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Gold traded mixed and near unchanged in Asia before dropping off in London and then holding mostly lower in New York to end near its lows of the session.  Silver followed a similar pattern and fell from 10 month closing highs.

Gold and silver equities traded mostly slightly lower this morning before dropping off further in afternoon trade as the major indices sold off.

More Precious Metals Analysis:

“The metals markets started out with a slightly vulnerable track and then saw additional weakness in the face of an upside breakout in the Dollar. The metals seemed to bounce further in the wake of the inflation readings but with oil pries down moderately the bulls were simply not that interested in pushing prices up. With the US equity market under pressure at times and the Chairman of the US Federal Reserve trumpeting the idea of slower growth because of high energy prices we can understand some gold bulls backing off to the sidelines.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index jumped to 3 month highs as it rose on inflation fears from PPI data that reinforce the view that the fed will continue to raise interest rates and also on Capital Inflows which more than covered August’s trade deficit.  The yen fell to new 2 year lows.

Oil fell off as worries over Wilma dampen despite her upgrade from a tropical storm to a hurricane.  Traders were also preparing for inventory reports tomorrow.

Treasuries gained late last night as Greenspan spoke in Tokyo and noted that high energy prices are a drag on the economy, but they soon cut their gains in U.S. trade as PPI data raised inflation fears and reinforced the view that the fed will continue to raise interest rates.

The Dow, Nasdaq, and S&P traded mixed and near unchanged this morning as mostly positive company news battled inflation fears, but all three indices sold off in the afternoon and ended near their lows of the day as inflation fears won out.

Among the big names making news in the market today were Merrill Lynch, Refco, Johnson & Johnson, 3M, and IBM.

Gold & Silver Stock News Update from GoldReview.com:

Freeport-McMoRan’s third-quarter profit, Royal Gold’s term sheet financing for development of High River's Taparko open pit gold project, NovaGold’s pioneer lawsuit, and 3^rd quarter results release dates from Meridian Gold, Pan American Silver, and Goldcorp 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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© Gold Seeker 2005

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-- Posted Tuesday, 18 October 2005 | Digg This Article