-- Posted Monday, 13 December 2004 | Digg This Article
Market Analysis from CapitalUpdates.com:
Merger talks and stronger than expected retail sales lifted the markets today as gold and silver rebounded and the dollar resumed its slide.
Retail Sales for November came in better than the expected 0.0% at 0.1% and without auto’s, came in better than the expected 0.3% at 0.5%, though both figures are well below last month’s numbers. Business Inventories for October came in lower than the expected 0.5% at 0.2%.
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Tomorrow brings the Trade Balance for October at 8:30AM EST. The current expectation is for a figure around -$53B, though rumors today called for an even larger number. The United States huge and still growing trade balance is just one of the reasons the U.S. dollar has been declining. A larger than expected figure will almost certainly send the dollar lower tomorrow.
At 9:15AM are Capacity Utilization for November expected at 77.8% and Industrial Production for November expected at 0.2%.
Finally at 2:15 P.M. tomorrow is the FOMC meeting, widely expected to call for a ¼ point raise in interest rates. Rumors and speculation surrounding this meeting are abnormally quiet. It seems analysts have gotten bored speculating on changes and then receiving virtually no change in wording or actions from the fed, so they have chosen to say nothing this time. This very fact leads to suspicion they may make a larger than usual move in policy, but recent meetings and indications have proven otherwise.
“Oil ended a slide on Monday, firming up as cold weather in the U.S. Northeast promised higher fuel demand and sabotage in Iraq once again disrupted the country's exports.” Oil ended the day up $0.30 to $41.01.
The 10-Year Treasury note yield started higher before turning lower for the rest of the day and ended lower by 0.005 points to 4.151% as the December 2004 US Treasury bond price gained 4/32 to 113 25/32.
The Dow, Nasdaq, and S&P all started the day higher before a bit of weakness midday, but then rallied into the end of the day to end at or near session highs. The Dow gained 0.9% to 10638.32, the Nasdaq gained 0.96% to 2148.50, and the S&P gained 0.9% to 198.68.
The U.S. dollar index lost 0.43 points to 82.17, the euro index gained 0.88 points to 133.18, and the yen gained 0.63 points to 95.60.
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 5,577,090 | - 2,636 |
Silver Warehouse Stocks: | 103,276,702 | - 156,968 |
Gold and silver were modestly higher in overnight Asia and London trade before dipping a bit at the New York open and then making new highs starting at about 11AM EST and carrying most of those gains into the close. Gold gained $5.10 to $438.50 and silver gained $0.10 to $6.78.
The XAU, HUI, and GDM hit their highs of the day around noon eastern before falling off just slightly for the rest of the day. The XAU gained 1.51% to 99.80, the HUI gained 1.79% to 217.38, and the GDM gained 1.60% to 692.18.
Gold & Silver Stock News Update from GoldReview.com:
Today’s featured story focused on Randgold downplaying any involvement that they may have in a merger with Iamgold as Iamgold looks for a new suitor. The struggle of Harmony Gold's bid for Gold Fields still continues.
Anglogold Ashanti’s alliance with Oxiana, Silver Standard Resources’ opening of Nasdaq today, and Apex Silver’s board approval to develop the San Cristobal Project 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 Monday, 13 December 2004 | Digg This Article
Gold Seeker Closing Report – December 13, 2004
