-- Posted 23 November, 2005 | | Source: SilverSeek.com

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

Note: All U.S. markets will be closed tomorrow in observance of the Thanksgiving holiday.  Some aspects of the markets will also be closed on Friday, though the major indices will be open until 1PM EST.

Initial Jobless Claims rose more than expected partially due to an additional 21,000 claims attributed to hurricanes Katrina, Rita, and Wilma.  The rise in consumer sentiment was attributed to a drop in gas prices.  There are no major economic reports due out for the rest of the week.

Gold and silver traded higher in New York Access trade late yesterday, but they soon fell off to find slight losses in Asia and extended those losses in London before rebounding a bit in New York, but still ended the session slightly lower.  Gold fell from 17 and ¾ year highs and silver fell from 19 month highs, though silver is just 9 cents from making 18 year closing highs.

Euro gold fell slightly from all-time highs above €415 an ounce, platinum gained $6 to $970 to get back near 26 year highs, palladium lost $6 to $249 to fall further from 18 month highs, and copper gained a bit to get back near all-time highs at about $2 per pound.

Gold and silver equities dropped about 2% at the open and remained near their lows throughout trade.  The XAU fell from 8 and ½ year highs, the HUI fell from 10 month highs, and the GDM fell from all-time highs. 

The U.S. dollar index fell slightly on interest rate expectations, though trading was thin and currencies overall remained mixed and very near unchanged.

Oil traded slightly lower ahead of the inventory reports that saw crude inventories build 400,000 barrels, gasoline inventories build 200,000 barrels, and distillates build 1.1 million barrels.  Natural gas inventories fell 8 billion cubic feet.  Oil, gas, and distillate inventories came in about as expected, though natural gas inventories came in unexpectedly lower to make for a mixed day in the energy market.  Oil prices remained about 1% lower immediately following the reports, but prices did inch up by the end of trade to close just slightly lower.  The oil market will be closed until Sunday night when electronic trading opens back up.

Treasuries were little changed ahead of a $20 billion 2-year note auction that drew poor demand and caused bonds to sell off a bit as the yield on the 10-year rebounded from 1 month lows.

The Dow, Nasdaq, and S&P rose throughout most of trade before falling off a bit in the last hour of trade as a positive Michigan Sentiment report and lower oil had investors buying once again.  The Dow made new 8 month highs and the Nasdaq and S&P made new 4 and ½ year closing highs.

Among the big names making news in the market today were Hormel, Placer Dome and Barrick, Drax, Arcelor and Dofasco, Sovereign, and Samsung.

Gold & Silver Stock News Update from GoldReview.com:

Placer Dome’s Board rejection of Barrick’s hostile takeover bid, Canyon Resources’ extended warrant exercise date and notice from the Amex, Cardero’s Huachi copper - gold property acquisition Cumberland’s new shareholder, Harmony’s dual listing, and Orezone’s C$30,000,000 financing 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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