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-- Posted Thursday, 4 August 2005 | Digg This Article
Market Analysis from CapitalUpdates.com: Initial Jobless Claims for 7/30 came in less than the expected 315,000 and dropped 1,000 from last week’s upwardly revised number (by 3,000) to 312,000. Fewer layoffs in the auto sector were a likely cause. Somewhat disappointing Retail Sales were also reported by several companies, but the official economic report does not come out until next Thursday. Trade in most aspects of the markets was pretty calm today as traders prepared for July jobs data due out tomorrow at 8:30AM EST. Nonfarm Payrolls are expected at 180,000, the Unemployment Rate is expected at 5.0%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 33.7. At 3PM is Consumer Credit for June expected at $6.0 billion. Keep in mind that closely watched Nonfarm Payrolls report typically comes in well off forecasts, so don’t be surprised to see a number far from the “consensus forecast” of about 180,000. ADVERTISEMENT Gold stocks have gained as much as 500% in the last four years. The price of gold itself is up over 75% from its lows in 1999. And gold coins are up 80% since 2000.
The good news is that the gold boom is NOT over. In fact, the 21st Century Gold Rush is just beginning. And while the vast majority of investors stumble about, happy to take double-digit gains, the most savvy investors know returns from 300% to 500%, or more, can be had.
- Click here to find out more! - Oil traded modestly higher throughout the day on continued world supply worries, closing higher by $0.52 to $61.38. Treasuries were quiet ahead of tomorrow’s jobs report, falling slightly on concerns of future higher interest rates. Treasuries | Close | Gain/Loss | 10-Year Note Yield | 4.319% | +0.019 | September 2005 Bond | 114 29/32 | -8/32 |
The Dow, Nasdaq, and S&P fell throughout the day on higher oil, higher interest rates, poor retail sales reports, and profit taking from the recent rally. All three indices ended near their lows of the day. Index | Close | Gain/Loss | Dow | 10610.10 | -0.82% | Nasdaq | 2191.32 | -1.15% | S&P | 1235.86 | -0.74% |
Among the big names making news in the market today were Exxon Mobil, Caremark, DirecTV, Harrah’s, Shell, Honda, Wal-Mart, Warner Music, Gillette, and Sara Lee. The ECB held rates steady in Europe, acting as expected with a recently firm economy. The dollar extended its six weeks lows and the euro index extended its two month highs. Currency | Close | Gain/Loss | U.S. Dollar Index | 87.70 | -0.25 | Euro Index | 123.82 | +0.48 | Yen | 89.92 | -0.13 |
Gold & Silver Report from GoldSeek.com & SilverSeek.com: Gold Warehouse Stocks: | 5,901,198 | +193,301 | Silver Warehouse Stocks: | 110,067,266 | - |
Gold traded mixed and near unchanged in Asia and London before rising nicely in morning New York trade and retaining most of its gains in afternoon trade, ending the session higher by $1.20 to $437.40, a new one month high. Silver traded mixed and near unchanged in Asia before falling in London and early New York trade to as low as $7.14 before rebounding in later New York trade, but still ending the session with a loss of $0.05 to $7.21. Gold and silver equities traded mostly modestly higher in morning trade before falling off slightly in afternoon trade and ending near their lows of the day with minor losses. Index | Close | Gain/Loss | XAU | 95.77 | -0.17% | HUI | 209.01 | -0.62% | GDM | 674.53 | -0.31% |
More Precious Metals Analysis: “With oil prices set to stay above $60 a barrel and looking strong, with the interest rate differential between the $ and the Euro favoring the $ having no effect whatsoever, with a major nation announcing they want to lower the percentage of $ in their Foreign exchange reserves, gold held steady to strong at €354 and rose in $ to $437, starting the 'gold season' early, but for good reason. At last the shares are seeing the light for gold and are running! But this is not simply a 'gold season', for the rest of the year and part of next; this is the start of the next leg of the Gold Bull Market! So we do not think this is just a flash in the pan as reports commissioned by the Energy Department show oil supplies peaking [leaving the oil price in the hands of thirsty buyers]. Gold is also in short supply until the end of September, if the signatories to the Central Bank Gold Agreement keep their word. After a period in which gold shares appear to have been re-rated lower, in line with equity rating across the board and with some of gold investors investments moving into ETF's, investors ensured the strength of gold spilled over into gold shares too, with share indices breaking through heavy overhead resistance to run forward. These moves are unlikely to stop in the short-term, as gold itself is headed higher. Remember our comments that shares in weak currencies and with a greater sensitivity to the gold price are the ones to go for initially, as we indicate in the latest issue. We have our own recommendations on Gold and the shares in the States and in the other main global gold markets, which we are showing in the latest issue of the "Global Watch - The Gold Forecaster", so now is the time to subscribe.” – Julian Philips, Global Watch - The Gold Forecaster
“For a change the gold market was higher for most of the day and the rest of the precious metals and copper were lower. In other words, the influence of a lower Dollar seemed to help gold, while overbought concerns and macro economic concerns seemed to undermine the silver and platinum markets. With oil prices soaring and equity prices falling it was clear that physical demand concerns were having an impact on some metals players. Gold Fields CEO indicated that his company will try to avoid a strike but with the company posting good earnings and flat prices of gold firming into the negotiations, it is possible that workers push for big wage gains. - The Hightower Report, Futures Analysis and Forecasting Gold & Silver Stock News Update from GoldReview.com: Earnings from Golden Star, Gold Fields, Glamis Gold, Eldorado Gold, and Anglo American, Gold Reserve’s filed application for the Brisas environmental permit, Rio Narcea’s comments on a press report concerning their Salave project, Newmont’s preparations for their pollution trial, Randgold’s planned public offering, Agnico-Eagle’s joint venture with Lincoln Gold, and Esperanza Silver’s discovery at San Luis were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Cumberland | CLG +3.76% $1.38 | 2. Iamgold | IAG +3.19% $7.12 | 3. Miramar | MNG +2.5% $1.23 |
LOSERS 1. Hecla Mining | HL -7.92% $4.07 | 2. RANDGOLD | RANGE -5.71% $1.32 | 3. Western Silver | WTZ -4.84% $8.85 |
Note: Winners & Losers Will No Longer Track Stocks Under $1. Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here. Do you have questions, comments, or suggestions about this report? Email Chris Mullen at cm@goldseek.com. - Written by Chris Mullen The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news. For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster. All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/. © Gold Seeker 2005 Note: The following article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. GoldSeek.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond GoldSeek.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. GoldSeek.com and employees associated with Gold Seek LLC do not trade the stocks mentioned in stock reports for one week prior to and one week following publication. The information presented in stock reports are not a specific buy or sell recommendation and is presented solely for informational purposes only. The author/publisher may or may not have a position in the securities and/or options relating thereto, & may make purchases and/or sales of these securities relating thereto from time to time in the open market or otherwise outside of the trading timeframe listed above. GoldSeek.com may have been compensated for their services in preparing and publishing this report. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted Thursday, 4 August 2005 | Digg This Article
Previous Articles by Chris Mullen, Gold Seeker
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Gold Seeker Closing Report – Gold Hits 5-Week Highs; Oil Near Record, Markets Await Payroll Data
