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-- Posted Thursday, 24 April 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold briefly rose to $906.95 at the New York open, but it then sold off for most of the rest of trade and ended $5 off its low of $882.70 with a loss of 2.03%.  Silver rose to $17.19 and fell to $16.62 before it closed with a loss of 2.85%.

Euro gold fell to about €567, platinum lost $33.50 to $1962.50, and copper fell over 5 cents to about $3.90.

Gold and silver equities steadily fell for most of trade and ended with about 4% losses.

The Economy:

Tomorrow at 10AM EST brings Michigan Sentiment for April expected at 63.2.

The Markets:

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

Oil and treasuries fell as the U.S. dollar index rose on speculation that the fed may be close to halting its recent slew of interest rate cuts.  A 25 basis point cut is still expected by most at the fed’s meeting next week, but many are looking for language that signals steady or even rising rates heading forward.

The Dow, Nasdaq, and S&P also rose on the strength in the dollar as confidence seems to have returned over the health of the financial system.  A bigger than expected drop in jobless claims and a surprise profit from Ford also had stock bulls cheering.

Among the big names making news in the market today were Ford, Triarc and Wendy’s, Bristol-Myers, T. Rowe Price, Northrop, Motorola, ConocoPhillips, AutoNation, and US Airways.

The Commentary:

“June Gold finished down 19.6 at 889.4, 18.1 off the high and 4.1 up from the low.

May Silver closed down 0.505 at 16.66. This was 0.01 up from the low and 0.47 off the high.

The gold market saw another big range down extension with a sharp rise in the US Dollar at the top of many lists as the main cause for the slide. However, seeing the US equity market discount evidence of slowing from the US housing sector and seeing a sharp rise in the Dollar in the wake of the economic news probably spooked a number of flight to quality longs out of gold positions. With the slide below an even number price level on the charts it is also possible that technically orientated selling was present throughout the trading session. With the US equity market also on the rise it would appear that some investors were becoming more comfortable with the outlook for the US economy and were moving money back toward the stock market. In the end, the combination of a soaring Dollar and sharp losses in energy prices dominated market psychology.

A big range down extension in silver pressed the July contract down to the lowest level since the big spike down washout on April 1st. With a sea of moderate physical commodity losses on Thursday and the gold market also under heavy pressure, the silver market was facing a number of bearish themes. While copper prices avoided a major washout, platinum prices were hit hard and that in turn seemed drag silver down from an industrial demand perspective. As in the gold market, the silver market in the end seemed to be dominated by the upside breakout action in the US Dollar.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Rice rationing imposed at Wal-Mart's warehouse division

The Statistics:

As of close of business: 4/23/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 11.66 tonnes.

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:

Newmont’s (NEM) first quarter results, Metalline’s (MMG) mineralization evaluation, Arian’s (AGQ.V) private placement, Avino’s (ASM.V) test results, and Scorpio’s (SPM.TO) commenced production 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:

United Reef Commences Option Earn-In for McFauld's Lake Property and Closes $300,000 Private Placement - More
- April 24, 2008 | Item | E-mail

Phoenix Matachewan Mines Inc.: Agnico-Eagle Buys Swanson Deposit and Exploration Claims - More
- April 24, 2008 | Item | E-mail

Sheffield Resources Ltd. Enters Into Agreement With Nevoro Inc. - More
- April 24, 2008 | Item | E-mail

Nevoro to Acquire Sheffield Resources Ltd. and the Moonlight Copper Project With Current NI 43-101 Copper, Gold and Silver Resources - More
- April 24, 2008 | Item | E-mail

Sage Gold Inc.: 1.38 oz/t-New Gold Zone-Gold Hill-Arizona - More
- April 24, 2008 | Item | E-mail

Inspiration Mining Corporation to Extend Warrant Expiry Date - More
- April 24, 2008 | Item | E-mail

Duran Ventures and MacMillan Gold Report 0.17 g Au/t, 69.1 g Ag/t, 0.6% Pb and 0.9% Zn Across 384 Metres at Pasacancha in Peru - More
- April 24, 2008 | Item | E-mail

Golden Dawn Initiates Gold Confirmation Diamond Drilling Campaign - More
- April 24, 2008 | Item | E-mail

Western Troy Publishes and Files NI 43-101 Compliant MacLeod Lake Preliminary Assessment (Scoping Study) - More
- April 24, 2008 | Item | E-mail

Ivernia Inc. Announces Changes to Board of Directors - More
- April 24, 2008 | Item | E-mail

Ivernia Inc. and Yunnan Metallurgical Group Close Private Placement Investment as Part of Long-Term Strategic Relationship - More
- April 24, 2008 | Item | E-mail

Metalline Mining Announces Evaluation of Silver Copper Mineralization at Sierra Mojada - "Metalline Mining Company (Amex: MMG - News) has completed an initial evaluation of the silver and copper content of the Silver Polymetallic Manto, at its project located at Sierra Mojada, Coahuila, Mexico." More
- April 24, 2008