-- Posted Thursday, 29 September 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

The final reading for 2^nd quarter GDP came in as expected at 3.3% and the Chain Deflator came in higher than the expected 2.4% at 2.6%, raising some inflation fears.

Initial Jobless Claims for 9/24 fell 79,000 to 356,000 and came in much less than the expected 420,000.

The Help-Wanted Index for August came in less than the expected 39 at just 35.

Tomorrow at 8:30AM EST beings Personal Income for August expected at 0.3% and Personal Spending expected at -0.2%.  At 9:45 is the revised figure for September Michigan Sentiment expected at 78.0 and at 10AM is Chicago PMI for September expected at 52.0.

Oil started off the day higher at around $67 before falling off midday, but it rebounded into the close to end with a gain of $0.44 to $66.79 as traders debated refining and supply concerns heading into the winter.

Treasuries fell as Initial Jobless Claims fell and the Chain Deflator raised some inflation fears.

The Dow, Nasdaq, and S&P started off the day lower before rising as oil fell midday.  All three indices then added to their gains in late trade despite oil climbing back up near its highs of the day by its close.

Among the big names making news in the market today were Freddie Mac, Netflix, E*Trade and BrownCo, GE and IDX Systems, PepsiCo, Lilly, and American Greetings.

The U.S. dollar index traded mixed and near unchanged over economic reports and talks of Yuan appreciation.

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

Gold traded mixed in Asia before rising in London, but it then fell at the New York open to find small losses before rebounding soon after and ending the session near its highs with a gain of $2.70 to $472.10 to make a new 17 year high.  Silver traded mostly slightly higher in London and Asia before adding to its gains in New York and ending at a new 3 and ½ month high with a gain of $0.16 to $7.48.

Gold and silver equities traded nicely higher throughout the session and ended just off their highs of the day.  The XAU closed at new 8 and ½ year highs, the HUI closed at new 20 month highs, and the GDM closed at new all-time highs as it has only been around since late 2004.

More Precious Metals Analysis:

“The gold market managed to adjust upward in the wake of the early morning scare thrown off by soaring oil prices. With the Dollar initial weak and apparently in a slight profit taking mode, we can understand the early rise in the gold market. However, even with the Dollar recovering into mid session it was clear that the bulls were willing to stick with the long side of gold. The scare thrown off by the sharp rise in natural gas prices might be rekindling some flight to quality buying of gold but we still think that the majority of the buying in gold is related to physical interest.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Venezuela's plans to give small miners all contracts and concessions it rescinds, Ivanhoe’s mine in Mongolia, Agnico-Eagle’s bid for Riddarhyttan, and IMA’s offer to acquire Aquiline and drilling at its Navidad project in Patagonia, Argentina were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

Note:  Winners & Losers Will No Longer Track Stocks Under $1.

Reader Opinions:

Subject: Nat Gas

    -         Charleston Voice

At one point today natural gas was UP a mind-blowing 17%. It closed at 13.907 UP 9.9%. Unless you've got yourself your own wooded lot to cut cordwood, it's going to be one chilly, expensive winter up North (if you do, make sure you abide by any local ordinances preventing you from harvesting firewood). A move of that magnitude would have taken gold to $544 from its present $465, and would have closed at $511 on the day. The day is soon coming when Americans will know of no other way to protect themselves from a rotting currency ("inflation") than to own gold. Be already there to greet them!

This article is brought to you by the Charleston Voice E-mail List. To subscribe FREE to the distribution list, send an e-mail to: bilrum@knology.net with 'SUBSCRIBE' in the subject line.

---

 

And in response to yesterday’s reader opinions:

 

Dear Chris,

That was an interesting arithmetic exercise about 1 trillion. 31,741 years isn't such a long time. It's not even a geological one period in Geological time. Actually, now I think of it that way, the USA is doing fine!

Another interesting comparison that sounds more scary to me is that the US federal debt, when it was a 'mere 6 trillion' US dollars about a years ago, was the same as the number of miles in 1 light year. Now that is a truly astronomical number!

Considering that Voyager 2 has traveled a few billion miles in the last 30 years at 20,000 miles an hour or something like that, it's going to take it a real long time for it to get to Alpha Centauri 4.2 light years away (or 26,000,000,000,000 miles).

Great to see gold breaking barriers on the upside in all currencies!

Best regards,

Dave B.

 

 

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- Written by Chris Mullen

 

 

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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 Thursday, 29 September 2005 | Digg This Article

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