-- Posted Tuesday, 12 July 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

There were no major economic reports released today, but a busy rest of the economic week starts off tomorrow at 8:30AM EST with Import and Export Prices for June and the Trade Balance for May expected at -$57.0 billion.  At 2PM is the Treasury Budget for June expected at $28.0 billion.

Oil prices rose today after falling the past 3 sessions.  Speculation over more damage than originally thought caused by hurricane Dennis (especially at BP’s Thunder Horse deepwater oil rig), speculation over future tropical storms or hurricanes, and speculation over inventory data due out tomorrow resulted in oil trading higher the entire day.  Oil traded over $61 at one point before dropping off a bit and ending with a gain of $1.70 to $60.62.

Treasuries fell for the 3^rd session in a row as yields rose on increased economic growth forecasts and expectations that the fed will continue to raise interest rates.

The Dow, Nasdaq, and S&P traded mixed but mostly lower this morning before moving higher at about 2PM EST, but then falling off to end mixed and near unchanged.  The Nasdaq made new 6 month highs as the S&P continues to trade just points away from 4 year highs.

Among the big names making news in the market today were P&G and Gillette, Cytodyne Technologies and Ephedra, Royal Dutch/Schell, Colgate-Palmolive, TD Banknorth and Hudson, Ameritrade, Levi Strauss, Intel, PepsiCo, and Enron.

The U.S. dollar index again traded markedly lower today ahead of the release of reports on the twin deficits tomorrow.  The euro index had its biggest 2 day gain in 18 months. 

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

Gold traded mostly nicely higher in Asia and London, but began falling off in late London and early New York trade.  Gold made new lows for the day in afternoon New York trade before a bounce upward in the last minutes of trade gave it a small gain on the day of $0.70 to $425.90.  Silver also traded nicely higher in Asian and London before falling off in late New York trade and ending with a loss of $0.02 to $7.02.  Silver had traded as high as $7.14.

Gold and silver equities traded slightly higher this morning before falling off to find small losses in early afternoon trade, but all three indices then rallied back to near unchanged and ended the day mixed.

More Precious Metals Analysis:

“The gold market really under performed in the wake of the severe Dollar slide and in the wake of gains in the silver and platinum. We are really disappointed in the action in Gold especially with the market anticipating an unsettling US Trade Balance report on Wednesday morning. It is possible that the recession talk surfacing off the recent rise in oil prices was serving to discourage recent longs in gold and silver and so far the rise in the Euro doesn’t seem to be fostering any long interest into gold. In short, the metals are not tracking tightly with the expected fundamentals and that shows a diffusion of sentiment.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Anglo American’s pre-negotiated Chile contracts, Desert Sun’s conference call update, Miramar’s resumed step-out drilling at their Madrid deposit, Bema Gold’s Kupol drill results, Newmont’s pollution case in Indonesia, Placer Dome’s strike end at Zaldivar, Sino Silver’s confirmed high grade silver at Liangdi, and Silver Standard’s completed drilling at Berenguela 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, 12 July 2005 | Digg This Article

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