Market Analysis from CapitalUpdates.com:

Personal Spending for August fell more than the expected -0.2% at -0.5%.  The fall is the largest since May 2002.  Personal Income was expected to rise 0.3%, but it also came in with a fall at -0.1% to mark the first decline since January.  The drop in spending was attributed to a slump in auto purchases and the drop in incomes was attributed to uninsured property losses from Hurricane Katrina.  The savings rate fell 0.7%.  “The core PCE (personal consumption expenditure) index, the Federal Reserve's favoured gauge of inflation, edged up by 0.2 percent in August, higher than market forecasts of a 0.1 percent rise.”

The revised figure for September Michigan Sentiment came in less than the expected 78.0 at 76.9.  This makes for a 12.2 drop from the August reading of 89.1, matching the biggest drop ever and marking the lowest reading since 1992.

Chicago PMI for September came in higher than the expected 52.0 at 60.5.

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Oil started off the day around 50 cents lower and it remained near that level for most of trade Friday.  Oil ended with a loss of $0.55 to $66.24, but it is higher on the week by $2.05 or 3.19%.

Treasuries fell on inflation fears, with the yield on the 10 year climbing to new 7 week highs.  For the week, the yield is higher by 1.88% and the bond is lower by 0.65%.

The Dow, Nasdaq, and S&P traded mixed and near unchanged throughout the session Friday, though all three indices did end the day with slight gains.  The Dow logged a positive September for the first time in 7 years and also logged its first positive quarter of the year.  For the week, the Dow is up 1.43%, the Nasdaq is up 1.65%, and the S&P is up 1.11%

Among the big names making news in the market Friday were American Airlines, GM, Proctor & Gamble and Gillette, Wal-Mart and Seiyu, Boeing, Liberty Global and Cablecom, Interpublic, Bayou Group, Tommy Hilfiger, and Mercedes.

The U.S. dollar index climbed on inflation fears that may influence the fed to keep raising interest rates.  Despite its gains versus other currencies, the dollar fell to a 14 year low versus the Canadian dollar.  The yen fell to new 16 month closing lows.  For the week, the dollar is higher by 0.24%, the euro is lower by 0.32%, and the yen is lower by 1.12%.

This week’s economic reports:

Next Monday at 10AM brings Construction Spending for August expected at 0.4% and the ISM Index for September expected at 52.0.  Tuesday brings Factory Orders, Wednesday brings ISM Services, Thursday brings weekly Initial Jobless Claims, and Friday brings jobs data, Wholesale Inventories, and Consumer credit.

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

COT Gold Report - September 30, 2005

COT Silver Report - September 30, 2005

Gold traded mixed and near unchanged in Asia and London before steadily falling off in New York and ending near its lows of the session to fall from 17 year highs and lose $3.70 to $468.40.  Silver traded nicely higher in Asia and London and held its gains in early New York trade before falling off into the close and losing $0.04 to $7.44 to fall from 3 and ½ month highs.  For the week, gold is higher by $5.60 or 1.21% and silver is higher by $0.15 or 2.06%.

Gold and silver equities started off briefly higher before falling throughout the rest of trade and ending with minor losses.  The XAU fell from 8 and ½ year highs, the HUI fell from 20 month highs, and the GDM fell from all-time highs as it has only been around since late 2004.  For the week, the XAU is higher by 3.21%, the HUI is higher by 3.47%, and the GDM is higher by 2.75%.

More Precious Metals Analysis:

“Gold prices seemed to have a tough time shaking off the concern for the end of the quarter. However, the bulls should have been emboldened by the slack action in the Dollar over the last three days of the week. The market must have been disappointed by the fact that Treasury prices were under pressure because of a rise in the PCE as that should have prompted some inflation or flight to quality buying in the gold market.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Aurizon’s updated feasibility study at Casa Berardi, Kinross Gold’s update on late financial statement filings, Sterling Mining’s appointed chief geologist for its Sunshine Mine division, and Lundin Mining’s sale of part of their Silver Wheaton holdings were among the big stories in the gold and silver mining industry making headlines Friday.

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- Written by Chris Mullen

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