Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
CPI | September | 1.2% | 0.9% | 0.5% |
Core CPI | September | 0.1% | 0.2% | 0.1% |
Retail Sales | September | 0.2% | 0.5% | -1.9% |
Retail Sales ex. Auto | September | 1.1% | 0.8% | 1.0% |
Industrial Production | September | -1.3% | -0.4% | 0.2% |
Capacity Utilization | September | 78.6% | 79.4% | 79.8% |
Michigan Sentiment | October | 75.4 | 80.0 | 76.9 |
Business Inventories | August | 0.4% | 0.2% | -0.4% |
Treasury Budget | September | $35.8B | $37.0B | $24.6B |
CPI was the biggest jump since 1980, but the tame “core” rate eased inflation fears as it came in less than expected. Retail Sales also pleased, but Industrial Production, Capacity Utilization, and Michigan Sentiment that was the lowest since March 1992 all disappointed economically. Business Inventories were ignored for the most part. The Treasury Budget closed out the government’s fiscal year with a surplus of $35.8 billion to bring the 2005 federal deficit to $318.6 billion. The deficit falls short of 2004’s record high mark of $412.9 billion, but it is still the third largest deficit on record. “Because hurricanes Katrina and Rita hit in August and September, only about $4 billion of the $62 billion in emergency aid provided for the storms was actually spent in fiscal 2005, according to a senior Treasury official. Congressional analysts figure another $30 billion of those funds will be spent in the budget year that began Oct. 1, though more spending is likely to be approved in coming weeks... The White House and most economists say the truest measure of the deficit is relative to the size of the economy. In those terms, the deficit measured 2.6 percent of gross domestic product. The 2004 deficit, by contrast, equaled 3.6 percent of GDP. That is well below the post-World War II worst-ever record, a 6 percent figure set in 1983 under President Reagan.”
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| Close | Gain/Loss | On Week |
Gold | $469.20 | -$1.30 | -1.01% |
Silver | $7.80 | +$0.13 | +1.43% |
XAU | 106.95 | -0.89% | -5.24% |
HUI | 229.77 | -0.36% | -5.48% |
GDM | 734.96 | -0.78% | -5.31% |
USD | 89.35 | -0.37 | +0.27% |
Euro | 120.95 | +1.03 | -0.19% |
Yen | 87.79 | +0.59 | -0.07% |
Oil | $62.63 | -$0.45 | +1.28% |
10-Year | 4.491% | +0.016 | +2.98% |
Bond | 112 20/32 | -3/32 | -1.42% |
Dow | 10287.34 | +0.69% | -0.05% |
Nasdaq | 2064.83 | +0.86% | -1.22% |
S&P | 1186.57 | +0.83% | -0.78% |
Gold Warehouse Stocks: | 6,301,501 | -98 |
Silver Warehouse Stocks: | 117,391,747 | -39,641 |
COT Gold Report - October 14, 2005
COT Silver Report - October 14, 2005
Gold and silver traded mixed and near unchanged in Asia and London before falling off in early New York trade, but both metals rallied into the close to end near their highs of the session. Silver closed with a nice gain to match the 10 month high set on Tuesday.
Gold and silver equities fell over 2% in the first hour of trade before rebounding for most of the rest of trade, but still ending slightly lower.
More Precious Metals Analysis:
“The metals market remained under pressure possibly because of fund liquidation but also because US inflation readings were muted and US economic activity failed to countervail recent slowing concerns. With all the metals seeing moderate pressure during the session it certainly looked like a wave of fund liquidation was underway. Some traders suggested that the persistent slide in oil prices prompted additional selling of gold, as lower oil prices might lower flight to quality interest in the precious metals.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index fell as traders digested all of the economic reports release Friday morning. The yen rebounded from 2 year lows.
Oil prices dropped on further signs of demand falling off.
Treasuries initially gained on the lower than expected Core CPI reading, but they soon fell to near unchanged as the yield on the 10-year rose to close at new 6 month highs.
The Dow, Nasdaq, and S&P started off nicely higher on the CPI and Retail Sales reports before dropping as Michigan Sentiment disappointed, but all 3 indices soon rebounded and made new highs heading into afternoon trade to close near their highs of the session.
Among the big names making news in the market Friday were Yahoo and AOL, Knight Ridder, Boston Scientific, Refco, General Electric, UnitedHealth, Hilton Hotels, Toyota, and E.W. Scripps.
This week’s economic reports:
Next week’s economic highlights include PPI on Tuesday, Building Permits and Housing Starts on Wednesday, and the Philadelphia Fed on Thursday.
Gold & Silver Stock News Update from GoldReview.com:
Crystallex’s COO resignation, Newmont’s trial in Indonesia, and Banro’s closed $13 million private placement were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Mines MGMT | MGN +14.96% $7.76 |
2. Hecla Mining | HL +4.29% $3.89 |
3. Northern Dynasty | NAK +3.94% $4.49 |
LOSERS
1. Crystallex | KRY -11.25% $1.42 |
2. IMA Expl. | IMR -6.74% $2.49 |
3. Miramar | MNG -5.3% $1.43 |
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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/.
© Gold Seeker 2005
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-- Posted Friday, 14 October 2005
Gold Seeker Weekly Wrap-Up - Inflation Rages
