-- Posted Tuesday, 15 November 2005 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
PPI | Oct | 0.7% | 0.0% | 1.9% |
Core PPI | Oct | -0.3% | 0.2% | 0.3% |
Retail Sales | Oct | -0.1% | -0.7% | 0.3% |
Sales ex.-auto | Oct | 0.9% | 0.3% | 1.4% |
NY Empire State Index | Nov | 22.8 | 15.5 | 12.1 |
PPI rose more than expected, but the unexpected drop in Core PPI was the largest 1 month decline in over 2 years and eased any inflation fears raised. Retail Sales came in much better than expected if one ignores the 3.6% drop in auto sales.
Ben Bernanke started his senate confirmation hearings today and commented that he would continue with Greenspan-like policy, that he would maintain price stability, and that he would move slowly on implementing his idea on inflation targeting.
Tomorrow at 8:30AM EST brings CPI for October expected at 0.0% and Core CPI expected at 0.2%. At 9AM are Net Foreign Purchases which tell us whether the U.S. received enough foreign funds to cover the record high Trade Deficit of $66.1 billion announced last week.
| Close | Gain/Loss |
Gold | $468.00 | -$0.20 |
Silver | $7.74 | Unchanged |
XAU | 107.86 | -1.90% |
HUI | 225.22 | -2.60% |
GDM | 735.15 | -1.71% |
USD | 92.01 | -0.09 |
Euro | 116.97 | +0.02 |
Yen | 84.02 | -0.18 |
Oil | $56.98 | -$0.71 |
10-Year | 4.557% | -0.047 |
Bond | 111 30/32 | +20/32 |
Dow | 10686.44 | -0.10% |
Nasdaq | 2186.74 | -0.65% |
S&P | 1229.01 | -0.39% |
Gold Warehouse Stocks: | 6,624,031 | - |
Silver Warehouse Stocks: | 116,361,585 | - |
Gold and silver traded lower overnight before rising to find gains in early New York trade, though both metals then fell back off in later morning trade to find losses again before rebounding a bit into the close and ending near unchanged. Platinum fell from 26 year highs, palladium fell from 17 month highs, and copper made new all-time highs above $1.90 per pound.
Gold and silver equities started off briefly higher before falling off for the rest of trade and ending near their lows with about 2% losses.
More Precious Metals Analysis:
“The gold market chopped around with the Dollar mostly in favor and traders simply not willing to push prices up without more compelling fundamental information. With gold and silver pricing disjointed and platinum prices failing to rally in the wake of very support long term forecasts from a well regarded private source, it was clear that the bear camp was lacking in the precious metals. We also suspect that some gold and silver longs were disappointed in the muted inflation spin from the PPI report.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index hit new 2 year highs overnight before falling off following this morning’s economic reports. The euro rebounded slightly from 2 year lows as the yen made new 27 month lows.
Oil started off lower but soon moved higher on the day before finding losses once again by the close as traders debated weather forecasts and the inventory reports due out tomorrow. Oil closed below $57 for the first time in 4 and ½ months.
Treasuries gained after this morning’s economic data and on Bernanke’s comments.
The Dow, Nasdaq, and S&P started off lower on inflation fears before rising slightly in early afternoon trade, but all three indices then fell off to find new lows by the close.
Among the big names making news in the market today were McDonald’s, Target, JC Penney, J&J and Guidant, Allergan and Inamed, Home Depot, Boeing, Credit Suisse First Boston and Reebok, Avon, Staples, and BJ’s Wholesale.
Gold & Silver Stock News Update from GoldReview.com:
Barrick Gold’s and Glamis Gold’s search for acquisitions, NovaGold’s drill results at Donlin Creek, Rob McEwen’s resignation from Goldcorp., Nevsun’s probe results, Canyon Resources’ drilling at its Goldtooth project, Newmont’s dropped civil suit in Indonesia, and Queenston Mining’s and Kirkland Lake Gold’s joint venture to explore the Kirkland Lake West property owned by Newmont were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Miramar | MNG +6.06% $1.40 |
2. Eldorado | EGO +1.45% $3.49 |
3. Orezone | OZN +1.17% $1.73 |
LOSERS
1. Nevsun | NSU -8.33% $1.32 |
2. Gold Fields | GFI -7.35% $13.48 |
3. Hecla | HL -6.13% $3.06 |
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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, 15 November 2005 | Digg This Article
Gold Seeker Closing Report – "Benspeak"
