-- Posted Monday, 10 October 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

There were no major economic reports today.  Tomorrow at 2PM EST brings FOMC minutes from their September 20^th meeting.  The meeting resulted in a rate hike, though there was one dissenting vote so traders will be looking into the minutes for comments behind that vote.

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Oil fell off markedly in morning New York trade on signs of further slowing demand, but it rallied back at the end of trade to lose just $0.04 to $60.80.

The bond market was closed today in observance of Columbus Day.

The Dow, Nasdaq, and S&P traded mostly lower on Delphi bankruptcy news and concerns over earnings.  The Dow and S&P fell to near 5 Month lows as the Nasdaq made new 3 month lows.

Among the big names making news in the market today were Refco, Unisys, Northrop Grumman, Dana, Lincoln National and Jefferson-Pilot, and Delphi and GM.

The U.S. dollar index gained on speculation that economic reports this week will influence the fed to continue to raise interest rates.

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

Gold traded slightly higher in Asia and found nice gains in London to trade over $478 before it fell off in later London trade and spent most of the morning slightly lower in New York, but it rallied back in the last couple of hours of trade to end with a gain of $0.60 to $474.60 to make a new 17 and ¾ year high.  Silver followed a similar pattern, but it remained mostly higher throughout New York trade and it ended with a gain of $0.08 to $7.77 to make a new 10 month high.

Gold and silver equities traded mostly slightly lower and ended with small losses.

More Precious Metals Analysis:

“After hitting an 18 year high in Europe, the gold market seemed to chop around and might have been supported by silver. Certainly the rise in the Dollar was limiting the gold market and we have to think that the overbought condition of the COT report hindered the market to start out the new week. In fact, the Press was convinced that the weakness in gold was temporary and was mostly the result of profit taking by the bull camp. However, the gold market has an inflation report looming ahead and that should combine with ongoing talk of physical demand to underpin the market at these higher levels.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

With Canadian markets closed, there was little news in the gold and silver mining industry today.  Newmont announced their 3^rd quarter 2005 results conference call.

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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 Monday, 10 October 2005 | Digg This Article

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