-- Posted Tuesday, 26 July 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

Consumer Confidence for July came in less than the expected 106.2 at 103.2, falling from a 3 year high of 106.2 in June.  Concerns over job prospects and record high gas prices have dampened the overall view of the economy.

Tomorrow at 8:30AM EST brings Durable Goods Orders for June expected at -1.0%.  At 10AM are New Home Sales for June expected at 1,300,000.  At 2PM is the Fed’s Beige Book.

Oil started off lower this morning, but quickly moved higher on strong demand ahead of tomorrow’s inventory report, ending the day with a gain of $0.20 to $59.20.  Expectations are for a draw down in crude inventories of 2.3 million barrels, a draw down in gasoline inventories of 800,000 barrels, and a build in distillates by 1.7 million barrels.

Treasuries accomplished small gains as Consumer Confidence came in below expectations and more talk came from China that further Yuan revaluation may not be coming anytime soon.

The Dow traded mostly slightly lower while the Nasdaq and S&P traded mostly slightly higher today as investors digested a slew of earnings and guidance reports.

Among the big names making news in the market today were Amazon, GM, Cox, 7-Eleven, Lexmark, McGraw-Hill, Black & Decker, BP, ImClone, Burlington northern, International Paper, Starwood, Lockheed, Verizon, DuPont, and CNOOC and Unocal.

The U.S. dollar index continues its rebound following any losses seen due to Yuan revaluation.  The index is now higher than levels prior to revaluation as calls from China claim future revaluations will be slow to come, if at all.  The dollar made new 2 week highs, the euro fell to 2 week lows, and the yen fell to 1 week lows.

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

Gold traded slightly higher in ACCESS trade late yesterday before moving slightly lower in Asia, and then extending its losses in London and early New York trade before a rebound following the release of economically disappointing Consumer Confidence data at 10AM EST.  That rebound was short-lived, however, as gold made news lows by the afternoon and ended with a loss of $2.40 to $422.90.  Silver traded slightly lower in Asia before also extending its losses in London, and then falling further in later New York trade to end with a loss of $0.12 to $6.98.

Gold and silver equities fell a little over 1% in early trade and remained near those levels for the rest of the session.

More Precious Metals Analysis:

“The gold market certainly deserved to give back some of the gains garnered last week off the initial Chinese currency change as the Bank of China seemed to suggest that further appreciation in their currency would not be forth coming in the near term. Therefore, it is not surprising that both gold and silver saw early selling, especially since the Dollar was strong and US economic reports were somewhat softer than expected. We also think that gold and silver will continue to look to action in platinum and copper for direction and that also explains the early selling on Tuesday morning.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Western Silver’s feasibility study update and Meridian Gold’s 2^nd quarter results 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, 26 July 2005 | Digg This Article

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