-- Posted Wednesday, 19 October 2005 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Building Permits | Sep | 2,189,000 | 2,075,000 | 2,138,000 |
Housing Starts | Sep | 2,108,000 | 1,975,000 | 2,038,000 |
The housing data surprised to the upside, but it was largely ignored as 30-year fixed-rate mortgages rose over 6% last week and are expected to dampen demand in the near future. “At the same time, housing demand is unlikely to plunge because an improving labor market is giving buyers more money to purchase homes, and interest rates are still within a percentage point of the four-decade low 5.21 percent reached in June 2003.” The Fed’s Beige Book noted a pickup in cost pressures, but also said the economy continued to expand after Hurricane Katrina.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/15 expected at 365,000. At 10AM are Leading Economic Indicators for September expected at -0.5% and at noon is the Philadelphia Fed for October expected at 10.0.
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| Close | Gain/Loss |
Gold | $463.30 | -$8.30 |
Silver | $7.59 | -$0.19 |
XAU | 105.00 | -1.81% |
HUI | 224.26 | -2.05% |
GDM | 717.28 | -2.04% |
USD | 89.92 | -0.31 |
Euro | 119.70 | +0.17 |
Yen | 86.59 | +0.15 |
Oil | $62.41 | -$1.10 |
10-Year | 4.463% | -0.018 |
Bond | 112 26/32 | +4/32 |
Dow | 10414.13 | +1.25% |
Nasdaq | 2091.24 | +1.71% |
S&P | 1195.76 | +1.50% |
Gold Warehouse Stocks: | 6,349,963 | - |
Silver Warehouse Stocks: | 117,390,741 | - |
Gold traded slightly lower in Asia before falling in London and then dropping further in New York to end near its lows of the session and close at 3 week lows with a 1.76% loss. Silver followed a similar pattern and ended at a near 2 week low with a 2.44% loss.
Gold and silver equities dropped about 3% at the open and after a brief rebound, all three indices fell off to find new lows on the session as gold and silver resumed their falls, but the precious metal equity indices then rebounded a bit into the close along with the major indices to end with about 2% losses.
More Precious Metals Analysis:
“The metals markets came under a wave of liquidation pressure some of which might have been the result of early gains in the Dollar. We suspect that gold was also under pressure because sliding oil prices dampened inflationary prospects. Other traders suggested that wholesale fund liquidation was taking place and that was simply exaggerated by the overbought condition of the market. Some wildly touted funds were known to be long gold and it is possible that some of those positions might have been blown out on Wednesday.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index fell from 3 month highs versus the euro and 25 month highs versus the yen as traders took profits from the recent dollar rally that has been based on the outlook for further interest rate hikes by the fed.
Oil started off the day slightly lower before dropping off further as the inventory report showed that crude inventories built 5.6 million barrels, gasoline inventories built 2.9 million barrels, and distillates fell 1.9 million barrels.
Treasuries gained as the yield on the 10 year continued its fall from recent 6 month peaks.
The Dow, Nasdaq, and S&P started off lower on mostly disappointing earnings/guidance before rebounding as oil fell off and then adding to their gains following the release of the Fed’s Beige Book. All three indices ended near their highs of the day with over 1% gains.
Among the big names making news in the market today were E*Trade, Amgen, AOL, the N.Y. Times, Honeywell International, Cingular, JPMorgan, Bank of America, and Kodak.
Gold & Silver Stock News Update from GoldReview.com:
Apollo Gold’s agreement with Jipangu and plenty of other junior company news were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Yamana | AUY +3.47% $3.88 |
2. Hecla Mining | HL +2.95% $3.84 |
3. Minefinders | MFN +1.21% $5.01 |
LOSERS
1. Rio Narcea | RNO -8.55% $1.07 |
2. Seabridge | SA -7.99% $5.30 |
3. Richmont | RIC -7.16% $3.76 |
More Reader Comments from Charleston Voice:
Subject: The COMMUNIST from the PLP
What I found particularly stunning about skimming through this Marxist publication is not their contempt for capitalism which was expected, but their accurate understanding and presentation of how US capitalism has been corrupted by an elite. The Communist solution is to replace the criminal capitalist cabal with one of their own.
The dangerous part is the Communists are disseminating the truth about our corrupt leadership, not as a catalyst to restore Americanism, but as a recruiting tool to advance their own anti-American agenda. With just enough truthful components the PLP can be a magnet for impressionable students and radicals across America. Nurtured along by university professors, of course.
Although most don't know it, what Americans want most is a return to the rule of law and protection of their individual liberties as embodied by the US Constitution. What they're more likely to fall for, however, is the siren's call of Marxism.
The exposure of our criminal elite cannot be the torch carried high to radicals and terrorists who would do us harm. We need to get the word out to all sensible and concerned Americans and foreign peoples that we as good Americans will hold this criminal elite to account for their treachery and betrayal of Americanist principles.
If you choose not to read it all (56 pages), just cover pgs 20 & 21 to get the anti-capitalist message. You may believe you're reading something you could have written yourself! It's that convincing.
The Communist PLP (PDF file)
For more on the PLP and its history, go to: http://www.reference.com/browse/wiki/Progressive_Labor_Party_(USA)
You will be surprised to learn that much of its funding has come from the very elite they espouse to destroy!!
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- Written by Chris Mullen
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© Gold Seeker 2005
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-- Posted Wednesday, 19 October 2005 | Digg This Article
Gold Seeker Closing Report – Metals Get Thrashed as Markets Roar
