-- Posted Monday, 16 August 2004 | Digg This Article
Market Analysis from CapitalUpdates.com:
The NY Fed Empire State index tumbled in August, falling to 12.6 points in August from 35.8 in July. A dip to just 32.5 was expected. This single economic report coming out on Monday combined with easing oil prices and a few earnings reports to cause the major movements on the markets today.
Due out tomorrow are several important economic reports: At 6:30AM EST, Building Permits for July are expected at 1950K, Core CPI for July is expected at 0.2%, CPI for July is expected at 0.2%, and Housing Starts for July are expected at 1900K. At 9:15AM are Capacity Utilization for July expected at 77.5% and Industrial Production for July expected at 0.5%.
Oil did not set a record high today and actually fell in price for just the second time in the past twelve sessions. A questionable win by Venezuela’s Chavez eased worries about possible disruption in exports from there. One event giving strength to oil today was Shi'ite militia that set fire to an oil well in southern Iraq, a new tactic in the uprising against U.S. forces and the new Iraqi government. There were no major stories from Yukos today, only a top river transport company that threatened to halt Yukos oil shipments by September 1 over payment fears in a move that could affect 12% of the production by Russia's largest oil company. Oil closed down $0.89 today to $45.69.
The ten year Treasury note yield rose to 4.258% from 4.213% as the September 2004 U.S. Treasury bond lost 0.53% to 110 24/32.
The Dow, Nasdaq, and S&P moved higher today on easing oil despite the disappointing NY FED Empire State index. Several earnings reports that can be found at our archives of our “Markets” section also moved the markets. The Dow gained 1.31% to 9954.55, the Nasdaq gained 1.46% to 1782.84, and the S&P gained 1.37% in an all around strong day.
The U.S. dollar index also pulled out a marginal gain, increasing 0.02 points to 87.93 after spending much of the day above the 88 level. The euro index lost 0.2 points to 123.42 and the yen gained 0.02 points to 90.44.
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 4,709,677 | -899 |
Silver Warehouse Stocks: | 112,194,118 | +1,977,004 |
Quite a bullish day for the metals today with futures for gold closing at a one-month high! Gold and silver extended their gains seen on Friday after the deficit data with gains coming partly from a much lower than expected NY Empire State Index on Monday. Gains today were seen in spite of a higher dollar for most of the day and the bull market in gold is starting to be recognized around the world as well. Just look at gold in terms of foreign currencies, and not just the U.S. Dollar. Notice the weakness in other currencies is even greater than that in the U.S. Dollar. Courtesy of Kitco.com:
Gold and silver jumped at open again today and kept their gains throughout the NY session, with silver falling off just a bit at the close. Gold gained $3.90 to $402.50 and silver gained $0.09 to $6.69.
The XAU and HUI also had strong days with both closing at their daily highs. The XAU gained 2.11% to 89.69 and the HUI gained 2.45% to 194.51.
Gold & Silver Stock News Update from GoldReview.com:
Newmont and Alamos were among the big names in the gold and silver mining industry making headlines today with several new headlines for the junior and exploration stocks stealing the spotlight today; get the full stories at http://www.goldreview.com/.
- Written by Chris Mullen
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-- Posted Monday, 16 August 2004 | Digg This Article
Gold Seeker Closing Report – August 16, 2004
