Market Analysis from CapitalUpdates.com:

The revised figure for August Michigan Sentiment came in lower than the expected 92.5 at 89.1.  The first drop in 3 months was blamed on high energy costs.  It comes in below the initial August reading of 92.7 and well below July’s reading of 96.5.

Greenspan’s speech at the economic symposium in Jackson Hole, Wyoming hosted by the Kansas City Federal Reserve Bank showed the chairman’s concerns about low interest rates and perceived high liquidity.  He warned about the twin deficits and said that “the Federal Reserve is paying closer attention to the rising values of assets such as stocks and homes, as low interest rates encourage more risk-taking.”

Oil traded mixed and near unchanged on differing views about the impacts of hurricane Katrina for most of trade Friday, but a sell-off in the last minutes of trade caused oil to fall from its record highs and lose $1.36 to $66.13.  Oil is still higher on the week by $0.78.

Treasuries found losses following Greenspan’s speech as the yield on the 10-year rebounded from 6 week lows.  For the week, the bond is higher by 0.38% and the yield is lower by 0.52%.

The Dow, Nasdaq, and S&P started off Friday lower and continued to drop after the poor reading on Michigan consumer sentiment, but some losses were pared as oil fell off later in the day.  All 3 indices still fell to new 6 week lows.  For the week, the Dow is lower by 1.53%, the Nasdaq is lower by 0.69%, and the S&P is lower by 1.2%.

Among the big names making news in the market Friday were GM, Pixar, PetroKazakhstan, Merck, Goldman Sachs, MBNA, and DaimlerChrysler.

The U.S. dollar index traded modestly lower Friday morning amid rumors over further Yuan revaluation and concerns over the strength of the U.S. economy, though the index was able to find gains by the close of trade.  For the week, the dollar is lower by 0.82%, the euro is higher by 0.99%, and the yen is higher by 0.44%.

This week’s economic reports:

Next week brings a flurry of economic reports that start with Consumer Confidence and FOMC minutes on Tuesday, continues with GDP on Wednesday, sees Personal Income and Spending on Thursday, and ends with Nonfarm Payrolls on Friday.

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

COT Gold Report - August 26, 2005

COT Silver Report - August 26, 2005

Gold traded mixed and near unchanged in Asia and London before a brief spike downward in New York that brought it to as low as $435.20 before soon rebounding and trading slightly higher for most of the rest of trade, but then spiking lower once more in the last minutes of trade to end the session lower by $1.10 to $436.80.  Silver traded mostly slightly higher in Asia and London before falling throughout New York trade and making a new 6 and ½ month low with a loss of $0.13 to $6.67.  For the week, gold is unchanged while silver is lower by $.30 or 4.3%.

Gold and silver equities traded slightly higher for most of the day, but fell off in the last minutes of trade to end mixed and near unchanged.  For the week, the XAU is lower by 2.44%, the HUI is lower by 2.67%, and the GDM is lower by 2.55%.

More Precious Metals Analysis:

“December gold closed lower, but within its recent 445 to 440 price range, but the funds appear to be in a selling mode which could push prices below 440 support. A stronger Dollar helped to push sentiment negative Friday, although news wire did report that physical gold demand is running strong in the Middle East and Asia. With the funds holding a very large net long position in gold, the market has become susceptible to profit taking.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

DRDGold’s optimism and plenty of news from the junior mining and exploration stocks were among the big stories in the gold and silver mining industry making headlines Friday.

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