-- Posted Tuesday, 6 September 2005 | Digg This Article
Market Analysis from CapitalUpdates.com:
ISM Services for August came in higher than the expected 60.0 at 65.0. The reading indicates expansion despite recent high energy prices, though it also reflects a measurement of non-manufacturing business before the impacts of Hurricane Katrina.
Tomorrow at 8:30AM EST brings the revised figure for 2nd quarter Productivity expected at 2.1%. At 2PM is the release of the Fed’s Beige Book.
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Oil fell as U.S. refiners and producers recover from the impacts of Hurricane Katrina and nations around the world continue to supply the U.S. with oil and gasoline to ease shortages. Oil lost $1.61 to $65.96. Gasoline lost $0.1337 to $2.05.
Treasuries fell on lower oil prices and economically positive ISM Services data as yields rose due to expectations of further interest rate raises by the fed.
Treasuries | Close | Gain/Loss |
10-Year Note Yield | 4.085% | +0.056 |
September 2005 Bond | 117 16/32 | -19/32 |
The Dow, Nasdaq, and S&P rose on lower oil prices and economically positive ISM Services data. All three indices rose throughout the day and ended with impressive gains, though the rally came on modest volume.
Index | Close | Gain/Loss |
Dow | 10589.24 | +1.36% |
Nasdaq | 2166.86 | +1.20% |
S&P | 1233.39 | +1.26% |
Among the big names making news in the market today were BellSouth, Teva and Barr, Wal-Mart, Northwest, and MBIA.
The U.S. dollar index gained after a strong ISM Services report and rebounded from 3 month lows as traders debated future fed actions. The euro fell from 3 month highs and the yen made new 3 week highs.
Currency | Close | Gain/Loss |
U.S. Dollar Index | 86.61 | +0.34 |
Euro Index | 124.77 | -0.65 |
Yen | 91.28 | +0.15 |
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 6,003,704 | - |
Silver Warehouse Stocks: | 115,587,245 | - |
Gold traded nicely higher in overseas trade throughout Sunday night and Monday before dropping off early Tuesday morning in London trade, but gold soon rebounded to above $445 in early New York trade before falling back off a bit, but still ending the session with a gain of $0.80 to $443.60 to make a new 3 week high. Silver followed a similar pattern and gained $0.05 to $7.02 to make a new 2 week high.
Gold and silver equities started off briefly higher before falling off to find minor losses for the rest of trade.
Index | Close | Gain/Loss |
XAU | 98.50 | -0.52% |
HUI | 211.46 | -0.48% |
GDM | 686.78 | -0.43% |
More Precious Metals Analysis:
“The gold market held up well in the face of a strong Dollar and declining anxiety off the US hurricane situation. Surprisingly the silver market seemed to be the leadership market but it was also clear that a reversal in the copper market took some of the early bullish momentum away from gold and silver. Declining oil prices might have undermined sentiment slightly but in the end to see gold higher in the face of a 30-50 point rally in the Dollar suggests that the market is seeing its focus shift away from the currency markets.” - The Hightower Report, Futures Analysis and Forecasting
Gold & Silver Stock News Update from GoldReview.com:
Placer Dome’s continued exploration at the Keystone project in Nevada, Bema’s financing for a gold mine in Russia, Nevsun’s expanded management team, Newmont’s case in Indonesia, Bema’s Kupol project update, Metallica’s $10 million payment from Falconbridge, Harmony’s plans to not sell its Gold fields stake, Barrick’s plans to inaugurate its Veladero gold mine in Argentina on Oct. 11, and Silver Standard’s significantly increased silver resource estimate for the Berenguela project were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ENDEAVOUR | EDR.V +7.32% $2.20 |
2. IMA Exploration | IMR +3.42% $2.42 |
3. DRDGOLD | DROOY +2.73% $1.13 |
LOSERS
1. Randgold | RANGE -6.57% $1.28 |
2. Orezone | OZN -4.88% $1.56 |
3. Northgate | NXG -4.88% $1.17 |
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, 6 September 2005 | Digg This Article
Gold Seeker Closing Report – Major Indices Gain Over 1%
