-- Posted Thursday, 20 October 2005 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Initial Jobless Claims | 10/15 | 355,000 | 365,000 | 390,000 |
Leading Indicators | Sep | -0.7% | -0.5% | -0.1% |
Philadelphia Fed | Oct | 17.3 | 10.0 | 2.2 |
Initial Jobless Claims due to the hurricanes added about 40,000 last week and now total around 478,000. Leading Economic Indicators fell for the third straight month. The Philadelphia Fed manufacturing survey came in higher than expected and indicated growth in the sector, but the Prices Paid component of the index was the highest since November 1980 and raised inflation fears. There are no major economic reports due out tomorrow.
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| Close | Gain/Loss |
Gold | $460.90 | -$2.40 |
Silver | $7.61 | +$0.02 |
XAU | 101.99 | -2.87% |
HUI | 216.01 | -3.68% |
GDM | 694.02 | -3.24% |
USD | 89.76 | -0.16 |
Euro | 119.86 | +0.16 |
Yen | 86.55 | -0.04 |
Oil | $61.03 | -$1.38 |
10-Year | 4.459% | -0.004 |
Bond | 112 29/32 | +3/32 |
Dow | 10281.10 | -1.28% |
Nasdaq | 2068.11 | -1.11% |
S&P | 1177.80 | -1.50% |
Gold Warehouse Stocks: | 6,349,963 | - |
Silver Warehouse Stocks: | 117,390,741 | - |
Gold and silver traded mostly slightly lower in Asia before rising to find gains in London, but both metals fell in late morning New York trade before small rebounds into the close that led gold to end with a small loss to make new 1 one month lows while silver ended with a small gain.
Gold and silver equities started off briefly higher before falling for most of the rest of trade and finding nearly 4% losses at one point, but all three indices rallied in the last minutes of trade to end off of their lows.
More Precious Metals Analysis:
“The liquidation tilt in the metals continued with some players apparently fearful of Index Fund failures. It is also possible that sharply lower oil prices are prompting some players to exit long held precious metals positions as that could reasonably hint at lower inflation ahead. With lower oil prices one might also see less uncertainty toward financial market assets and that could be applying pressure to the metals. Even more surprising is the fact that the metals failed to get support off the stronger than expected Philly Fed business Index readings and that suggests the market is simply in a bearish posture and is unwilling to alter its view easily.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index firmed slightly on the Philadelphia Fed readings, but it still ended slightly lower as traders continued to take profits from recent gains.
Oil started off the day lower on easing concerns over Hurricane Wilma and then extended its losses followings today’s natural gas inventory report that saw a larger than expected build of 75 billion cubic feet. After trading under $60 at one point, the November contract for oil closed out at $61.03 at 10 week lows. The now most forward December contract was trading under $60 in after-hours trade at the time of writing.
Treasuries fell a bit on the stronger than expected Philadelphia Fed reading, but they still ended with a small gain as the yield on the 10-year fell slightly from its recent 6 month highs.
The Dow, Nasdaq, and S&P started off mixed on various earnings reports before dropping off in late morning and early afternoon trade despite markedly lower oil and tame interest rates. All three indices extended their losses in late trade and erased their impressive gains seen yesterday.
Among the big names making news in the market today were Google, UPS, Dana, Ford, McDonald’s, Hershey, Nokia, Pfizer, Eli Lilly, and Coca-Cola.
Gold & Silver Stock News Update from GoldReview.com:
Northern Dynasty’s expanded porphyry system, Gold Reserve’s new Vice President of Venezuelan Operations, Goldcorp’s search for an acquisition, NovaGold’s revised update and re-scheduled conference call, Gammon Lake’s debt financing package for their Ocampo mine, and DRDGold's liquidated Buffelsfontein and Haartbeesfontein mines were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. IMA Expl. | IMR +4.8% $2.40 |
2. Gold Reserve | GRZ +3.94% $2.11 |
3. U.S. Energy | USEG +0.73% $4.13 |
LOSERS
1. Mines MGMT | MGN -8.9% $6.55 |
2. Cambior | CBJ -8.38% $1.75 |
3. Richmont | RIC -8.24% $3.45 |
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
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© Gold Seeker 2005
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-- Posted Thursday, 20 October 2005 | Digg This Article
Gold Seeker Closing Report – Markets Fall
