-- Posted Monday, 15 August 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

The New York Empire State Index for August came in higher than the expected 20.0 at 23.0, but less than July’s mark of 23.9.  A reading above zero indicates expansion in the manufacturing sector in the New York area.

Treasury International Capital (TIC) flows came in higher than the expected $65 billion and totaled $71.2 billion in June, more than covering the 3^rd largest Trade Deficit of $58.8 billion announced last Friday.  May’s flows were revised down from $60 billion to $55.8 billion.  Foreign buying of US corporate bonds rose to a record high while “purchases of U.S. Treasury bonds and notes dipped to $7.92 billion in June from $27.58 billion in May, the lowest amount of foreign buying since September 2003.”

The Congressional Budget Office (CBO) now estimates the Budget Deficit at $331 billion, down from their previous forecast of $368 billion, mostly due to revenues from tax receipts coming in higher than expected.  The Budget Deficit was a record high $412 billion last year.

Tomorrow at 8:30AM EST brings Building Permits for July expected at 2,104,000, Housing Starts for July expected at 2,025,000, CPI for July expected at 0.4%, and Core CPI for July expected at 0.2%.  At 9:15AM is Capacity Utilization for July expected at 80.3% and Industrial Production for July expected at 0.5%.

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Oil traded modestly lower this morning and then dropped further in early afternoon trade before rebounding a bit, but still ended lower by $0.59 to $66.27 on profit taking and easing refinery concerns.

Treasuries fell this morning on a higher than expected New York Empire State Index, remained lower following the release of TIC data, and lingered near their lows for the rest of trade, but losses were minimal.

The Dow, Nasdaq, and S&P started off the day modestly lower, but then gained in early afternoon trade as oil fell and all three indices ended near their highs of the day.

Among the big names making news in the market today were Delta, MCI and Verizon, Merrill Lynch, Time Warner, Qwest, Sysco, Agilent, Lowe’s, Reliant, Carrefour, and Philips.

The U.S. dollar index found gains overnight and extended those gains following the release of TIC data that more than covered July’s Trade Deficit.  The euro index fell from 2 month highs.  The yen made new 6 week highs.

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

Gold traded mostly lower in Asia and London and after cutting its losses somewhat by the New York open, gold soon fell off again to make new lows and fall from the 8 month closing high made last Friday.  Gold ended the session lower by $3.20 to $442.30.  Silver traded mixed and near unchanged in Asia and London before also dropping off in New York and ending the session with a loss of $0.12 to $6.93.

Platinum fell from its 15 month highs, losing $18 to $903 while copper made a new record high, gaining $0.0335 to $1.771.  The CRB index fell from 24 year highs and lost 4.05 points to 318.91.

Gold and silver equities traded between 1 and 1.5% lower for most of trade and ended the session with a small rally that brought the indices off their lows.

More Precious Metals Analysis:

“The gold market was technically overbought and vulnerable which means that the end of the South African strike and a higher US Dollar really turned up the heat on the bull camp. In fact, with the latest COT report showing the specs to be holding a moderately overdone long positioning the market was justified in breaking down in the wake of the fundamental reversal. If the US stock market senses upcoming weakness in oil prices and the outlook for the US equity market improves that could facilitate additional gains in the Dollar, which in turn could keep light selling pressure on both silver and gold. On the other hand, weakness in oil prices has been a fleeting development and that could make it difficult for the Dollar to rise persistently in the days ahead.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Goldcorp’s earnings, Miramar’s 2^nd quarter financial results, and plenty of news from the Junior Mining & Exploration Stocks 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 Monday, 15 August 2005 | Digg This Article

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