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Apr 28, 2009

Howard Miller Reports From Global Bullion NET:

Good afternoon everyone, The metals ended the trading day broadly lower for the reasons discussed this morning, but also in the aftermath of better than expected U.S. economic data and anxiety over tomorrow's Fed interest rate decision....While rates are not expected to change; traders stepped to the sidelines just in case the Fed gives us another big monetary surprise like the last meeting.......As a result..Silver lost 46 cents to $12.50......Gold was down $13.00 to end the New York trading day at $894.00.....Palladium finished at $219.00 down $9.00......Platinum fell by $47.00 to $1093.00.....Volume was moderate ......Crude Oil recovered some of it's early session losses after Consumer Confidence clocked in at a much better than expected level of 39.2....The Street expected to see a reading of only 29.9.....Crude recovered to $49.26 off only 88 cents per barrel....Swine Flu continued to dominate thinking.......Today's other report; the Case Shiller Home Price Index showed a slight improvement in the rate of price decline for U.S. housing....We got a reading of -18.63...Wall Street was looking for a decline of 18.7.....A non event......Currency traders ignored today's data pushing the Euro to $1.3115 up 90/100ths of a U.S cent......Remember the Fed speaks tomorrow.......As for stocks; they shook off early session losses in the wake of the Consumer Confidence numbers lifting the Dow by 34 points with two hours left in the trading day.....As for tomorrow the calendar holds the results of the Fed Open Market Committee meeting (FOMC) along with the Weekly Oil Inventories.....Due to a scheduling conflict ; I may not be available to send out tomorrow's morning Silver and Gold update....It's still up in the air....Howard

Gata Dispatches: " J.S. Kim.- Central Banks are full disinformation on Gold"

Submitted by cpowell on 05:53AM ET Tuesday, April 28, 2009. Section: Daily Dispatches 8:48a ET Tuesday, April 28, 2009Dear Friend of GATA and Gold:In commentary posted today at Seeking Alpha, market analyst J.S. Kim, editor of the SmartKnowledgeU investment letter, notes the disinformation distributed about gold by central banks. Kim speculates that China's announcement last week that it has accumulated 1,054 tonnes of gold reserves is disinformation too -- that China actually has accumulated much more gold than that. Kim's commentary is headlined "World Gold Markets: How Lack of Transparency Translates into Poor Analysis" and you can find it at Seeking Alpha here: POWELL, Secretary/TreasurerGold Anti-Trust Action Committee Inc.
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