Market Analysis from CapitalUpdates.com:

Oil rose Friday after attempted rocket attacks on U.S. ships in Jordan, a fire at a refining complex in Venezuela, and production disruptions in Ecuador.  Oil gained $2.08 to $65.35 on Friday, but is lower on the week by 2.26%.

Treasuries traded slightly lower on profit taking in thin volume for most of trade Friday, but ended near unchanged with a slight gain.  For the week, the yield is lower by 0.64% and the bond is higher by 0.24%.

The Dow, Nasdaq, and S&P traded nicely higher Friday morning before steadily falling off in afternoon trade and ending near unchanged.  For the week, the Dow is lower by 0.39%, the Nasdaq is lower by 0.99%, and the S&P is lower by 0.87%.

Among the big names making news in the market Friday were Merck and Vioxx, Beverly Enterprises, Dillard’s, Northwest, Disney, Hollinger, Morgan Stanley, Ann Taylor, and Delta.

The U.S. dollar index traded mixed and near unchanged in thin trade, ending with a small gain to extend its 2 week highs.  The euro fell to 3 week lows.  For the week, the dollar is higher by 1.87%, the euro is lower by 2.2%, and the yen is lower by 0.93%.

This week’s economic reports:

Next week starts off economically on Tuesday with Existing Home Sales.  Wednesday brings Durable Goods Orders and New Home Sales, Thursday brings Initial Jobless Claims and the Help-Wanted Index, and Friday brings Michigan Sentiment.

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

COT Gold Report - August 19, 2005

COT Silver Report - August 19, 2005

Gold traded slightly lower in Asian and early London trade before rising to find small gains in late London trade, but gold then fell throughout New York trade and ended with a loss of $2.60 to $436.80.  Silver traded mixed and near unchanged throughout trade in Asia, London, and New York and ended higher by $0.01 to $6.97.  For the week, gold is lower by $8.70 or 1.95% and silver is lower by $0.08 or 1.13%.

Gold and silver equities traded mostly slightly higher and ended with minor gains Friday.  For the week, the XAU is lower by 3.74%, the HUI is lower by 3.93%, and the GDM is lower by 3.78%.

More Precious Metals Analysis:

“With the gold and silver showing early weakness on Friday morning and the Dollar not really showing a definitive direction it is clear that gold is under pressure even without a rising Dollar. We continue to get the sense that the metals are being confronted with sagging physical demand fears and gold in particular might be hindered by a mostly overbought fund and small spec positioning. With the typically strong copper market recently fretting over the threat against physical demand it is not surprising that gold and silver were mostly sloppy to lower throughout the session. In retrospect, gold players are discouraged that higher energy prices aren't providing much in the way of flight to quality trading interest.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

The rising costs of gold mining, Barrick’s increased output estimate at Lagunas, Kinross’ update on their late financial statement filing, Newmont’s urging to have their pollution case dismissed, and Sterling Mining’s property acquisition were among the big stories in the gold and silver mining industry making headlines Friday.

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- Written by Chris Mullen

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