-- Posted Monday, 12 September 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

There were no major economic reports today, but there is plenty coming out tomorrow to start off a busy economic week ahead.

Tomorrow at 8:30AM EST brings PPI for August expected at 0.7% and Core PPI expected at 0.1%.

Also at 8:30AM is the Trade Balance for July.  “The deficit is expected to widen to $59.8 billion, according to a Reuters survey of economists, from $58.8 billion the previous month. That would be the second-widest deficit ever and a whisker away from the record $60.1 billion shortfall recorded in February this year.”  The deficit through June is already at $342.9 billion, compared with $290.9 billion in the same six months of 2004.

At 2PM is the Treasury Budget for August expected at -$47.8 billion.  The first 10 months of the government's fiscal year have so far seen a deficit of $302.6 billion.  The government's fiscal year ends in September.  2004 saw a record high deficit of $412 billion.  The cost of hurricane Katrina could easily balloon September’s data released next month to push 2005’s deficit to a new record high.  On the other hand, last August 15^th, the Congressional Budget Office (CBO) estimated the Budget Deficit at just $331 billion.

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Oil traded lower the entire day and fell to as low as $62.55 before rebounding a bit, but still ending with a loss of $0.75 to $63.33 as signs continue to show a possible slowdown in the global demand for oil. 

Treasuries fell as a further drop in energy prices increased expectations for further rate hikes.

The Dow, Nasdaq, and S&P traded mixed and near unchanged in a tight range throughout trade Monday, ending near their opening levels.

Among the big names making news in the market today were Campbell Soup, Delta, Office Depot, Oracle and Siebel Systems, Wachovia and Westcorp, Ebay and Skype, and Ford.

The U.S. dollar index jumped higher ahead of a barrage of U.S. economic data this week as a Koizumi win in Japan bolstered the yen overnight before it dropped off and ended near its lows in U.S. trade.

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

Gold climbed above $450 and reached as high as $451.50 in Asian trade before falling off throughout London and early New York trade, but it then rebounded heading into the afternoon and was able to end the New York session with a gain of $0.80 to $449.30 to gain for its 8^th straight session and make a new 9 month high.  Silver followed a similar pattern, but ended with a loss of $0.01 to $6.99.

Gold and silver equities held mostly slightly lower throughout trade Monday, but all three indices climbed upward in the last minutes of trade to end mixed and near unchanged.

More Precious Metals Analysis:

“The gold market managed some very impressive action on Monday as the market managed to hold together in the face of significant Dollar gains. In fact, at times it seemed like soaring copper prices were helping to distract attention from the sharp rise in the Dollar. With a series of inflation numbers due out from the US this week, it is possible that gold players were willing to hold in positions in the face of the Dollar rally. However, if the gold market continues to rise through the inflation numbers on Tuesday and the Dollar also remains firm that could begin to undermine bullish sentiment in the gold market.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

IMA’s closed $10 million financing, Placer Dome’s drilling at Staccato’s Long Peak project, and Pacific Rim’s high grade gold vein discovered at Santa Rita were among the big stories in the gold and silver mining industry making headlines today.

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- Written by Chris Mullen

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-- Posted Monday, 12 September 2005 | Digg This Article

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