-- Posted Sunday, 15 January 2006 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Note: All U.S. markets are closed Monday in observance of Martin Luther King Jr. Day.
Report | For | Reading | Expected | Previous |
PPI | Dec | 0.9% | 0.4% | -0.7% |
Core PPI | Dec | 0.1% | 0.2% | 0.1% |
Retail Sales | Dec | 0.7% | 1.0% | 0.8% |
Retail Sales ex-auto | Dec | 0.2% | 0.4% | -0.3% |
Business Inventories | Nov | 0.5% | 0.4% | 0.4% |
While PPI came in more than double what was expected, Core PPI came in less than expected and tamed inflation fears. For the year, PPI rose 5.4% and Core PPI rose 1.7%. The gain in Retail Sales was attributed almost entirely to gains in autos and gas. Business Inventories were also driven by autos.
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| Close | Gain/Loss | On Week |
Gold | $556.50 | +$8.60 | +3.29% |
Silver | $9.09 | +$0.12 | +0.11% |
XAU | 141.97 | +3.18% | +1.51% |
HUI | 310.34 | +3.68% | +1.72% |
GDM | 988.50 | +3.17% | +1.68% |
JSE Gold | 2626.62 | +1.89 | +0.70% |
USD | 88.90 | -0.58 | +0.05% |
Euro | 121.37 | +1.06 | -0.16% |
Yen | 87.56 | +0.04 | +0.07% |
Oil | $63.92 | -$0.02 | -0.45% |
10-Year | 4.35% | -0.060 | -0.66% |
Bond | 114.6875 | +0.875 | +0.49% |
Dow | 10959.87 | -0.02% | +0.01% |
Nasdaq | 2317.04 | +0.02% | +0.50% |
S&P | 1287.61 | +0.12% | +0.17% |
This week’s economic reports:
Next week’s economic highlights include CPI, the Fed’s Beige Book, and Net Foreign Purchases on Wednesday, housing data and the Philadelphia Fed on Thursday, and Michigan Sentiment on Friday.
Gold Warehouse Stocks: | 7,021,698 | - |
Silver Warehouse Stocks: | 120,022,611 | - |
COT Reports: Gold | Silver
Gold fell down near $545 in Asia and held mostly slightly lower in London and early New York trade, but a surge a little after 10AM EST rocketed the price above $555 to lead gold to close near its highs at a new near-25 year high. Gold last traded above $555 on January 22nd, 1981, leaving gold about 1 week away from technically accomplishing 25 year high status.
Silver traded modestly lower in Asia before finding small gains in London, but it then dropped to around $8.90 in early New York trade before it surged higher with gold and ended with a nice gain to close just 10 cents from its 18 and ˝ year high set this past Monday.
Gold and silver equities started Friday with just slight gains before jumping higher along with the metals in late morning trade. All three indices ended near their highs of the day with over 3% gains to bring the XAU to new 9 and ˝ year highs and the HUI and GDM to new all-time highs.
Euro gold jumped to new all-time highs near €460, platinum gained $17 to $1,026 to make new 26 year highs, palladium gained $10 to $278 to close within $13 of new 20 month highs, copper jumped back up near all-time highs at around $2.15, and the CRB Index gained 2.13 to 336.84 to come within 3 points of its 25 year high set last Friday.
More Precious Metals Analysis:
“After starting out soft and appearing to be in a profit taking posture, the gold market managed to rally to new contract highs on heavy speculative buying ahead of the holiday weekend. We have to think that the early economic news on Friday disappointed the gold bulls, as inflation readings were countervailing and the retail sales report was weaker than expected. After seeing some early weakness in the Dollar, the Dollar managed to return to unchanged levels, which limited gold’s early advance, but a steady decline in the dollar after mid-morning appears to spark new life into gold.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index fell on weak economic data.
Oil traded mostly slightly lower on adequate supplies, but the price did work its way up to near unchanged by the close of trade on worries over Iran’s nuclear ambitions.
Treasuries gained the most in 3 weeks on weaker than expected economic data and worries over Iran.
The Dow, Nasdaq, and S&P started off modestly higher on what was perceived as tame inflation data, but all three indices then fell off in afternoon trade on fears over Iran before rallying back a bit into the close to end mixed and near unchanged.
Among the big names making news in the market Friday were IBM, Tyco, Lucent, GM, Boston Scientific and Guidant, and AIG.
Gold & Silver Stock News Update from GoldReview.com:
Nevsun’s Tabakoto Mine update, Canyon Resources’ update on the status of the McDonald Takings Claim, and MAG Silver’s drilling at Batopilas were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Tan Range | TRE +11.95% $6.84 |
2. Nevsun Resources | NSU+9.43% $2.32 |
3. Orezone | OZN +8.21% $2.11 |
LOSERS
1. Northern Dynasty | NAK -2.89% $5.72 |
2. Ivanhoe | IVN -2.33% $7.56 |
3. Almaden Minerals | AAU -0.75% $2.66 |
All of Friday’s gold and silver stock news:
Laurion Gold Inc. Announces the Completion of the Phase I Gold Exploration Program on the German Property - More
- January 13, 2006 | Item | E-mail
Red Back Announces Appointment of Lukas Lundin as Chairman of the Board - More
- January 13, 2006 | Item | E-mail
ECU Silver Mining Inc.: Press Release - More
- January 13, 2006 | Item | E-mail
Cypress Development Corp. Begins Drilling on McKenzie Island Gold Project, Red Lake, Ontario - More
- January 13, 2006 | Item | E-mail
Amera Stakes Copper-Silver Property in Peru - More
- January 13, 2006 | Item | E-mail
Corriente Appoints New Member to Board of Directors - More
- January 13, 2006 | Item | E-mail
Etruscan adopts shareholder rights plan - More
- January 13, 2006 | Item | E-mail
ECU Silver Mining Inc.-Press Release - More
- January 13, 2006 | Item | E-mail
Nevsun Resources Ltd.: Tabakoto Mine Update - "Nevsun Resources Ltd. reports that its subsidiary Tambaoura Mining Company SA and Fire Ring Trading 39 (Pty) Limited (trading as MDM) have agreed that the Company will itself complete the work remaining to be completed at the Company’s Tabakoto project. The parties have agreed to co-operate fully to assist with the execution of the work, commissioning and performance testing necessary to complete the project." More
- January 13, 2006 | Item | E-mail
Laramide to Acquire Major Strategic Interest in New Australian Uranium Company - More
- January 13, 2006 | Item | E-mail
Majescor Resources Acquires Gold Project in Madagascar - More
- January 13, 2006 | Item | E-mail
Northland to Purchase 100% of Norra/Barsele Projects, Sweden - More
- January 13, 2006 | Item | E-mail
Midway Adds a Second Drill Rig at Midway Project Nevada - More
- January 13, 2006 | Item | E-mail
MacMillan Gold Reports Copper And Silver Values From The Mahone Target At The Tetasiari Project - More
- January 13, 2006 | Item | E-mail
Kodiak to Mobilize Drill Program - More
- January 13, 2006 | Item | E-mail
Brookmount Explorations, Inc. Applies To Obtain An Additional 500 Hectares At Its Promising Mercedes 100 Project - More
- January 13, 2006 | Item | E-mail
Great West Gold, Inc. -- Corporate Update - More
- January 13, 2006 | Item | E-mail
MAG Silver Resumes Drilling at Batopilas - "MAG Silver Corp. announces that drilling has resumed at its 100% owned Batopilas Silver Project in Chihuahua State, Mexico. MAG recently released drill results from Hole 02, which intersected 1.70 meters (5.6 feet) of 2,358 grams per tonne silver (75.8 ounces per ton). This is the continuation of the planned Phase One, 10 hole (2500 meter) program, initiated in late 2005." More
- January 13, 2006 | Item | E-mail
Canyon Resources Provides Update on Status of McDonald Takings Claim - "Canyon Resources Corporation, a Colorado-based mining company, reports that on January 9, 2006, the State of Montana filed its brief with the United States Supreme Court in opposition to the Venture’s Petition for Writ of Certiorari in the case of Seven Up Pete Venture et al. v The State of Montana, as permitted by Court rules. At the same time, the Rocky Mountain Law Foundation has submitted an amicus curiae, or friend of the court brief, in support of the Venture’s Petition." More
- January 13, 2006 | Item | E-mail
Orko Announces Private Placement - More
- January 13, 2006 | Item | E-mail
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- Written by Chris Mullen
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-- Posted Sunday, 15 January 2006 | Digg This Article
Gold Seeker Weekly Wrap-Up - Gold Ends the Week at a New 25 Year High
