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Gold traded nicely higher in Asia and London before falling off a bit in late morning New York trade, but it then rebounded to end with a gain and close just $2.80 from the 17 and ¾ year closing high of $476.40 set 2 weeks ago.  Silver traded lower in Asia before finding gains in London and trading around $7.90 in early New York trade, but it then fell off into the close to end with a 1 cent loss.  Silver still remains just 2 cents from the 10 month high of $7.81 set last week.  Palladium gained $2 to $223 to make new 15 month highs.

Gold and silver equities saw around 2% gains in early trade before quickly falling off to near unchanged and remaining near that level for the rest of the day.

More Precious Metals Analysis:

“The Gold market was initially lifted by another early downside breakout in the Dollar. It also seemed like the gold and silver markets were getting renewed fund buying interest in addition to flight to quality buying off the General Motors situation. With both gold and silver tracking higher in the face of weakness in the industrial metals, it would seem like the gains Thursday were either tied to the Dollar slide or to simple flight to quality buying. Even more surprising is that the gold market managed to hold most of the early gains despite new rumors regarding a year end Bundesbank decision on another gold sale.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index fell on the poor Durable Goods Orders report and on worries about GM.  The euro rose to 4 week highs.

Oil started off the day about 50 cents higher before dropping to near unchanged ahead of the natural gas inventories that showed a rise of 77 billion cubic feet after expectations between 55 and 75 billion cubic feet.  The bearish number sent natural gas, crude oil, heating oil, and gasoline all immediately lower, but all 4 rebounded from there to end mixed.

Treasuries rose on the poor Durable Goods Orders report and also on worries over GM. The yield on the 10 year fell from near 7 month highs.

The Dow, Nasdaq, and S&P fell on the poor Durable Goods Orders report, mixed company earnings and guidance, and on worries over GM.  All 3 indices fell throughout the day and ended at or near their lows of the session with significant losses.

Among the big names making news in the market today were Overstock.com, Goody’s Family, Refco, Dow Chemical, Lubrizol, Lyondell Chemical, Glaxo, AstraZeneca, Franklin Resources, Union Pacific, Exxon Mobil, General Motors, WorldCom, Verizon, Goodyear, Shell, Raytheon, ChoicePoint, Sony, and Martha Stewart Living.

Gold & Silver Stock News Update from GoldReview.com:

Hecla’s possible problems in Venezuela, Barrick’s earnings and dividend, Placer Dome’s costs and mine development, Buenaventura’s gold output at Yanacocha, Orezone’s new gold zones at its Sega gold project, Goldcorp’s drilling with MetalCORP, Agnico-Eagle’s and Cornerstone’s El Strato results, 3^rd quarter results from Richmont, Great Panther’s silver-gold mines acquisition, and Silver Standard’s extended zone at Pitarrilla 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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-- Posted Thursday, 27 October 2005 | Digg This Article