-- Posted Thursday, 3 November 2005 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/29 | 323K | 330K | 331K |
Productivity | Q3 | 4.1% | 2.6% | 2.1% |
Factory Orders | Sep | -1.7% | -1.0% | 2.9% |
ISM Services | Oct | 60.0 | 57.0 | 53.3 |
Initial Jobless Claims attributed to the hurricanes now total 521,400; with 19,400 adding to the total last week. Productivity grew at the fastest in more than a year. The larger than expected drop in Factory orders was in part attributed to hurricane shutdowns. The larger than expected gain in ISM Services, however, was attributed in part to reopenings of Gulf Coast businesses.
Greenspan spoke this morning in perhaps his last meeting with Congress. He expressed confidence in the economy, but uncertainty about inflation. He again warned about the Budget Deficits and their potential harsh economic impacts if they are not reduced; with the most notable of those impacts being higher interest rates. Mr. Greenspan also noted that he thinks U.S. consumers will be surprised by their heating bills this winter.
Tomorrow at 8:30AM EST brings Nonfarm Payrolls for October expected at 100,000 the Average Workweek expected at 33.7, Hourly Earnings expected at 0.2%, and the Unemployment Rate expected at 5.1%.
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| Close | Gain/Loss |
Gold | $460.30 | -$2.70 |
Silver | $7.57 | +$0.06 |
XAU | 106.40 | -1.57% |
HUI | 225.13 | -1.70% |
GDM | 726.30 | -1.55% |
USD | 90.34 | +0.64 |
Euro | 119.47 | -1.26 |
Yen | 85.34 | -0.29 |
Oil | $61.78 | +$2.03 |
10-Year | 4.644% | +0.034 |
Bond | 110 25/32 | -19/32 |
Dow | 10522.59 | +0.48% |
Nasdaq | 2160.22 | +0.74% |
S&P | 1219.94 | +0.43% |
Gold Warehouse Stocks: | 6,401,207 | - |
Silver Warehouse Stocks: | 116,315,539 | - |
Gold traded mostly slightly higher in Asia before adding to its gains in London to trade above $465 at one point, but it then fell off markedly at the New York open for the 3rd time in 4 days to find notable losses and then trade on either side of $460 for most of the rest of trade and with a loss. Silver followed a similar pattern overnight, but it was able to rebound from the early morning New York sell off and end nicely higher.
Gold and silver equities started off briefly mixed before falling for most of the rest of trade and ending near their lows of the session.
More Precious Metals Analysis:
“The gold market respected critical support at $460 but with the Dollar soaring, it was clear that the trade was concerned about renewed currency originated selling pressure. With US productivity rising sharply and unit labor costs actually declining, the trade could easily have played down the inflation threat on Thursday. However, with the US equity market soaring and oil prices higher, it is likely that the bear camp will avoid pressing prices so far below the October highs.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index rose on positive economic data and comments from the European Central Bank that were not as hawkish as some had expected in terms of possible future interest rate hikes by the ECB. The yen made new 25 month lows.
Oil started off higher and rose throughout trade on “bargain-hunting after prices had settled below $60 a barrel for three straight days.”
Treasuries fell on strong economic data that suggest further interest rate hikes by the fed. The yield on the 10-year made new 7 month highs.
The Dow, Nasdaq, and S&P rose on positive economic data and strong retail sales reports, though all three indices did cut their gains by the close on higher oil.
Among the big names making news in the market today were Merck, America Online, Guidant, Comcast, Wal-Mart, CVS, Sara Lee, Harrah’s, and various other retailers reporting their sales.
Gold & Silver Stock News Update from GoldReview.com:
Royal Gold’s earnings, the SEC’s insider trading charge in regards to the Placer Dome deal, Cambior’s exploration update, Desert Sun’s exploration program, and Randgold’s Loulo mine and 3rd quarter earnings were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rio Narcea | RNO +2.56% $1.20 |
2. Aurizon | AZK +1.75% $1.17 |
3. Mines MGMT | MGN +1.75% $6.98 |
LOSERS
1. Golden Star | GSS -7.25% $2.56 |
2. Nevsun | NSU -5.92% $1.43 |
3. Gold Reserve | GRZ -5.38% $2.11 |
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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 Thursday, 3 November 2005 | Digg This Article
Gold Seeker Closing Report – Dollar Rises Back Above 90
