Gold and silver continued to gain late yesterday in New York Access trade and then added to their gains in Asia before falling off slightly in London, but they then rose to new highs in New York trade today and again ended near their highs of the session with over 1% gains.  Gold set a new 17 and ¾ year high while silver climbed to new 19 month highs.  Silver is now just 13 cents from joining gold at near 18 year closing highs. Euro gold set new all-time highs above €410 per ounce.  Platinum lost $4 to $976 and fell slightly from 26 year highs, palladium gained $1 to $255 and made new 18 month highs, and copper made new all-time highs above $1.90 per pound.

Gold and silver equities jumped about 2% higher at the open and remained near their highs into to the close.

“Global demand for gold in the third quarter totaled 838 tonnes, a rise of 7 percent from the year-ago quarter, as surging investment demand helped offset a slowdown in usage from the jewelry sector amid higher metal prices, the World Gold Council (WGC) said on Thursday.”

More Precious Metals Analysis:

“With another stellar session the metals markets are garnering the headlines that typically come with a sustained bull market. With the Dollar softer and the equity market higher the metals seemed to be in a positive to attract even more investment interest. The platinum market forged a 26 year high and gold prices managed an 18 year high and that factor alone probably serves to keep the precious metals in the headlines for at least several more days. Flight to quality off bird flu and GM concerns, inflation from high oil prices and lastly physical demand for gold and silver seems to leave the bull camp with a number of themes to choose from.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index fell from 2 year highs, the euro rebounded from 2 year lows, and the yen rebounded from 27 month lows as the Philadelphia Fed survey disappointed and traders debated the future of interest rates.

Oil started off the day slightly higher, but soon moved lower and then extended its losses into the close to end at a 5 month low as natural gas inventories rose by 53 billion cubic feet and eased supply fears as winter hits the U.S.

Treasuries started off the day lower, but then gained throughout trade and ended near their highs with decent gains as economically disappointing housing data and the Philadelphia Fed survey offset economically positive Initial Claims, Capacity Utilization, and Industrial Production reports.  The spread between the 10 and 2-year notes remained under 10 basis points.

The Dow, Nasdaq, and S&P rose steadily on lower oil and easing inflation worries.  The Dow made new 8 month closing highs, the Nasdaq made new 4 and ½ year closing highs, and the S&P made new 3 and ½ month highs and sits just a few points from joining the Nasdaq at 4 and ½ year closing highs.

Among the big names making news in the market today were Delphi and GM, Google, Barnes & Noble, BAWAG and Refco, Williams-Sonoma, VNU and IMS Health, Limited Brands, and the Federated Capital Income Fund.

Gold & Silver Stock News Update from GoldReview.com:

Meridian Gold’s announcement, Golden Star’s new gold zone discoveries, Richmont Mines’ $7.5 million offering, and Gold Fields’ management changes were among the big stories in the gold and silver mining industry making headlines today.

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- Written by Chris Mullen

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-- Posted Thursday, 17 November 2005 | Digg This Article