-- Posted Thursday, 25 August 2005 | Digg This Article
Market Analysis from CapitalUpdates.com:
Initial Jobless Claims for 8/20 came in as expected at 315,000. Last week’s claims were revised up from 316,000 to 319,000. This marks the 24th straight week that the prior week’s numbers were revised up, though revisions have not been more than 6,000 and the weekly report is relatively insignificant.
The Help-Wanted Advertising Index for July came in higher than the expected 38 at 39, indicating the volume of want-ads is increasing in the nations newspapers.
Tomorrow at 9:45AM EST brings the revised figure for August Michigan Sentiment expected at 92.5.
The Kansas City Federal Reserve Bank is currently hosting its economic symposium in Jackson Hole, Wyoming. Greenspan will be speaking at 10AM EST tomorrow about “Reflections on Central Banking.” It is unlikely that any market moving news will come from the speech, though most will be hanging on his every word anyway.
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Oil touched $68 in overnight trading before falling off as forecasts called for tropical storm Katrina to miss oil rigs in the gulf. Oil traded mostly slightly lower this morning, but edged up to find small gains in the afternoon to make a new record closing high at $67.49 with a gain of $0.17.
Treasuries started off weaker “after Federal Reserve Bank of Chicago President Michael Moskow said the central bank needs to keep increasing interest rates to fight inflation,” but losses soon turned to gains as the yield on the 10-year fell to a new 6 week low.
Treasuries | Close | Gain/Loss |
10-Year Note Yield | 4.16% | -0.019 |
September 2005 Bond | 117 1/32 | +14/32 |
The Dow, Nasdaq, and S&P traded mostly slightly higher on very light volume, rebounding a bit from the 6 week lows hit yesterday.
Index | Close | Gain/Loss |
Dow | 10450.63 | +0.15% |
Nasdaq | 2134.37 | +0.26% |
S&P | 1212.37 | +0.23% |
Among the big names making news in the market today were several drug makers being sued by California, HealthSouth, Hormel Foods, Six Flags, Toll Brothers, Bayou Securities, KPMG, GM, Johnson & Johnson, and Kodak.
The dollar fell against the yen “after a government report showed Japan's trade surplus shrank less than economists expected and exports climbed to the second-highest on record.” The dollar also fell against the euro as record high oil dampens sentiment about the strength of the U.S. economy.
Currency | Close | Gain/Loss |
U.S. Dollar Index | 87.69 | -0.19 |
Euro Index | 123.11 | +0.35 |
Yen | 91.00 | +0.48 |
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 5,951,048 | - |
Silver Warehouse Stocks: | 110,677,493 | - |
Gold traded nicely higher in Asia and London, climbing up near $440 again before once again selling off from there. Gold meandered lower in New York trade, but still ended higher by $1 to $437.90. Silver also traded nicely higher in Asia and London before once again falling in New York, dropping to as low as $6.75 before a rebound that led to a close of $6.80 with a loss of $0.08, a new 6 and ½ month low. It was back on February 10th that silver rocketed higher from February 9th’s close of $6.56 to $6.94.
Gold and silver equities traded modestly higher throughout trade, closing at about the middle of their ranges.
Index | Close | Gain/Loss |
XAU | 94.26 | +0.69% |
HUI | 201.29 | +0.56% |
GDM | 654.98 | +0.51% |
More Precious Metals Analysis:
“Early in the session gold was higher and the rest of the metals markets were lower, but into the close the gold gave up the gains. While the Dollar was weaker early, it did manage a slight bounce later in the session and that could have undermined the gold market. With the copper market climbing back into positive territory late in the session, it is possible that the negative bias toward silver mitigated slightly. In the end, the metals seem to be favoring the deflationary impact off high oil prices instead of the inflationary or flight to quality track.” - The Hightower Report, Futures Analysis and Forecasting
Gold & Silver Stock News Update from GoldReview.com:
DRDGold’s “tough year,” Newmont’s case in Indonesia, Randgold’s CEO resignation, and Endeavour’s re-iterated Santa Cruz resource estimate were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOY +4.19% $1.02 |
2. Iamgold | IAG +2.34% $7.00 |
3. Bema Gold | BGO +2.22% $2.30 |
LOSERS
1. Metallica | MRB -7.52% $1.23 |
2. Nevsun Res. | NSU -7.06% $1.58 |
3. Aurizon | AZK -4.59% $1.04 |
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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-- Posted Thursday, 25 August 2005 | Digg This Article
Gold Seeker Closing Report – Oil Makes A New Record High, Again
