-- Posted Thursday, 6 October 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

Initial Jobless Claims for 10/01 came in higher than the expected 350,000 at 390,000, with about 74,000 of those claims attributed to the hurricanes.

Tomorrow at 8:30AM EST brings Nonfarm Payrolls for September expected at -150,000.  The Unemployment Rate is expected at 5.1%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 33.7.

At 10AM are Wholesale Inventories for August expected at 0.4% and at 3PM is Consumer Credit for August expected at $5.0 billion.

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Oil fell to 2 month lows on further signs of slowing demand and rising imports and supplies, ending with a loss of $1.43 to $61.36.

Treasuries traded mixed and near unchanged and ended with a slight loss as traders debated future fed movements.

The Dow, Nasdaq, and S&P spent the morning mostly slightly higher on lower oil, but all three indices dropped off in afternoon trade on interest rate and inflation worries.  The Dow dropped nearly 100 points before an apparent S&P futures rally led the major indices higher to cut their losses in the final minutes of trade.

Among the big names making news in the market today were a slew of retailers, Lockheed Martin, Marriot, GE, Costco, and Merck.

Although neither the ECB nor the Bank of England raised interest rates, both left the option open that they may raise rates in the near future, a move which would help their respective currencies.  The U.S. dollar index fell off markedly as a result, with both the euro and yen surging higher.

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

Gold traded mixed and near unchanged in Asia and London before jumping higher in early New York trade and remaining near its highs into the close to end just shy of the 17 year closing high of $472.10 made last Thursday.  Gold ended with a gain of $6.20 or 1.33% to $471.80.  Silver followed a similar pattern and gained $0.13 or 1.76% to $7.53 to make a new 6 and ½ month closing high.  Silver last closed at a higher level on March 9^th at $7.59; prior to that, it made a closing high of $8.01 on December 1^st, 2004 and $8.20 on April 6^th, 2004.  Should it eclipse the $8.20 level on a closing basis, it will join gold at new 17 year closing highs.

Gold and silver equities rose around 4% this morning before falling for much of afternoon trade, but still ending with nice gains.

More Precious Metals Analysis:

“Apparently the tide shifted in the gold market, as the Dollar declines became more significant and the number of potential flight to quality stories seemed to expand rapidly in the headlines. It is also possible that a significant slide in oil prices rekindled hopes that the growth in the global economy would remain strong. We do think that the Dollar was under intensifying pressure because of the expectation for a sharp setback in the monthly payroll numbers but the fear of recession could partially offset the benefit to gold from the softer Dollar.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

Cumberland’s drilling at the Meadowbank gold project and Iamgold’s updated reserves and resources at the Tarkwa-Damang gold mine complex in Ghana were among the big stories in the gold and silver mining industry making headlines today.

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- Written by Chris Mullen

Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

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/.

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-- Posted Thursday, 6 October 2005 | Digg This Article

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