-- Posted Wednesday, 12 October 2005 | Digg This Article
Market Analysis from CapitalUpdates.com:
Greenspan again gave his speech on economic flexibility this morning; a speech he first gave back on September 27th. While the overall tone of the speech remained the same, Greenspan commented that the stability of the economy has created “speculative excess.” Greenspan did not mention anything about inflation or the future of interest rates.
Tomorrow at 8:30AM EST brings Import and Export Prices for September, Initial Jobless Claims for 10/08 expected at 360,000, and the Trade Balance for August expected at -$59.5 billion. At 2PM is the Treasury Budget for September expected at $37.0 billion.
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Oil gained on supply concerns and speculation over growing demand. Inventory reports were delayed until tomorrow due to the observance of Columbus Day this past Monday. Oil ended with a gain of $0.59 to $64.12.
Treasuries fell after Greenspan’s comments that reinforced the view that the fed will continue to raise interest rates. The yield on the 10 year surged to new 6 month highs.
Treasuries | Close | Gain/Loss |
10-Year Note Yield | 4.441% | +0.057 |
December 2005 Bond | 113 6/32 | -26/32 |
The Dow, Nasdaq, and S&P started off briefly higher before falling for the rest of trade and ending near their lows of the day. The Dow, Nasdaq, and S&P all fell to near 5 month lows.
Index | Close | Gain/Loss |
Dow | 10216.91 | -0.35% |
Nasdaq | 2037.47 | -1.15% |
S&P | 1177.68 | -0.61% |
Among the big names making news in the market today were Google, Comcast, AOL, Apple, Refco, Northwest, Martha Stewart and KB Home, Bridgestone, Pfizer and Lipitor, Microsoft and Yahoo, Citigroup, Monsanto, Harley-Davidson, and Host Marriott.
The U.S. dollar index fell as traders await economic reports and further fedspeak.
Currency | Close | Gain/Loss |
U.S. Dollar Index | 89.65 | -0.24 |
Euro Index | 120.16 | +0.23 |
Yen | 87.35 | +0.05 |
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 6,253,413 | - |
Silver Warehouse Stocks: | 117,431,388 | - |
Gold traded slightly lower in Asia before rising in London and making new highs above $480, but it then fell off throughout most of New York trade and ended near its lows of the session to fall from 17 and ¾ year highs. Silver followed a similar pattern and fell from 10 month highs.
NY Spot Price | Close | Gain/Loss |
Gold | $473.20 | -$3.20 |
Silver | $7.76 | -$0.04 |
Euro gold climbed to a new record high above €400 in intraday trade before falling back off and closing in the €390s. Platinum fell from 25 year highs and lost $10 to $934. Palladium furthered its 10 month highs and gained $2 to $213. Copper fell from all-time highs and lost $0.0425 to $1.8275.
Gold and silver equities started off the day higher before falling throughout most of the rest of trade and ending just off their lows with noticeable losses.
Index | Close | Gain/Loss |
XAU | 109.42 | -2.69% |
HUI | 234.91 | -2.42% |
GDM | 753.35 | -2.47% |
More Precious Metals Analysis:
“The metals markets set back hard against the trend in what appeared to be a profit taking washout. With the copper and platinum markets coming under intense it is possible that coordinated fund liquidation is in play but one would have expected a weaker Dollar to provide some support to gold. On the other hand, it is also possible that another significant slide in US equity prices sparked recessionary or even deflationary speculation.” - The Hightower Report, Futures Analysis and Forecasting
Gold & Silver Stock News Update from GoldReview.com:
Agnico-Eagle’s extended bid for Riddarhyttan, Barrick Gold’s Pascua-Lama gold project in Chile, Placer Dome’s joint venture with Miranda’s Fuse East property, Cambior’s alliance with Everton, and Minefinders’ drilling at Planchas de Plata were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minefinders | MFN +1.66% $4.90 |
2. Buenaventura | BVN +0.97% $31.20 |
LOSERS
1. Seabridge | SA -8.04% $5.72 |
2. Royal Gold | RGLD -6.81% $22.98 |
3. Crystallex | KRY -6.25% $1.65 |
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
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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 Wednesday, 12 October 2005 | Digg This Article
Gold Seeker Closing Report – Markets Correct
