Market Analysis from CapitalUpdates.com:

Note: All US and Canadian markets are closed Friday in observance of Good Friday and the Easter holiday weekend.

The U.S. dollar index closed at new 5 week highs, the euro index closed at new 5 week lows, the yen closed at new 4 month lows, gold closed at new 5 and ½ week lows, and closed at silver closed at new 7 week lows.

Durable Orders for February came in less than the expected 0.8% at 0.3% and Initial Claims for 3/19 came in more than the expected 315,000 at 324,000 to start Thursday off on a bad economic note, but New Home Sales for February later pleased economically and beat the expected 1,150,000 at 1,226,000.  The new home sales were the second highest mark ever and rose by the most in four years.

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Oil ended this shortened week mixed as investors considered the impact of the deadly explosion at a BP refinery in Texas late yesterday.  Oil ended Thursday gaining $1.03 to $54.84, but is down by the week by $1.88 or 3.31%.

The 10-Year Treasury note yield fell in a relatively tight range Thursday and lost 0.016 points to 4.591% as the June 2005 US Treasury bond gained 7/32 to 110 5/32.  For the week, the yield is higher by 0.18% as the new bond for the quarter started.

The Dow, Nasdaq, and S&P were higher throughout Thursday before falling off in the last hour of trade and ending mixed.  The Dow lost 0.13% to 10442.87 on Thursday and is down by 1.76% on the week.  The Nasdaq gained 0.04% to 1991.06 on Thursday and is down by 0.83% on the week.  The S&P lost 0.09% to 1171.42 on Thursday and is down by 1.53% on the week.

The U.S. dollar index rallied for its sixth straight day to end the week and gained 0.14 points to 84.18 to further its five week highs.  For the week, the dollar is up by 2.06 points or 2.51%.  The euro index lost for its sixth straight day and lost 0.18 points to 129.54 to further its five week lows.  For the week, the euro index is down by 3.54 points or 2.66%.  The yen lost 0.18 points to 94.06 to further its four month lows and is down by 1.38 points or 1.45% on the week.

This week’s economic reports:

There are no major economic reports released on Monday.

Gold & Silver Report from GoldSeek.com & SilverSeek.com: 

COT reports come out Monday due to holiday weekend.

Gold and silver traded in pretty tight ranges Thursday, but managed to end near their lows to extend their 5 and ½ week and 7 week lows, respectively.  Gold lost $0.70 to $424.00 on Thursday and is down by $14.80 or 3.37% on the week.  Silver lost $0.04 to $6.90 on Thursday and is down by $0.45 or 6.12% on the week.

Gold and silver equities started off higher in the first hour of trade Thursday before falling off and ending at or near their lows while the new gold ETF’s traded higher at the open and spiked upward around 1PM EST, but remained near unchanged for the day from there.

For the week, the XAU is lower by 7.58 points or 7.54%, the HUI is lower by 17.88 points or 8.23%, the GDM is lower by 53.87 points or 7.68%, GLD is lower by $1.50 or 3.42%, and IAU is lower by $1.48 or 3.37%.

Gold & Silver Stock News Update from GoldReview.com:

Barrick’s new Moscow office, Gold Fields’ new senior vice president, Harmony’s strike and its implications, and Sterling Mining’s production underway at Baroness were among the big stories in the gold and silver mining industry making headlines Thursday.

WINNERS

LOSERS

- Written by Chris Mullen

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