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Gold and silver traded slightly lower in Asia and London before they dropped off markedly in New York and closed near their lows of the day with notable losses of 1.69% and 3.22%, respectively.

Gold and silver equities started off the day by moving nearly 2% higher before falling off to find minor losses for much of trade, but they ended the day mixed and near unchanged despite the large losses in gold and silver.

More Precious Metals Analysis:

“The gold and silver market came under aggressive liquidation pressure in the wake of a strong upward adjustment in the Dollar. Just to show how bearish the market was Monday, prices weakened in the wake of a 9.4 billion buyout/merger of Barrick and Place Dome! Certainly an extensively overbought technical condition (from the latest COT report) justified part of selling Monday morning, but we suspect that the liquidation move was a little overdone. In a big picture, longer term sense a stronger economy should bolster physical demand expectations, but a higher equity market might have siphoned off some speculative capital from gold and silver.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index rose on positive U.S. economic data and on expectations for comments suggesting further interest rate hikes by the fed tomorrow.  The yen fell to new 25 month lows.

Oil closed below $60 for the first time in over 3 months on forecasts for warm weather this winter and expectations that supplies will meet demand.

Treasuries rose slightly as traders debated about the fed’s statement tomorrow.

The Dow, Nasdaq, and S&P traded nicely higher throughout the day on lower oil, positive economic news, and plenty of company news.

Among the big names making news in the market today were United Airlines, SBC and AT&T, Verizon and MCI, Exxon, Fidelity, Time Warner, Saks and Bon-Ton, Valero, Occidental, Novartis and Chiron, Kellogg, Humana, Telefonica and O2, and Susquehanna Pfaltzgraff.

Gold & Silver Stock News Update from GoldReview.com:

Barrick Gold’s hostile bid for Placer Dome, IAMGOLD’s 3^rd quarter financial results, Coeur D’Alene’s conference call schedule, Newmont’s new board members, Gold Fields’ chairman retirement, Agnico-Eagle’s TSX ticker change, and Goldcorp’s new chairman and involvement in Barrick’s offer for Placer Dome 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.

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

© Gold Seeker 2005

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-- Posted Monday, 31 October 2005 | Digg This Article