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Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com: Report | For | Reading | Expected | Previous | Nonfarm Payrolls | Oct | 56,000 | 100,000 | -8,000 | Unemployment Rate | Oct | 5.0% | 5.1% | 5.1% | Average Workweek | Oct | 33.8 | 33.7 | 33.8 | Hourly Earnings | Oct | 0.5% | 0.2% | 0.1% |
October payrolls were down not just due impacts of the hurricanes, but also because growth was “below trend” in other areas of the country according to the BLS. August’s payrolls were revised down from 211,000 to 148,000 and September’s payrolls were revised up from -35,000 to -8,000. The BLS net birth/death adjustment for October added 37,000 payrolls, though it should be noted that this adjustment is to the non-seasonalized number, and it only affects the above seasonalized number by a percentage. The jump in Hourly Earnings raised inflation fears as it was the largest in over 2 and ½ years. | Close | Gain/Loss | On Week | Gold | $456.20 | -$4.10 | -3.51% | Silver | $7.52 | -$0.05 | -3.22% | XAU | 105.83 | -0.54% | -0.91% | HUI | 223.75 | -0.61% | -0.20% | GDM | 722.27 | -0.55% | +0.21% | USD | 91.26 | +0.84 | +1.88% | Euro | 118.23 | -1.24 | -1.98% | Yen | 84.53 | -0.76 | -2.3% | Oil | $60.58 | -$1.20 | -1.05% | 10-Year | 4.657% | +0.013 | +1.97% | Bond | 110 21/32 | -4/32 | -1.06% | Dow | 10530.76 | +0.08% | +1.23% | Nasdaq | 2169.43 | +0.43% | +3.81% | S&P | 1220.14 | +0.02% | +1.81% |
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This week’s economic reports:
Next week’s economic highlights include Export Prices, Import Prices, the Trade Balance, Michigan Sentiment, and the Treasury Budget all due out on Thursday. Gold Warehouse Stocks: | 6,401,207 | - | Silver Warehouse Stocks: | 116,315,539 | - |
COT Reports: Gold | Silver Gold traded mostly slightly higher in Asia and London before jumping at the New York open on the poor Nonfarm Payrolls report, but any gains were short-lived as the yellow metal dropped in the next 2 hours of trade before finding some support around $455 and rebounding into the close. Silver traded mostly slightly lower in Asia and London before also jumping at the New York open, but it also sold off with gold before finding support at $7.45 and then rebounding a bit into the close. Gold fell to new 7 week lows while silver held above the 3 week low of $7.43 made on Tuesday. Gold and silver equities fell around 1% in early trade before rebounding a bit into the close, but still ending slightly lower. More Precious Metals Analysis: “The metals markets initially benefited from the US payroll readings, as the numbers were disappointing enough to temper Dollar strength but were still strong enough to point to forward progression in the US economy. With trends in the stock and bond markets temporarily undermined as a result of the numbers, we suspect that some investors moved back into the metals on the long side. We might also suggest that firmer copper price action in the face of a huge increase in Shanghai copper exchange stocks seems to leave the copper market as positive leading indicator for the precious metals.” - The Hightower Report, Futures Analysis and Forecasting The U.S. dollar index initially fell on the poor Nonfarm Payrolls report, but it then rose throughout the rest of trade on inflation fears raised by the Hourly Earnings report that support the view that the fed will continue to raise interest rates. The U.S. dollar index closed at new 17 month highs, the euro fell to new 17 month lows, and the yen fell to 26 month lows. Oil fell as fears over supplies eased and mild winter weather forecasts cut demand expectations. Treasuries fell despite the poor Nonfarm Payrolls report as the Hourly Earnings report raised inflation fears and pushed the yield on the 10-year to new 7 month intraday highs and new 16 month closing highs. The Dow, Nasdaq, and S&P started off briefly higher before falling on inflation and interest rate fears, but they then rallied back at the end of the day to close slightly higher. Among the big names making news in the market Friday were GM, Refco, Autonomy and Verity, Northwest, Wachovia, Toyota, Polo Ralph Lauren, Westinghouse, Guidant, Merck, Fortune Brands, Puma, and Ford. Gold & Silver Stock News Update from GoldReview.com: Canyon’s petition with the U.S. Supreme Court, Banro’s listing on the Toronto Stock Exchange, and 3rd quarter results from Metallica and Cambior were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Richmont | RIC +4.41% $3.55 | 2. Tan Range | TRE +3.91% $2.92 | 3. Crystallex | KRY +3.36% $1.54 |
LOSERS 1. Hecla Mining | HL -3.49% $3.32 | 2. DRDGOLD | DROOY -3.01% $1.29 | 3. Royal Gold | RGLD -2.64% $22.84 |
Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Do you have questions, comments, or suggestions about this report? Email Chris Mullen at cm@goldseek.com - 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 Note: The following article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. GoldSeek.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond GoldSeek.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. GoldSeek.com and employees associated with Gold Seek LLC do not trade the stocks mentioned in stock reports for one week prior to and one week following publication. The information presented in stock reports are not a specific buy or sell recommendation and is presented solely for informational purposes only. The author/publisher may or may not have a position in the securities and/or options relating thereto, & may make purchases and/or sales of these securities relating thereto from time to time in the open market or otherwise outside of the trading timeframe listed above. GoldSeek.com may have been compensated for their services in preparing and publishing this report. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted Friday, 4 November 2005
Previous Articles by Chris Mullen, Gold Seeker
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Gold Seeker Weekly Wrap-Up - Gold and Silver Lose Over 3% on the Week
