the broad based physical commodity selling action, which in turn weighed on gold prices. In fact, weakness in the rest of the metals complex and the mid day slide in energy prices seemed to be directly tied to gold's retrenchment from its highs.

The silver market performed marginally weaker than the gold market on Monday and with the copper and platinum markets also weaker it was clear that the metals markets were being impacted by varying elements. With the US economic outlook deteriorating slightly in the wake of scheduled US data and the sub-prime situation serving to undermine the US equity market early in the trading session it wasn't surprising to see a host of physical commodity markets like silver under renewed pressure.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Intervention likely only if dollar falls too fast, analysts say

Bank of England unveils huge bond swap operation

Edwin Vieira Jr.: Silver and gold guarantee freedom

IMF may have no gold at all but Fed has gold secrets

Chris Powell: There are no markets anymore, just interventions

Bank of Russia starts buying gold directly from mines

The Statistics:

As of close of business: 4/18/2008

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:

Eldorado’s (EGO) bid for Frontier (FRP.V), Claude’s (CGR) indicated resources, IAMGOLD’s (IAG) and Aurelian’s (ARU.TO) comments on political developments in Ecuador, Midway’s (MDW) test results, Northern Dynasty’s (NAK) project update, Taseko’s (TGB) refining agreement, SNS Silver’s (SNS.V) additional drilling, and Silver Dragon’s (SDRG.OB) senior management changes 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:

Shoreham Resources Announces $1,100,000 Private Placement - More
- April 21, 2008 | Item | E-mail

First Quantum sues HSBC Bank Canada over ABCP - "Mining company First Quantum Minerals Ltd (FM.TO: Quote, Profile, Research) is suing HSBC Bank Canada for negligence and breach of contract, claiming that the bank recommended investing in asset-backed commercial paper shortly before this market seized up last summer." More
- April 21, 2008 | Item | E-mail

Shoreham Resources Announces $1,100,000 Private Placement - More
- April 21, 2008 | Item | E-mail

Iamgold says Ecuador halt may delay mine study - "The feasibility study for Iamgold Corp's (IMG.TO: Quote, Profile, Research) Quimsacocha gold deposit in Ecuador may be delayed after the government froze all mining exploration for up to six months, the Canadian company said on Monday.

"If they do halt for six full months, it may have an impact on our ability to complete the feasibility," Iamgold spokeswoman Lisa Doddridge told Reuters." More
- April 21, 2008 | Item | E-mail

Gold World Resources Inc. Granted Initial Approval of Incorporation of Joint Venture Company - More
- April 21, 2008 | Item | E-mail

Inspiration Announces Allen Mann as Director of Operations - More
- April 21, 2008 | Item | E-mail

Frontier rejects Eldorado Gold's $148 million bid - "Canada's Frontier Pacific Mining Corp (FRP.V: Quote, Profile, Research) rejected as inadequate on Monday a C$148.2-million takeover offer made by Eldorado Gold Corp (ELD.TO: Quote, Profile, Research), and said it would seek a better offer.

The all-share bid, made late Friday, offers 0.122 of an Eldorado common share for each Frontier share. That values each Frontier Pacific share at C$0.90, which is a 28.6 percent premium on the stock's closing price on Friday." More
- April 21, 2008 | Item | E-mail

Buffalo Gold Extends Contract for Furtei Mine Concentrates - More
- April 21, 2008 | Item | E-mail

Claude Resources Reports Indicated Resource of 727,500 Tonnes at 8.98 g/t at Santoy 8 - "Claude Resources Inc. (CRJ:TSX ; CGR:AMEX) is pleased to announce the results of a NI 43-101 compliant inferred and indicated mineral resource estimate on the Santoy 8 deposit located on the Seabee mine property." More
- April 21, 2008 | Item | E-mail

MAX increases land position at C de Baca Uranium project in New Mexico; Drill permit received - More
- April 21, 2008 | Item | E-mail

Pinnacle buys gold assets from Tenajon - Acquires balance of Kansas & past producer Summit Lake - More
- April 21, 2008 | Item | E-mail

St Andrew Goldfields Reduces Stake in Glass Earth to 30.5% - More
- April 21, 2008 | Item | E-mail

Ecuador mining law to boost state control in deals - "Ecuador wants more royalties and tougher environmental controls over mining firms exploring in the Andean country as part of a new mining law, Mines and Oil Minister Galo Chiriboga said on Monday." More
- April 21, 2008 | Item | E-mail

Farallon Announces Signing of Agreement to Increase Bridge Facility to US$30 Million - More
- April 21, 2008 |