-- Posted Tuesday, 28 June 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

Consumer Confidence for June came in higher than the expected 104.0 at 105.8, a 3 year high.  Optimism over the labor market overcame worries about high energy prices.

Tomorrow at 8:30AM EST brings the final reading for 1^st quarter GDP expected at 3.7%.  The Chain Deflator is expected at 3.2%.  The fed also begins to meet tomorrow, though no announcements are expected until Thursday.

Oil lost $2.34 or 3.87% to $58.20 ahead of tomorrow’s inventory report as traders took profits following oil’s first close above $60 yesterday.  Speculation over a rise in inventories tomorrow also contributed to today’s losses.

The 10-Year Treasury note yield rebounded from three week lows and gained 0.074 points to 3.976% as the September 2005 US Treasury bond lost 24/32 to 118 16/32 on strong Consumer Confidence data.

The Dow, Nasdaq, and S&P rebounded from recent losses as a steep drop in the price of oil and a rise in Consumer Confidence to 3 year highs encouraged investors.  The Dow broke a 6 day losing streak and gained over 100 points as all 3 indices rose throughout the day and ended near their highs.

Among the big names making news in the market today were Sun Microsystems and SeeBeyond, CNOOC and Unocal, Citigroup, AMD and Intel, and IBM.

The U.S. dollar index remained strong today leading up to the fed’s meeting and announcement this Thursday.  The yen fell to 8 and ½ month lows on worries that high oil prices may hurt Japan’s economic recovery.

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

Gold and silver fell slightly lower in Asia and continued those losses in London before accelerating their losses in New York and ending the day near their session lows.  Gold lost $3.80 to $435.90, a near 2 week low, and silver lost $0.14 to $7.07, a near 5 week low.  A higher dollar along with lower oil led to end of the quarter profit taking in the metals ahead of the fed’s meeting this week.

Gold and silver equities fell about 1% in early trade and remained near those levels for most of the day, with a small rebound in the last ½ hour of trade bringing the indices off their lows.

Gold & Silver Stock News Update from GoldReview.com:

Richmont Mines completed private placement of common shares, Buenaventura’s sales agreement with Mediterranean Minerals, Minefinders positive feasibility study of its 100% owned Dolores gold and silver deposit in Chihuahua, Mexico, Ivanhoe’s copper and gold intersection in Mongolia, Sterling Mining’s commencement of a surface exploration program on the Merger Mine's Silver Valley property, and Sino Silver’s exploration results in the Erbahuo silver mining belt of Inner Mongolia, China were among the big stories in the gold and silver mining industry making headlines today.

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- Written by Chris Mullen

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-- Posted Tuesday, 28 June 2005 | Digg This Article

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