-- Posted Tuesday, 23 August 2005 | Digg This Article
Market Analysis from CapitalUpdates.com:
Existing Home Sales for July came in less than the expected 7.25 million and fell 2.6% to 7.16 million units. This marks the third highest on record as sales are still up around 5% from this time last year. “The national median home price rose to $218,000, up 14.1 percent from a year ago... The inventory of homes available for sale jumped 2.6 percent to 2.751 million existing homes -- the highest level since May 1988.”
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Tomorrow at 8:30AM EST brings Durable Goods Orders for July expected at -1.5%. At 10AM are New Home Sales for July expected at 1,328,000.
The September contract for oil closed out at $65.45 yesterday. The October contract opened at $65.65 today and traded mixed and near unchanged throughout the session as traders contemplated the resumption of some Iraqi oil exports and basic supply/demand fundamentals. Oil ended higher by $0.06 to $65.71.
Treasuries gained on the economically disappointing Existing Home Sales report, pushing the yield on the 10-year to the lowest in a month. The yield curve continues to flatten and the spread between the 2 and 10-year note is now at only about 20 basis points.
Treasuries | Close | Gain/Loss |
10-Year Note Yield | 4.187% | -0.032 |
September 2005 Bond | 116 17/32 | +9/32 |
The Dow, Nasdaq, and S&P started off briefly higher, but then began to fall off as Existing Home Sales came in less than expected. All 3 indices rebounded in early afternoon trade, but still ended the session lower.
Index | Close | Gain/Loss |
Dow | 10519.58 | -0.48% |
Nasdaq | 2137.25 | -0.19% |
S&P | 1217.59 | -0.34% |
Among the big names making news in the market today were Intel and RIM, Cargill, the SEC and Kmart, GM and Ford, Harrah’s and Imperial Palace, Yahoo and Verizon, Brown Shoe, Wachovia, Motorola, Citigroup, KPMG, Pier 1, Williams-Sonoma, Citigroup, and GE.
The U.S. dollar index traded near unchanged, but mostly slightly lower after the euro got a slight boost overnight from strong German investor confidence data.
Currency | Close | Gain/Loss |
U.S. Dollar Index | 88.11 | UNCH |
Euro Index | 122.35 | +0.07 |
Yen | 91.07 | -0.04 |
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 5,901,735 | - |
Silver Warehouse Stocks: | 110,632,096 | - |
Gold traded nicely higher in Asia and again climbed back above $440 in London before again falling off in New York and ending off its highs with a gain of $1.20 to $439.00. Silver also traded higher in Asia and London before falling off throughout New York trade and ending with a loss of $0.09 to $6.93.
Gold and silver equities started off about 1% higher, but steadily fell off throughout trade to end near their lows with slight losses.
Index | Close | Gain/Loss |
XAU | 95.63 | -0.60% |
HUI | 205.28 | -1.37% |
GDM | 666.00 | -1.01% |
More Precious Metals Analysis:
“Gold and silver showed divergent action for most of the session, with the silver market coming under intense liquidation just ahead of the close. The Dollar action was almost without direction and that seemed to leave the gold market out of the selling loop. Silver on the other hand came under pressure off the slide in equity prices and the news that Peru silver production rose 6.6%. However, the gold market managed to discount the news that Peru gold production increased by 21% and that really brought home the fundamental divergence between gold and silver.” - The Hightower Report, Futures Analysis and Forecasting
Gold & Silver Stock News Update from GoldReview.com:
A new wage deal signed between gold producers and unions in South Africa, Aurizon’s awarded financing mandate for their Casa Berardi project, Barrick’s plan to mine a massive gold deposit on the Argentine border, Newmont’s and Barrick’s efforts to cut fuel costs, and Freeport McMoRan’s Indonesian unit were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. SILVERCORP | SVM.V +4.13% $3.78 |
2. BANRO | BAA +1.07% $5.70 |
3. Richmont | RIC +1.92% $4.25 |
LOSERS
1. Sterling Mining | SRLM.PK -8.62% $2..40 |
2. Coeur D'Alene | CDE -7.22% $3.60 |
3. IMA Exp. | IMR -6.25% $2. |
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.
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
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-- Posted Tuesday, 23 August 2005 | Digg This Article
Gold Seeker Closing Report – Gold Ends Off Its Highs, Again
