Consumer Confidence fell to new 2 year lows while Existing Home Sales held at their second highest level ever.  There are no major economic reports due out tomorrow.

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Gold traded mostly slightly higher in Asia and added to its gains a bit in London, but the big jump in the price of gold came in early New York trade.  Gold continued its gains throughout the rest of New York trade to end near its highs and close 1.64% higher to end just $4.10 from its 17 and ¾ year closing high of $476.40 made just 2 weeks ago.  Silver followed a very similar pattern and gained 1.70% to close just $0.03 from the 10 month closing high of $7.81 set last week.

Gold and silver equities jumped over 2% higher at the open and found around 2.5% gains midday before falling off a bit into the close but still ending nicely higher.

More Precious Metals Analysis:

“The precious metals flashed higher off a wave of fresh fundamental and technical developments. In addition to a downside breakout in the Dollar, soaring oil prices and increased fund buying interest the gold market was also helped out by war mongering talk from the White House and certainly by the improved technical condition on the charts. We suspect that the soaring oil market action was the prime catalyst but the renewed interest by the funds might have been a close second. Given that all the metals rose in sync, there would certainly seem to be a chance of follow through gains ahead.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index fell as German business sentiment was high and U.S. Consumer Confidence was low.  Further digestion of the nomination of Bernanke was also a factor in trading.

Oil started off higher and rose throughout the day on Nor'easter storm worries, signs of increasing demand, short covering, and preparation for tomorrow’s inventory report which is currently expected to see crude inventories rise 2.7 million barrels, gasoline inventories rise 2.3 million barrels, and distillates fall 1.1 million barrels.

Treasuries initially held a tight range as traders digested economic data and continued to debate the implications of Bernanke’s nomination as the next fed chairman, but they fell off in later trade after a 5-year TIPS auction saw weak bidding.  The yield on the 10-year closed over 4.5% for the first time since March on expectations for further fed rate hikes.

The Dow, Nasdaq, and S&P started off mixed but mostly lower on earnings before falling off further as Consumer Confidence dropped and oil rose.  All three indices rallied in late trade and the Dow briefly rose to find slight gains, but all 3 indices still ended slightly lower.

Among the big names making news in the market today were DaimlerChrysler, AMR, Halliburton, Refco, Alexandra Hedge Fund, Cablevision, Lockheed, Northrup, Google, Ameritrade, BP, Burlington Northern, U.S. Steel, BellSouth, DuPont, and HCA.

Gold & Silver Stock News Update from GoldReview.com:

Meridian Gold’s 3^rd quarter results, NovaGold’s updated Galore Creek study, Apollo Gold’s suspended mining at its Montana Tunnels mine, Banro’s further significant gold mineralization, and Endeavour’s warrant exercise 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.

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-- Posted Tuesday, 25 October 2005 | Digg This Article