Silver Refuses To Break/Gold Shares Hold Their Ground

April 2 - Gold $422.40 down $6.20 - Silver $8.12 up 1 cent If you can force your heart and nerve and sinew to serve your turn long after they are gone, and so hold on when there is nothing in you except the will which says to them: 'Hold on!'...Rudyard Kipling ( from the poem "If" ) GO GATA!!! When I awoke very early yesterday morning, I made the mistake of peeking at the computer to see what the precious metals were doing. Gold was down $1.70, but silver was up 28 cents, similar to Thursday's opening calls. Massive Swiss buying had taken silver all the way up to $8.46, up 35 cents over the Thursday Comex close. Naturally, my excitement over the silver action prevented me from going back to sleep. It was jumping and down with joy time, for about three hours that is. Then, we got the miraculous job report, just what the Bush re-election campaign needed to quiet his adversaries' criticisms over the lack of job creation in the US: WASHINGTON (Reuters) - U.S. employment rose last month at the fastest pace in nearly four years as hiring increased across a wide array of industries, the government said on Friday in a report that stunned financial markets. The report offers comfort to President Bush as the jobs market -- a hot political issue in the U.S. presidential campaign -- finally made a decisive break out of a long slump. Nevertheless, U.S. jobs lost since Bush took office still number a hefty 1.8 million. Non-farm payrolls climbed 308,000 in March, helped a bit by the return of workers after a labor dispute at California grocery stores ended, the Labor Department said. This was the biggest gain since April 2000 and well above the 103,000 rise expected on Wall Street. The unemployment rate ticked up to 5.7 percent from the two-year low of 5.6 percent seen in January and February. -END- What blows me away is how anyone could believe such a perfectly timed, positive report after what these same people have dished out on Iraq and the PPI! If the jobs picture is picking up that much for American workers, great. Seems a real stretch to me. The dollar rocketed on the news. By day's end the dollar jumped to 88.85, up 1.32, and the euro lost around 2 full points. Gold was all over the place. Reacting to silver's climb, it disregarded its early call and immediately rose $2 on the day before the jobs number was leaked. It then cratered to $417 before climbing back $3 near the close to finish the day only down $6 and change. Not too bad as it turned out in the end. Gold rose from $395 to $430 the past three weeks. Technically, it was overbought and due for a setback. In one day it came close to correcting nearly 50% of that move. The Gold Cartel will go all out in the days to come to enhance the correction, but they are liable to run into heavy buying. More and more of the investment world can see what is happening in the US as far as our credibility is concerned and they want "in" on the coming gold move. The gold open interest leaped once again, up 5237 contracts to 307,277. This is a huge number and now the large fund specs may have been bagged by The Gold Cartel who is surely going to do all they can in the days ahead to create as much liquidation as possible. Once again we see how crooked the gold market is by observing gold drop over $10, yet while rallying for 3 weeks the most The Gold Cartel would allow gold to rise was within their $6 rule decree. Gold's low this morning was $417, down $10.60. Incredible how this can go on month after month, year after year, and no one says anything except the GATA ARMY. While gold was hit hard in dollar terms, it held its own in foreign currencies, closing near its recent HIGHS. On a weekly basis gold closed in new high ground for the move in terms of the euro. Silver was trashed from $8.46 to $7.91 for what? What does good economic news have to do with bombing of the price of silver? Of course, silver was hit hard in sympathy with the huge drop in the gold price. However, by day's end,...

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