Market Analysis from CapitalUpdates.com:
There were no major economic reports Friday. All eyes were on Hurricane Rita and its expected repercussions. A downgrade to a category 3 hurricane from its previous ranking of a category 4 hurricane had the largest impact on most aspects of the markets in trade Friday.
ADVERTISEMENT
$99 Introductory Special!
The gold price is an amalgam of diverse and changing influences, from Currencies to Jewellery, from Investors to Speculators. From Asia, to India, to Australia, to Canada, to South Africa, to the U.S.A. and to Asia, the gold price is of interest to all. It cannot be seen in isolation as a metal, but must be understood as a Global Thermometer measuring monetary, political, economic, stability as well as the raw demand / supply features of the metal itself. These factors do not merely add up to the price, but interact in sometimes strange ways, to produce the gold price. For example, rising prices often lead consequently to rising demand, as the appetite for the metal grows. Its price may rise in one currency and fall in another, at the same time. Overall, it reacts sensitively to the overall level of global stability, which, in turn, gives us the gold price.
It is our task in this letter to track these different features, giving you both the Technical Analysis and the fundamental features impacting on the gold price each week along with a T.A. focus on metal equities. It is our goal to help you to understand and profit from this market, wherever you are on this globe, in a professional manner.
- For a limited time only, subscribe to the weekly "Global Watch - The Gold Forecaster" newsletter service. -
Oil started the day with minor losses, but fell off further throughout trade and ended near its lows with a loss of $2.31 or 3.47% to $64.19. Oil is still higher on the week by $1.19.
Treasuries also fell off throughout the day as lower oil may ease adverse impacts on the economy. For the week, the yield is lower by 0.33%.
Treasuries | Close | Gain/Loss |
10-Year Note Yield | 4.248% | +0.072 |
December 2005 Bond | 115 5/32 | -23/32 |
The Dow, Nasdaq, and S&P traded slightly lower Friday morning, but all three indices steadily rose throughout most of trade to find gains in the afternoon before selling off slightly at the close and ending mixed and near unchanged. For the week, the Dow is lower by 2.09%, the Nasdaq is lower by 2.01%, and the S&P is lower by 1.83%.
Index | Close | Gain/Loss |
Dow | 10419.59 | -0.02% |
Nasdaq | 2116.84 | +0.29% |
S&P | 1215.29 | +0.06% |
Among the big names making news in the market Friday were Alcoa, Oracle, Goodyear, Microsoft, and HCA.
The U.S. dollar index rose to 8 week highs and the euro fell to 8 week lows as concerns over the impact of Hurricane Rita on the U.S. economy fell from recent levels of high worry. The yen also fell to 8 week lows. For the week, the dollar is higher by 1.34%, the euro is lower by 1.45%, and the yen is lower by 0.81%.
Currency | Close | Gain/Loss |
U.S. Dollar Index | 89.23 | +0.70 |
Euro Index | 120.56 | -0.89 |
Yen | 88.99 | -0.50 |
This week’s economic reports:
Next Monday at 10AM EST brings Existing Home Sales for August expected at 7.1 million. Highlights for the rest of the week include Consumer Confidence and New Home Sales on Tuesday, Durable Goods Orders on Wednesday, GDP on Thursday, and Personal Income/Spending along with the revised figure for September Michigan Sentiment coming on Friday.
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 5,979,111 | - |
Silver Warehouse Stocks: | 116,777,887 | - |
COT Gold Report - September 23, 2005
COT Silver Report - September 23, 2005
Gold traded slightly lower in Asia before steadily dropping further in London and New York and ending with a loss of $3.40 to $463.10. Silver followed a similar pattern and lost $0.08 to $7.27. For the week, gold is still higher by $4.10 and silver is higher by $0.06.
Gold and silver equities again fell over 2% in early trade, but all three indices steadily rallied throughout the day to end with only slight losses. For the week, the XAU is lower by 1.02%, the HUI is lower 1.07%, and the GDM is lower by 2.04%.
Index | Close | Gain/Loss |
XAU | 109.41 | -0.94% |
HUI | 236.97 | -0.75% |
GDM | 758.61 | -0.61% |
More Precious Metals Analysis:
“The gold market came under pressure early in the session partly because of the upside breakout in the Dollar and partly (we think) because the slight weakening in the storm and lower energy prices. We also think that the gold and silver markets were overbought heading into the action Friday and in need of some back and fill. While the trend is expected to stay up in the gold market, the action in the Dollar should not be discounted as some traders are beginning to suggest that the Dollar is rising because of the amount of stimulus being thrown into the Gulf Coast area. In other words, the efforts by the Fed to contain inflationary might be more than offset by government spending and that could give the Dollar a huge edge over the competition, which in turn could leave gold under pressure.” - The Hightower Report, Futures Analysis and Forecasting
Gold & Silver Stock News Update from GoldReview.com:
The continuation of the Venezuelan “gold saga,” Royal Gold’s plans to present at the Denver Gold Forum, Orezone’s soil sampling program in Niger, and Endeavour’s shareholder update were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Crystallex | KRY +22.3% $1.70 |
2. Gold Reserve | GRZ +9.05% $2.29 |
3. Orezone | OZN +7.1% $1.81 |
LOSERS
1. Seabridge | SA -9.64% $4.50 |
2. Metallica | MRB -6.17% $1.52 |
3. Cambior | CBJ -5.41% $2.10 |
Note: Winners & Losers Will No Longer Track Stocks Under $1.
Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here.
Do you have questions, comments, or suggestions about this report? Email Chris Mullen at cm@goldseek.com.
- 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
Note: The following article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. GoldSeek.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond GoldSeek.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. GoldSeek.com and employees associated with Gold Seek LLC do not trade the stocks mentioned in stock reports for one week prior to and one week following publication. The information presented in stock reports are not a specific buy or sell recommendation and is presented solely for informational purposes only. The author/publisher may or may not have a position in the securities and/or options relating thereto, & may make purchases and/or sales of these securities relating thereto from time to time in the open market or otherwise outside of the trading timeframe listed above. GoldSeek.com may have been compensated for their services in preparing and publishing this report. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted Friday, 23 September 2005
Gold Seeker Weekly Wrap-Up - All Eyes on Rita
