-- Posted Sunday, 3 October 2004 | Digg This Article
Market Analysis from CapitalUpdates.com:
First to come out on Friday at 9:45AM EST was Michigan Sentiment for September expected at 96.0. “The University of Michigan's subscriber-only final report on consumer sentiment for the month was said by those who had seen it to have moved to 94.2 at the end of the month, versus the 95.9 reading it stood at in August.”
Construction Spending for August came out next at 10AM and was expected at 0.4%. “U.S. construction spending rose 0.8 percent in August to a record annual rate of $1.02 trillion, as cheaper borrowing costs spurred home building, a government report showed.”
The ISM Index for September also came out at 10AM and was expected at 58.3. “The Institute for Supply Management's factory index for last month fell to 58.5 from 59 in August. The index has shown expansion, marked by readings higher than 50, since June 2003.”
“September was a banner month for the sale of new cars and trucks -- thanks to a Labor Day weekend highlighted by shopping and big promotions offered later in the month by General Motors Corp.”
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“Crude oil topped $50 a barrel for the fourth time this week on concern that production cuts in the Gulf of Mexico and below-normal U.S. crude inventories will hinder refiners' efforts to stow furnace fuel before cold weather arrives.” Oil closed up 0.97% on Friday to $50.12 and is up by almost 4% on the week.
The ten year Treasury note yield rose to 4.191% from 4.119% on Friday and is up 3.97% from the 4.031% quote last Friday after spending some time below 4% at the beginning of the week. The 30-Year US Treasury Bond Price was weaker on Friday and has lost 1.74% on the week to 111.4688.
The Dow, Nasdaq, and S&P gained 1.11%, 2.39%, and 1.52%, respectively, on Friday to solidify gains on the week and to start off the new quarter on a good note. The Dow is up 145.41 or 1.45 % on the week to 10192.65, the Nasdaq is up 62.72 or 3.34% this week to 1942.20, its highest closing quote in over two months. The S&P gained 21.39 or 1.93% to 1131.5 this week to give it its highest closing quote in three months.
The U.S. dollar index was up by 0.25 points on Friday, but is still down by 0.73 points or 0.83% on the week to 87.63. The euro index lost 0.34 points on Friday, but is up by 1.27 points or 1% on the week to 123.98. The yen lost 0.36 points on Friday, but is up by 0.27 points or 0.3% on the week to 90.59.
Previous Economic Reports This Week:
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 5,122,424 | - |
Silver Warehouse Stocks: | 107,789,097 | - |
COT Gold Report - October 1, 2004
COT Silver Report - October 1, 2004
Gold and silver were mixed and mostly unchanged on Friday as strong economic reports battled strong demand for the metals resulting from rumors surrounding this weekend’s G-7/IMF meeting. Gold rallied at the end of the session to gain $0.70 to $419.10 and silver stayed unchanged at $6.90 on Friday.
Gold gained on every day this week and gained $11.50 or 2.82% overall to $419.10 while silver gained $0.52 or 8.15% this week to $6.90. This marks the highest levels for both metals since early April when the metals made over 10-year highs.
The XAU and HUI were slightly lower on Friday with both losing less than 1% but still posting strong gains on the week. The XAU gained 4.76 points or 4.94% to 101.10 and the HUI gained 13.81 points or 6.41% to 229.39 this week.
Gold & Silver Stock News Update from GoldReview.com:
Our recent interview with Clifton Mining's Dr. Kenneth Friedman is now available, it may be viewed here.
Earnings announcements form Goldcorp and Agnico-Eagle, MK Resource’s amendment, Randgold Resource’s director holdings, Miramar’s private placement, Harmony’s warning, and Apex Silver’s appointment were among the big stories in the gold and silver mining industry making headlines Friday; get the full stories at http://www.goldreview.com/.
- Written by Chris Mullen
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-- Posted Sunday, 3 October 2004 | Digg This Article
Gold Seeker Weekly Wrap-Up September 27- October 3
