-- Posted Tuesday, 4 October 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

Factory Orders for August came in higher than the expected 2.0% at 2.5%.  Excluding transportation, orders came in at 2.7%.

Tomorrow at 10AM EST brings ISM Services for September expected at 60.0.

Oil started off lower and continued to drop throughout most of morning trade to lose $1.57 to $63.90 ahead of inventory reports due out tomorrow.

Treasuries started off the day nicely higher before falling after hawkish comments from the fed’s Fisher, but bonds still logged minor gains as the yield on the ten year fell slightly from 7 week highs.

The Dow, Nasdaq, and S&P spent the morning mostly slightly higher on lower oil, but all three indices fell off in the last 2 hours of trade as the fed’s Fisher suggested further interest rate hikes due to high inflation.

Among the big names making news in the market today were Google, Sun, Microsoft, Goodyear, Georgia-Pacific, Clorox, BP, Adidas and Reebok, Lexmark, and MCI.

The U.S. dollar index held its recent gains on the outlook for further fed interest rate hikes and made new 12 week highs.  The euro index rebounded slightly from 12 week lows.  The yen furthered its 16 month lows.

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

Gold traded mixed in early Asian trade and moved nicely higher in London, but it then fell off in morning trade in New York before a small rebound in the afternoon that left it unchanged at $465.50 at the close.  Silver followed a similar pattern and ended with a loss of $0.02 to $7.34.

Gold and silver equities started off briefly higher before falling throughout most of the rest of trade and ending near their lows of the session.

More Precious Metals Analysis:

“With the onset of some lightened holiday trade and the persistent favor in the US Dollar we can understand some profit taking in gold and silver. We also think that weakness in the energy complex undermined the metals as that could have dampened enthusiasm from the flight to quality crowd. However, the Press is still talking up the ongoing strength in physical demand and with the US Fed preaching inflation to the financial markets we have to think that some spec buyers will come into the market in the face of weakness. However, a number of spec players are rightfully concerned about the overbought status of the gold and silver.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Bema Gold’s and Arizona Star’s notice of default given to Placer Dome in regards to Cerro Casale, IMA’s offer to Acquiline being rejected, and Richmont Mines’ update on projects 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 Tuesday, 4 October 2005 | Digg This Article

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