-- Posted Monday, 8 August 2005 | Digg This Article
Market Analysis from CapitalUpdates.com:
There were no major economic reports released today, though there is plenty coming tomorrow to start off a busy rest of the week. At 8:30AM EST is the preliminary reading for 2nd quarter Productivity expected at 2.0%. At 10AM are Wholesale Inventories for June expected at 0.4%.
At 2:15 is the FOMC policy announcement where an interest rate hike of 0.25% to 3.5% is all but certain, and a statement concerning future action is also due. There is speculation from many on just about every position regarding future policy, but it is likely that the “measured pace” of interest rate hikes will continue as recent economic data has shown a strong economy and rising inflation.
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Oil rose to new record highs on fears over attacks in Saudi Arabia and on continuing refinery concerns. Oil hit a new intraday record high of $63.99 before falling back a bit, but still ending at a new closing record high of $63.94 with a gain of $1.63.
Treasuries fell as the yield on the 10-year rose to near 4 month highs ahead of tomorrow’s fed meeting that is expected to raise short term rates to 3.5%.
Treasuries | Close | Gain/Loss |
10-Year Note Yield | 4.419% | +0.027 |
September 2005 Bond | 113 30/32 | -8/32 |
The Dow, Nasdaq, and S&P started today’s session higher, but steadily fell lower from there as record high oil and higher interest rates dampened investor spirits.
Index | Close | Gain/Loss |
Dow | 10536.93 | -0.20% |
Nasdaq | 2164.39 | -0.62% |
S&P | 1223.13 | -0.27% |
Among the big names making news in the market today were Nokia, Kerr-McGee, Whirlpool, Nasdaq, Visteon, Delphi, E-Trade, Nortel Networks, and Dynegy.
The U.S. dollar index traded near unchanged ahead of tomorrow’s fed meeting.
Currency | Close | Gain/Loss |
U.S. Dollar Index | 87.98 | -0.05 |
Euro Index | 123.61 | +0.24 |
Yen | 89.26 | +0.08 |
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 5,901,101 | - |
Silver Warehouse Stocks: | 111,268,569 | - |
Gold and silver traded mixed and near unchanged for most of trade in Asia and London before moving lower in New York despite the official start to a strike in South Africa and a slightly lower dollar. Gold lost $2.30 to $434.30 and silver lost $0.14 to $6.97.
Gold and silver equities held higher in morning trade, but fell off throughout the afternoon and ended near their lows.
Index | Close | Gain/Loss |
XAU | 94.04 | -0.87% |
HUI | 203.00 | -1.41% |
GDM | 660.34 | -1.09% |
More Precious Metals Analysis:
“While the Dollar initially rose and started gold off on a partially negative track, the Dollar eventually weakened and settled down without providing gold any benefit. With platinum, silver and copper all lower and the world fretting over high oil prices and potential terrorism concerns, it is possible that a slightly negative macro economic tilt undermine sentiment toward the precious metals. Profit taking pressured October platinum back to support at 900, but with 100,000 South African miners on strike, market action will be volatile with pullbacks short lived until the strike issue is resolved. At least one mine is holding negotiations with workers, but no resolution yet.” - The Hightower Report, Futures Analysis and Forecasting
Gold & Silver Stock News Update from GoldReview.com:
A start to the strike in South Africa that has 100,000 gold miners off the job, Meridian Gold’s agreement to explore property in the Alhue district, MK Resources declared dividend in connection with its proposed merger with a subsidiary of Leucadia National, Northern Dynasty’s extension of expiry date for share purchase warrants, Metallica Resources’ optioned properties from Full Metal Minerals, Cambior’s completed Camp Caiman Feasibility study, Placer Dome’s strike at its South Deep Mine, and earnings from Harmony Gold, Nevsun Resources, and Stillwater Mining were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ENDEAVOUR | EDR.V +5.85% $2.17 |
2. Crystallex | KRY +5.52% $3.06 |
3. MK Resources | MKRR.OB +4.17% $1.25 |
LOSERS
1. Cambior | CBJ -13.11% $2.12 |
2. Eldorado Gold | EGO -5.14% $2.77 |
3. Nevsun Res. | NSU -5.06% $1.69 |
Note: Winners & Losers Will No Longer Track Stocks Under $1.
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- 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.
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© Gold Seeker 2005
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-- Posted Monday, 8 August 2005 | Digg This Article
Gold Seeker Closing Report – Oil Sets Another Record High
