-- Posted Monday, 22 August 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

There were no major economic reports today.  Tomorrow at 10AM EST brings Existing Home Sales for July expected at 7.25 million.

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Oil traded mostly higher in early trade, but fell off by the close to gain just $0.10 to $65.45 as traders weighed the effects of disrupted Iraqi exports versus positive developments in Ecuador.

Treasuries fell on expectations of higher interest rates due to relatively strong economic growth recently, but losses were limited and pared by the end of trade.

The Dow, Nasdaq, and S&P traded nicely higher this morning, but on light volume.  All three indices quickly fell off in late morning/early afternoon trade and remained mixed and near unchanged in later afternoon trade, but did end with some small gains off of their lows.

Among the big names making news in the market today were Bristol-Myers, Whirlpool and Maytag, Merck, OSI and Eyetech, Heinz, Nordstrom, Glaxo, CNPC and PetroKazakhstan, Ripplewood and Maytag, Northwest Airlines, Merck, Exxon, Dell, and Pfizer.

The U.S. dollar index fell off overnight and remained near its lows in US trade as the yen strengthened across the board and rose to near 7 week highs.

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

Gold traded slightly lower in Asia before steadily rising in London and climbing above $440 by the New York open.  Gold gave up some gains then rallied once more before finding renewed selling pressures.  At the close, gold still finished the day higher with a gain of $1 to $437.80.  Silver traded mostly slightly lower in Asia and London before rising in late London and early New York trade and retaining most of its gains into the close to end with a gain of $0.05 to $7.02.

Gold and silver equities traded nearly 2% higher before falling off with gold heading into the afternoon, with all three indices remaining mixed and near unchanged from there to end with slight losses.

More Precious Metals Analysis:

“The metals market were all higher on Monday morning and those gains looked to be coming almost exclusively from a weaker than expected Dollar. While the Treasury market was concerned about inflation, we doubt that the metals markets were actually benefiting from the inflation expectation. On the other hand, the Dollar was down definitively enough to hint at a reversal of the recent uptrend in the Greenback and that could prompt speculative buying in all the metals. Gold Fields suggested that they would see a decline in September gold production and that could have been another reason behind the strength in gold.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Glamis Gold’s gold mine in Guatemala, Iamgold’s new vice president of operations, Goldcorp’s accelerated funding to earn 50% interest at Pele Mountain’s festival diamond project, Canyon Resources work on a uranium project, Placer Dome’s exploration agreement with Bravo Venture, Rio Narcea’s development of the Tasiast gold project, and Randgold’s filed registration statement for a proposed public offering were among the big stories in the gold and silver mining industry making headlines today.

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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.

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/.

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-- Posted Monday, 22 August 2005 | Digg This Article

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