-- Posted Monday, 26 September 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

Existing Home Sales for August rose 2% to their second highest level on record to 7.29 million units, coming in more than the expected 7.1 million units.

Tomorrow at 10AM EST brings New Home Sales for August expected at 1,345,000 and Consumer Confidence for September expected at 98.0.

Oil started off the day lower as Hurricane Rita did not cause as much damage as many had feared, though it did climb higher in afternoon trade on reports of oil rig damage and ended the session with a gain of $1.63 to $65.82.

Treasuries fell on expectations for further fed interest rate hikes.  The yield on the 10 year made new 6 week highs as comments by Greenspan and Moskow also affected trade today.

The Dow, Nasdaq, and S&P traded nicely higher in early trade as the damage from Hurricane Rita is less than many had feared, though all three indices pared their gains as oil climbed and interest rates remained high in afternoon trade.  After finding minor losses in late trade, the major indices rebounded to end with modest gains.

Among the big names making news in the market today were Delphi, Boeing, and Walgreen’s.

The U.S. dollar hit new 2 month highs versus the euro on relief over Hurricane Rita before falling off in later trade and ending near unchanged as investors turned more cautious. 

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

Gold fell off as much as $4 in Asia and traded mixed in London before it gained for much of the New York session and ended near its highs with a gain of $2.20 to $465.30.  Silver followed a similar pattern, though it ended off its highs with a gain of just $0.02 to $7.29.

Gold and silver equities started off the day by moving nearly 2% lower, but all three indices soon rallied for the rest of the morning and climbed higher by over 3% before falling off a bit into the close.

More Precious Metals Analysis:

“The gold market managed to reject initial selling on Monday which was the result of strength in the Dollar, weakness in oil and gains in world equity markets. While some might suggest that gold was under pressure off the lack of uncertainty following the weekend hurricane, we suspect that prices were partly overbought and weakened by the Dollar action. In the end, a recovery in oil prices seemed to rekindle buying interest in gold and silver and that is certainly a sign that the inflationary condition lives on.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

The Denver Gold Forum, Goldcorp’s award, Queenstake’s redevelopment plan, Royal Gold’s closing of its public offering of common stock, Claude Resources’ updated resource estimation in the Seabee area, Canyon Resources’ reacquired Briggs crushing plant, Crystallex’s expansion of Las Cristinas despite analyst views it may never mine the site, Vista Gold’s updated preliminary feasibility study for the Paredones Amarillos gold project, Eldorado’s drill results from their Tanjianshan project, Agnico-Eagle’s extension to acquire Riddarhyattan shares, Endeavour’s rising silver production, and Silver Standard’s intersection at Pitarrilla 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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© Gold Seeker 2005

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-- Posted Monday, 26 September 2005 | Digg This Article

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