-- Posted Wednesday, 3 August 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

ISM Services for July came in lower than the expected 61.0 at 60.5 and fell from 62.2 in June, but still remained near the all-time high of 66.9 in April.

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/30 expected at 315,000, though most will be planning ahead for July jobs data released on Friday.

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Oil traded at new record intraday highs ahead of this morning’s inventory report that saw crude inventories build 200,000 barrels, gasoline inventories fall 4 million barrels, and distillate inventories build 1.5 million barrels.  Crude inventories built instead of the expected draw down of about 1 million barrels, but gasoline inventories fell much more than expected as distillate inventories came in about as expected, making for a mixed report.  After hitting a new record intraday high of $62.50 on world supply worries before the report, oil fell soon after the report to find its first losses on the day.  Oil continued its losses from there and ended near its lows of the day, losing $1.03 to $60.86.

Treasuries gained today as there was no strong economic data to hold bonds down, as it has for the past few sessions.  The 10-year note yield fell from 3 and ½ month highs.  The treasury officially announced the return of the 30-year bond today, “a move that would help finance the national debt and should hold appeal for investors looking for a safe, longer-term investment option in their portfolios.  The Treasury Department said the first auction of the 30-year bond will take place in the first quarter of 2006, with auctions held twice a year.”

The Dow, Nasdaq, and S&P were held lower this morning on record high oil, but all three indices worked their way up to trade mixed and near unchanged by early afternoon and ended the day mixed.  The Nasdaq fell from 4 year highs as the S&P made new 4 year highs. 

Among the big names making news in the market today were Time Warner, Liberty Media, GMAC, Rupert Murdoch, BMW, Duke Energy, Toyota, Cigna, Adidas and Reebok, CVS, and Rim.

The U.S. dollar index fell to 6 week lows as the euro index rose to 2 month highs.  Technical breakouts ahead of the jobs report on Friday dominated talk among traders today.

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

Gold and silver traded mixed and near unchanged in choppy trade in Asia before moving higher in London and then making new highs in New York, with both metals ending near their highs of the day.  Gold gained $4.80 to $436.20, a new 1 month high, and silver gained $0.04 to $7.26, matching a 5 week high.

Copper extended its all-time highs, today closing at $1.709 for August delivery.  Platinum also gained and reached its highest since April 2004, gaining $11 to $916.

Gold and silver equities gained strongly throughout the day and broke above important technical levels.  For the first time in over 4 months (since March 22^nd), the XAU broke above 96, the HUI broke above 210, and the GDM broke above 675.  All three indices also surged above their 200 day moving averages to close at over 4 month highs.

More Precious Metals Analysis:

“The entire precious metals complex rose in sync and that can sometimes highlight growing broad based long interest. Certainly a sharply lower US Dollar rekindles the interest in the gold market and with gold, copper and platinum all benefiting from the threat of strikes there is an additional supportive issue beyond the typical Dollar focus. The South African mine workers could go on strike next week and the platinum market is already registering the potential ramification by its rise to $918 an ounce. With the gains in gold it is also possible that longer term technical buying was brought into play.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

More news about the potential nation-wide strike in South Africa set to begin this Sunday, Minefinders’ planning moving forward on the Dolores gold and silver project, Placer Dome’s “shrug off” of the loss of their CFO, Randgold’s update on the Loulo mine in Mali, Canyon Resource’s new CEO, Centerra Gold’s resumption of operations at their Kumtor mine, Agnico-Eagle’s registration statement declared effective by the SEC, Goldcorp’s dividend, and Hecla’s 2^nd quarter 2005 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 Wednesday, 3 August 2005 | Digg This Article

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