Market Analysis from CapitalUpdates.com:

Import Prices for August rose 1.3%, the most in 5 months, but they were unchanged when excluding oil.  Export Prices fell 0.1% whether agriculture is excluded or not.  The data shows tame inflation as long as oil is excluded, though the cost pressures from high oil could creep their way into other areas.

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Oil traded higher Friday morning before falling off in afternoon trade and ending the day with a loss of $0.41 to $64.08 as traders digested an energy department forecast and hurricane data.  Gasoline fell below $2 and lost $0.0758 to $1.9597.  For the week, oil is lower by $3.49 or 5.17% and gas is lower by $0.224 or 10.26%.

Treasuries gained as economic forecasts are reduced due to the affects of Hurricane Katrina and higher oil.  For the week, the yield is higher by 2.33% and the bond is lower by 1.01%.

The Dow, Nasdaq, and S&P rose throughout trade Friday as oil and gas prices declined and investors digested positive company outlooks.  For the week, the Dow is higher by 2.21%, the Nasdaq is higher by 1.61%, and the S&P is higher by 1.93%.  The S&P closed within 4 points of the 4 year closing high of 1245.04 made last August 3^rd.

Among the big names making news in the market Friday were Boeing, Merck and Vioxx, Northwest, Boeing, Continental Airlines, Ford, and Access and PalmSource.

The U.S. dollar index traded mostly slightly lower amid talks of possible future fed rate hikes and Yuan revaluation.  For the week, the dollar is higher by 0.67%, the euro is lower by 1.07%, and the yen is lower by 0.05%.

This week’s economic reports:

Next week starts off economically on Tuesday with PPI, the Trade Balance, and the Treasury Budget.  Wednesday brings Retail Sales, Thursday brings CPI, and Friday brings the Current Account.

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

COT Gold Report - September 9, 2005

COT Silver Report - September 9, 2005

Gold traded mostly slightly higher in Asia and London before adding to its gains in early New York trade and holding most of its advance into the close, ending higher by $2.90 to $448.50.  Gold gained for its 7^th straight session and made a new 9 month high.  It has not seen these levels since trading above $450 in early December 2004 when it set 16 year highs.  Gold now sits just $7.20 from reaching what would be a new 17 year closing high at $455.70 (gold last traded above $455 in June 1988).  Silver also traded slightly higher in Asia and London before adding to its gains in New York and ending the session near its highs with a gain of $0.06 to $7.00.  For the week, gold is higher by $5.70 or 1.29% and silver is higher by $0.03 or 0.43%.

Gold and silver equities rose throughout trade Friday morning and held onto most of those gains into the close.  All three indices made new 6 month highs and came within about 1-4% from breaking above to new 9 month highs.  For the week, the XAU is higher by 3.63%, the HUI is higher by 3.65%, and the GDM is higher by 4.21%.

More Precious Metals Analysis:

“The gold market was impressive again and in the process, the gold market managed to drag silver higher. Once again the gold market seemed to be in favor off a diverse range of themes and that gives the bull camp more credence. For instance, the market saw another increase in US import and export prices and that led some players to speculate on energy price induced inflation and that in turn fostered spec and fund buying in gold. In addition to spec and fund buying the Press also suggested that trade buying was present in the action Friday and that really speaks to the broad based nature of the bull camp.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Newmont’s executive staff changes, Agnico-Eagle’s Riddarhyttan bid, Freeport-McMoRan’s earthquake in Papua New Guinea having no affect to its Grasberg mine, and Pacific Rim’s drill results at the El Dorado gold reserve were among the big stories in the gold and silver mining industry making headlines Friday.

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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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