-- Posted Wednesday, 26 October 2005 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
There were no major economic reports today. Tomorrow at 8:30AM EST brings Durable Goods Orders for September expected at -1.2% and Initial Jobless Claims for 10/22 expected at 340,000. At 10AM are New Home Sales for September expected at 1,250,000 and the Help-Wanted Index for September expected at 36.
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| Close | Gain/Loss |
Gold | $471.00 | -$1.30 |
Silver | $7.80 | +$0.02 |
XAU | 105.77 | -2.57% |
HUI | 223.49 | -2.94% |
GDM | 721.03 | -2.73% |
USD | 89.55 | +0.28 |
Euro | 120.72 | -0.41 |
Yen | 86.32 | -0.77 |
Oil | $60.66 | $1.78 |
10-Year | 4.591% | +0.083 |
Bond | 111 15/32 | -31/32 |
Dow | 10344.98 | -0.32% |
Nasdaq | 2100.05 | -0.45% |
S&P | 1191.38 | -0.43% |
Gold Warehouse Stocks: | 6,350,793 | +3,344 |
Silver Warehouse Stocks: | 116,256,983 | -1,011 |
Gold traded mixed and near unchanged and held a relatively tight range throughout trade in Asia, London, and New York, but it did end near its lows of the session in New York to end with a small loss. Silver also held a tight range, but it traded mostly higher Asia, London, and New York to end with a gain and close just 1 cent from the 10 month closing high of $7.81 set last week. Palladium gained $9 to $221 and made a new 15 month high.
Gold and silver equities started off over 1% higher before falling off for the rest of trade and ending near their lows of the session with nearly 3% losses.
More Precious Metals Analysis:
“The precious metals market was mostly weaker during the action Wednesday, but at times the silver market showed signs of strength. We suspect that a higher Dollar partially deflated the gold market but when the energy complex turned weaker that seemed to puncture the speculative tilt. We also think that weaker US economic information and concerns of human infection from the bird flu virus contrived to pressure the metals markets.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index gained as treasury yields surged, with the euro falling as investors took profits and debated the future of interest rates in Europe.
Oil started off the day about 50 cents lower ahead of the inventory report that saw crude inventories build 4.4 million barrels, gasoline inventories build 200,000 barrels, and distillates fall 1.6 million barrels. Crude inventories built more than expected, gasoline inventories built less than expected, and distillates fell about as expected. Oil initially dropped further after the report, but it quickly rebounded to find gains in late morning trade before falling off for most of the afternoon and ending near its lows of the session.
Treasuries fell as the yield on the 10 year rose to its highest level since late March. The yield on the 2 year rose to its highest since May 2001.
The Dow, Nasdaq, and S&P started off lower on poor earnings, but they soon found gains and traded mixed and near unchanged for much of trade as traders kept and eye on oil and interest rates. All three indices ended near their lows of the day.
Among the big names making news in the market today were Research In Motion, WorldCom, Anheuser-Busch, Delphi, ConocoPhillips, Ford, Boeing, Sprint Nextel, Amazon, Starwood, Taser, Estee Lauder, Bausch & Lomb, Cardinal Health, OfficeMax, Lucent, WellPoint, and Reynolds American.
Gold & Silver Stock News Update from GoldReview.com:
Newmont’s 3rd quarter profit and dividend, Anglo American’s restructuring that involves AngloGold Ashanti, NovaGold’s executive appointment, Gold Fields’ gold production, Sterling Mining’s advanced rehabilitation program at their Sunshine mine, and Hecla’s adjusted 2005 estimates were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Anglo American | AAUK +5.54% $29.36 |
2. Lihir Gold | LIHRY +2.96% $25.40 |
3. Cumberland | CLG +2.86% $1.44 |
LOSERS
1. DRDGOLD | DROOY -10.07% $1.25 |
2. Meridian Gold | MDG -8% $18.97 |
3. Hecla Mining | HL -6.92% $3.63 |
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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 Wednesday, 26 October 2005 | Digg This Article
Gold Seeker Closing Report – Palladium at New 15 Month Highs
