-- Posted Monday, 17 October 2005 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
NY Empire State Index | Oct | 12.1 | 19.0 | 15.6 |
The reading came in as the lowest since June and indicates that there is growth at New York State factories, but the growth does appear to be slowing. Tomorrow at 8:30AM EST brings PPI for September expected at 1.2% and Core PPI expected at 0.2%.
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| Close | Gain/Loss |
Gold | $473.80 | +$4.60 |
Silver | $7.81 | +$0.01 |
XAU | 109.54 | +2.42% |
HUI | 234.77 | +2.18% |
GDM | 751.50 | +2.25% |
USD | 89.78 | +0.43 |
Euro | 120.38 | -0.57 |
Yen | 87.06 | -0.73 |
Oil | +$1.73 | $64.36 |
10-Year | 4.489% | -0.002 |
Bond | 112 19/32 | -1/32 |
Dow | 10348.10 | +0.59% |
Nasdaq | 2070.30 | +0.26% |
S&P | 1190.10 | +0.30% |
Gold Warehouse Stocks: | 6,301,501 | - |
Silver Warehouse Stocks: | 117,391,747 | - |
Gold started off nicely higher in Asia and London before adding to its gains in New York and remaining near its highs into the close to end with a nearly 1% gain. Gold is just $2.60 from the 17 and ¾ year closing high set last Tuesday. Silver traded mostly slightly higher throughout trade and though it ended off of its highs of the session, it still made a new 10 month closing high.
Gold and silver equities jumped over 2% higher at the open and remained near their highs throughout trade to close with nice gains.
More Precious Metals Analysis:
“The gold market snapped back alive Monday as investors, physical buyers and the funds stepped back into the fray. Once again the metals paid little attention to the action in the Dollar and with mining stocks coming into vogue on Wall Street we can understand the strong spill over interest in gold and silver futures. Apparently the funds were dominating players in the action and that might have been a coordinated rally sparked by sharply higher oil prices. With several technical levels regained on the charts early in the session we suspect that some of the late buying was technical in nature.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index found gains on the outlook for further interest rate hikes by the fed. The yen fell to new 2 year lows.
Oil started off the day about $1 higher and remained noticeably higher throughout trade on worries over tropical storm Wilma in the Gulf of Mexico.
Treasuries started off higher on this morning’s disappointing economic data, but they soon fell off to find slight losses as the yield on the 10 year rose back up near the 6 month highs set last Friday. The outlook for further interest rate hikes by the fed continues to be the dominant theme in the bond market.
The Dow, Nasdaq, and S&P all started off higher on mostly positive company news, but all three indices soon cut their gains on higher oil and interest rates. After trading mixed and near unchanged for most of trade, all three indices rebounded in the last hour of trade to close near their highs of the session.
Among the big names making news in the market today were Krispy Kreme, Charles Schwab, Mattel, Hasbro, JC Flower’s and Refco, Nortel, Wachovia, GM, Citigroup, and Newell Rubbermaid.
Gold & Silver Stock News Update from GoldReview.com:
Pioneer’s claim against Novagold relating to its Grace gold-copper agreement, Golden Star’s mitigation work in Ghana, DRDGOLD’s possible fine, and Kinross Gold’s update on late filing of financial statements were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG +5.7% $4.08 |
2. Nevsun | NSU +5.59% $1.70 |
3. Cumberland | CLG +5.37% $1.57 |
LOSERS
1. IMA Expl. | IMR -6.02% $2.34 |
2. Northern Dynasty | NAK -3.34% $4.34 |
3. Rio Narcea | RNO -1.6% $1.23 |
Reader Comments:
Subject: Blackstone Group & Refco
It just came to brief mention on CNBC that Blackstone has expressed an interest in acquiring some of Refco. The Blackstone Group is a name which seldom appears on investors' radar sweeps, but know that it is the premier Insider cover for our well-entrenched Political and Banking Crime Syndicate. It is the chief bottom feeder on corporate carcasses. It ranks right up there with Carlyle Group.
While this web site isn't of the highest quality of appearance and eloquence, but is fully loaded with fact that from what I see is truthful:
http://www.the-catbird-seat.net/BlackstoneGroup.htm
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
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-- Posted Monday, 17 October 2005 | Digg This Article
Gold Seeker Closing Report – Gold & Silver Back in the Green
