-- Posted Monday, 14 November 2005 | Digg This Article

Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:

There were no major economic reports today, but a speech by outgoing Fed Chairman Greenspan to a conference in Mexico about the Trade Deficit did have some investors talking.  Tomorrow at 8:30AM EST brings PPI for October expected at 0.0% and Core PPI expected at 0.2%.  The New York Empire State Index for November is expected at 15.5, Retail Sales for October are expected at -0.7%, and Retail Sales excluding auto sales are expected at 0.3%.  Ben Bernanke also begins his confirmation hearings on Capitol Hill.

COT Reports: Gold  Silver

Gold traded nicely higher above $470 in Asia and London before falling off in late London and early New York trade, though it was able to rebound a bit to end just slightly lower.  Silver also traded nicely higher overnight before falling off a bit in early New York trade, and though it was able to hold mostly slightly higher, it ended unchanged and at its low of the session.  Platinum rose to new 26 year highs and gained $4 to $969, palladium gained $2 to $248 and made new 17 month highs, and copper made new all-time highs above $1.90 per pound.

Gold and silver equities fell throughout trade and ended near their lows of the day.

More Precious Metals Analysis:

“The gold market could have rallied sharply if it had not been for the sharp recovery in the US Dollar from the early lows. With the South African Central bank indicating that they would move to increase their reserve holdings of gold we would have expected gold to have managed a bigger move into positive ground, especially when one considers the positive leadership from silver and platinum. Dampening the long interest in gold and silver on Monday were reports of increased gold and silver production in Peru. The gold market could have been supported by the disconcerting dialogue from the US Federal Reserve Chairman on the un-sustainability of the US current account deficit situation.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index rose to new 2 year highs as the euro fell to new 2 year lows and the yen fell to new 27 month lows.  Interest rate expectations in the U.S., Europe, and Japan continue to buoy the dollar as the U.S. is the only entity currently raising rates.

Oil gained slightly on colder weather forecasts but ended off its highs of the session.

Treasuries fell ahead of inflation data due out tomorrow and Wednesday.  Comments from Greenspan that the “willingness of foreign investors to buy U.S. financial assets will reach a limit” also pushed treasuries lower.  “The gap between the two- and 10-year yields narrowed to 12 basis points, matching the smallest in four years for the so-called yield curve.”

The Dow, Nasdaq, and S&P traded mixed and near unchanged as traders debated CPI and PPI reports due out the next 2 days.

Among the big names making news in the market today were Delta, the NYSE, Rayovac, Interpublic, Weyerhaeuser, Tyson, Wal-Mart, Koch and Georgia-Pacific, Host Marriott and Starwood, Knight Ridder, and Lowe’s.

Gold & Silver Stock News Update from GoldReview.com:

Randgold’s gold mine in Mali, financial results from Bema Gold, Cumberland, Queenstake, Apex Silver, and Rio Narcea, Golden Star’s agreement with St. Jude, Sterling Mining’s Barones Project progress, and Western Silver’s Penasquito feasibility study 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.

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-- Posted Monday, 14 November 2005 | Digg This Article

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