-- Posted Tuesday, 23 November 2004 | Digg This Article
Market Analysis from CapitalUpdates.com:
Note: The free edition of the Gold Seeker Closing Report will not publish again until next Monday, November 29, 2004. As always, visit CapitalUpdates.com, GoldReview.com, GoldSeek.com & SilverSeek.com for updates on the markets.
A broken record that plays over and over again isn’t all that bad if it plays some of your favorite tunes. Some of my favorites include: “The Dollar Hits a New All-Time Record Low Versus the Euro” “The U.S. Dollar Index Makes a Fresh 9 Year Low” “The Dollar is at 4 Year Lows Versus the Yen” “Silver is at 7 Month Highs” and probably my favorite song of all-time, “Gold Makes a New 16 Year High” which is soon to be replaced by “Gold is at All-Time Highs” Not all of those tunes were played today, but a couple of them were and the others will be played again soon.
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“U.S. sales of previously owned houses fell 0.1 percent in October to 6.75 million at an annual rate, the National Association of Realtors said in Washington. The pace compares with 6.76 million the previous month and a record 6.92 million in June.”
Oil was up and over $50 at one point today before losing most of its gains and ending up by just $0.30 to $48.94. “Oil prices rose on Tuesday but retreated from an earlier break above $50, as dealers awaited a U.S. government report that is expected to show a small increase in thin heating oil stocks ahead of winter.”
The 10-Year Treasury note yield started higher before falling for most of the rest of the day and then rallied in the last hour of trade to gain 0.019 points to 4.184% as the 30-Year US Treasury bond price gained 0.19 points to 113.25.
The Dow, Nasdaq, and S&P spent most of the morning lower before rallying at about 2PM EST when oil gave up most of its gains and all three indices ended near unchanged. The Dow gained 0.03% to 10492.60, the Nasdaq lost 0.04% to 2084.28, and the S&P lost 0.03% to 1176.94.
The U.S. dollar index hit a new 9 year low as it fell below the 83 level and lost 0.18 points to 82.97, the euro index hit a new all-time high of 131.00 before falling off a bit and gaining 0.45 points to 130.83, and the yen lost 0.15 points to 96.7.
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 5,357,900 | - |
Silver Warehouse Stocks: | 102,870,971 | - |
Gold was down in Asia and early London trade and then climbed to hit a new 16 year high of $449 before dropping $2 at the New York open and trading in a tight range from there to end the session with a $1.10 loss to $447.40. Silver followed much the same pattern and ended down $0.01 to $7.54.
The XAU, HUI, and GDM started lower and kept moving lower throughout the day with all three indices ending near their lows. The XAU lost 2.3% to 107.71, the HUI lost 2.07% to 237.00, and the GDM lost 2.12% to 752.53. GLD lost $0.18 to $44.77.
Gold & Silver Stock News Update from GoldReview.com:
Our featured story highlights just how complex the chess match between Harmony and Gold Fields is getting as Newmont said they “will take a look at Gold Fields Ltd's international assets, which industry sources have said could be sold off as part of a defense against a hostile bid."
More news on Harmony Gold's bid for Gold Fields, Placer Dome’s $451 Million equity offering, Orezone’s drilling, Newmont’s alliance with Solitario, Barrick’s hedge book, Goldcorp’s drilling with Planet Exploration, Barrick’s return of mineral licenses to Tan Range, and Sterling Mining’s additional property and completed structural drill program were among the other big stories in the gold and silver mining industry making headlines today; get the full stories at http://www.goldreview.com/. Access our archives here and use the menu on the left hand side in order to navigate through all of our stories.
- Written by Chris Mullen
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-- Posted Tuesday, 23 November 2004 | Digg This Article
Gold Seeker Closing Report – November 23, 2004
