-- Posted Tuesday, 6 December 2005 | Digg This Article

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

“The productivity of U.S. workers rose from July through September at the fastest pace in two years and labor costs dropped for a second quarter, easing concern that rising wages will fuel inflation.”  Factory Order strength was attributed to aircraft demand.  Tomorrow at 3PM EST brings Consumer Credit for October expected at $5.0B.

Gold jumped above $510 in early overseas trade before falling off to about $506.50 in Asian trade, but it then rebounded to above $509 in London before again falling off to down near $504 in late London and early New York trade.  The yellow metal then rallied throughout the rest of trade in New York and closed at its high of $510.20.  This breaks through the 1983 high of $509.20 to bring gold to its highest level since early April of 1981 to make for a new 24 and ½ year high.

Silver also traded higher in early overseas trade before falling off in later Asian, London, and early New York trade, but it also rocketed higher in later New York trade and ended at a new 18 year high of $8.68 after trading as low as $8.49 in early New York trade.

Platinum lost $14 to $980 to fall from 25 year highs, palladium remained unchanged at $269 at 19 month highs, and copper remained near all-time highs above $2 per pound.

Gold and silver equities started off the day about 1% lower, but they then rose throughout the rest of trade and ended near their highs with impressive gains.  The Gold & Silver Index (XAU) rose to its highest closing level since March of 1997.  The HUI rose to its highest close since the January 5, 2004 close of 256.20.  Should it break that level and the close of 256.84 on December 2, 2003, it will be making new all time highs as the Gold Bugs Index (HUI) was introduced in May of 1996.  The Gold Miners Index (GDM) is currently making new all-time highs as it was just introduced in late 2004.

SilverSeek.com announces the re-launch of the most visited silver website in the world including the new Forums

More Precious Metals Analysis:

“Gold and silver continue to forge some rather impressive price action as the precious metals are seeing rather surprising back and forth action but that is not discouraging the bull camp. In fact, with favorable views toward the US economy and the Dollar unable to rally it is possible that some currency related buying of gold and silver was in place on Tuesday. In a bigger picture sense that markets are simply seeing conditions that are conducive to improving physical demand and that is pulling in fresh buyers.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index remained mixed and near unchanged as traders contemplated economic reports and debated the future of interest rates around the world.  The yen fell to new 32 month lows.

Oil held mixed and near unchanged around $60 as traders watched the weather and contemplated what supplies will be ahead of inventory reports tomorrow.

Treasuries gained on easing inflation fears and rumors of strong foreign buying.

The Dow, Nasdaq, and S&P spent most of the day nicely higher on positive economic news, but all three indices sold off in the last hour of trade and ended with just minor gains.

Among the big names making news in the market today were Microsoft, Google, AOL, J&J and Guidant, the NYSE and Archipelago, Sears, and the SEC.

Gold & Silver Stock News Update from GoldReview.com:

Silver Wheaton’s ‘Bought Deal’ financing, Seabridge Gold’s closed C$3.2 million flow-through financing, Canyon Resources’ management changes, Glencairn’s strategic review, Great Basin’s new President and CEO, Golden Star’s gold mine in Ghana, Bema’s loan agreements for their Kupol mine construction, Pacific Rim’s drilling on their El Dorado gold project in El Salvador, Nevsun’s completed scoping study for the Bisha Project in Eritrea, Orezone’s closed C$30 million financing, Ivanhoe’s Amethyst Castle Copper-Gold-Uranium Project, and European Minerals’ hedged 443,000 ounces of gold at $574.25 per ounce were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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 Tuesday, 6 December 2005 | Digg This Article

Previous Articles by Chris Mullen, Gold Seeker

© 1995 - 2019

Live GoldSeek Visitor Map | Disclaimer