-- Posted Tuesday, 8 November 2005 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
There were no major economic reports today. Tomorrow at 10AM EST brings Wholesale Inventories for September expected at 0.3%. There will also be some “fedspeak” tomorrow.
| Close | Gain/Loss |
Gold | $460.90 | +$1.70 |
Silver | $7.57 | +$0.01 |
XAU | 106.01 | -0.22% |
HUI | 222.71 | -0.36% |
GDM | 719.38 | -0.30% |
USD | 91.44 | +0.14 |
Euro | 117.81 | -0.29 |
Yen | 85.32 | +0.25 |
Oil | $59.71 | +$0.24 |
10-Year | 4.565% | -0.074 |
Bond | 111 24/32 | +27/32 |
Dow | 10539.72 | -0.44% |
Nasdaq | 2172.07 | -0.28% |
S&P | 2118.59 | -0.35% |
Gold Warehouse Stocks: | 6,440,705 | - |
Silver Warehouse Stocks: | 116,743,012 | +1,023,930 |
Gold and silver dropped off in early Asian trade and held lower throughout most of trade in London before rising to near unchanged by the opening of trade in New York. Both metals then continued to rise throughout morning trade in New York before falling off a bit in the afternoon but still ending higher.
Gold and silver equities traded mostly slightly higher before moving modestly lower in the last hour of trade to close near their lows with minor losses.
“Gold closed stronger for the second day in a row, as it appears that gold bulls have responded to lower prices returning to the market, despite pressure from the stronger US Dollar. The US Dollar continued to gain against the Euro today, which helped limit the gains in the metals. However, a technically weak close in the December Dollar Index (still higher on the day but well off of the contract highs it made earlier in the session) could put the Dollar in a defensive position tomorrow, which in turn could support the precious metals.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index continued to rise on the outlook for further hikes in U.S. interest rates, though unrest in Europe also added to the dollar’s strength. After scaling new highs overnight, the index ended off its highs but still slightly higher to further its 17 month closing highs. The euro furthered its 23 month lows and the yen continued to rebound from 26 month lows made last Friday.
Oil traded mostly slightly lower before ending with a small gain as traders continue to debate winter weather and demand implications. Tomorrow’s inventory reports are expected to see builds of 2.3 million barrels in crude, 1.5 million barrels in gasoline, and 1.1 million barrels in distillates.
Treasuries rose as today’s 3-year note auction saw good demand for notes that are yielding higher now than they have been recently. Signs that the housing market may be cooling also led investors to buy bonds.
The Dow, Nasdaq, and S&P started off lower on disappointing results and guidance and remained lower throughout trade on worries over the auto and housing sectors. A warning by Toll Brothers of a demand slowdown in the housing sector led to notable losses in home builders and was the dominant topic on the trading floor today.
Among the big names making news in the market today were the NYSE and Archipelago, Linens ‘n Things, Freddie Mac, Toll Brothers, Visteon, Blockbuster, MBIA, Cablevision, EchoStar, Dynegy, and Axa.
Gold & Silver Stock News Update from GoldReview.com:
Hecla’s 3rd quarter results, Placer Dome’s new gold zone on the Indian Ranch project, Eldorado’s assay results from Tanjianshan, Placer Dome’s drilling at Bravo’s south lone mountain, Ivanhoe’s coal division, and Queenstake’s 3rd quarter results conference call were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +3.52% $1.47 |
2. Buenaventura | BVN +1.85% $25.83 |
3. Lihir Gold | LIHRY +1.71% $27.39 |
LOSERS
1. Cambior | CBJ -6.34% $1.92 |
2. Golden Star | GSS -5.18% $2.38 |
3. Nevsun | NSU -4.32% $1.33 |
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
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© Gold Seeker 2005
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-- Posted Tuesday, 8 November 2005 | Digg This Article
Gold Seeker Closing Report – Dollar Holds Near 2-Year Highs
