-- Posted Tuesday, 11 October 2005 | Digg This Article

Market Analysis from CapitalUpdates.com:

FOMC minutes from their September 20^th meeting showed the expected concern over inflation and indicated that the fed will continue to raise interest rates as the economy is still showing to be relatively sound.  "Even after today's action, the federal funds rate would likely be below the level that would be necessary to contain inflationary pressures, and further rate increases probably would be required."  The dissenting vote was due to the potential effects of Hurricane Katrina, but the 9 other fed voting members ultimately decided that a pause in hikes could mislead the public.

There are no major economic reports due out tomorrow.

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Oil prices rose after the IEA cut its supply forecast and predicted that the recent falloff in demand will not be as long-lasting as previously thought.  Oil gained $1.73 or 2.8% to $63.53 ahead of the inventory reports due out tomorrow morning.

Treasuries fell in early trade on speculation that the fed minutes would show concerns over inflation and therefore signal further interest rate hikes.  The minutes came in about as expected and treasuries remained lower, but they did close off their lows of the day.

The Dow, Nasdaq, and S&P started off higher on mostly positive earnings reports before falling off as oil prices and interest rates rose.  The Dow rebounded slightly from near 5 month lows while the S&P fell to near 5 month lows and the Nasdaq made new 3 month lows.

Among the big names making news in the market today were Kerkorian, Microsoft and RealNetworks, Infosys, Inco and Falconbridge, Delphi, Genentech, Gannett, News Corp, Time Warner, and GM.

The U.S. dollar index rose on the outlook for higher interest rates as the euro index fell on concerns over politics in Germany. 

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

Gold traded nicely higher in Asia before falling off to near unchanged in London, but it then traded slightly higher in morning New York trade before jumping higher to about $478 at around noon EST.  Gold then fell off a bit into the close, but it still ended with a gain of $1.80 to $476.40 to make a new 17 and ¾ year high.  Silver traded mixed and near unchanged in Asia and London before following gold higher at noon EST, but it also ended off of its highs with a gain of $0.03 to $780 to make a new 10 month high.

Platinum climbed to new 25 year highs with a gain of $4 to $944.  Palladium rose to 10 month highs with a gain of $2 to $211.  “At the same time, December copper closed up 2.9 cents at $1.835 a pound after a high of $1.838, marking an intraday record for a ninth-straight session.”

Gold and silver equities traded mixed and near unchanged throughout trade and ended with minor losses.

More Precious Metals Analysis:

“The metals markets rose in sync again despite a rising Dollar and despite the potential for a negative FOMC minutes release Tuesday afternoon. According to the Press Tuesday, the funds were aggressive buyers and with platinum and copper prices rising very sharply early in the day we can understand both silver and gold getting spillover interest. With the XAU rising sharply during the session it is clear that speculative buying interest was operating in the marketplace.” - The Hightower Report, Futures Analysis and Forecasting

Gold & Silver Stock News Update from GoldReview.com:

A new stock report by Peter Zihlmann on Goldcorp available here, news on Crystallex’s possible permits in Venezuela, Yamana’s updated strategic vision, Rubicon’s optioned DMC project, Goldcorp’s dividend, and Anglogold Ashanti’s 3^rd quarter earnings call details 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.

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-- Posted Tuesday, 11 October 2005 | Digg This Article

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