-- Posted 29 November, 2005 | | Source: SilverSeek.com

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

All three economic reports came in better than expected this morning.  Durable Goods Orders rose more than expected partly because of an end to the Boeing strike.  Consumer Confidence jumped the most since 2003 and rose “as Americans took comfort from falling gasoline prices and better job prospects.”  New Home Sales surprised by rising 13% rather than the expected fall.  Tomorrow at 8:30AM EST brings the preliminary reading for 3^rd quarter GDP expected at 4.0% and the Chain Deflator expected at 3.1%.  At 10AM is Chicago PMI for November expected at 60.0 and at 2PM is the Fed’s Beige Book.

Gold traded as high as $502.30 in Asia before falling off in London, but it then rebounded in New York and ended with a slight gain to make a new 17 and ¾ year high.  Silver traded mostly slightly lower throughout trade in Asia, London, and New York and ended in the middle of its range to fall from 18 year highs.

Platinum made new 25 year highs above $1,000 before falling off a bit, but it still ended with a gain of $3 to $989.  Palladium gained $2 to $262 to get back near 18 month highs and copper fell from all-time highs above $2 per pound.

Gold and silver equities fell about 1.5% in morning trade before rebounding a bit in the afternoon, but all three indices still ended slightly lower.

More Precious Metals Analysis:

“The gold market managed to throw off the early liquidative tilt and did so despite the sharp rise in the US Dollar. We suspect that the much stronger than expected sweep of US economic information helped the physical demand theme return to the market but we also think that fund buyers saw the early weakness as an opportunity to add to long positions at a slightly cheaper level. According to one gold industry executive, demand from China and India, ongoing investment interest and supply problems could result in gold prices soaring for the next several years.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index rebounded from significant losses yesterday as traders watched U.S. economic data and kept their eye on the ECB and their possible interest rate hike later this week.

Oil traded lower overnight before rising in early New York trade, but it then fell off to find slight losses again by the afternoon and ended near its lows ahead of inventory reports due out tomorrow that are expected to see slight builds in oil, gas, and distillate stocks.

Treasuries fell off on strong economic data that pushed interest rates up across the board.  The yield spread remains around 6 basis points.

The Dow, Nasdaq, and S&P started off nicely higher on this morning’s economically positive reports, but all three indices fell off in early afternoon trade and ended mixed and near unchanged as interest rate worries surfaced once again.

Among the big names making news in the market today were TiVo, Wachovia and U.S. Bancorp, DuPont, Delphi, Fannie Mae and Freddie Mac, Calpine, Kmart, Ahold, and Dubai Ports and P&O.

Gold & Silver Stock News Update from GoldReview.com:

Freeport-McMoRan Copper & Gold’s production warning, NovaGold’s drill results from the Ambler project, Canyon Resources’ private placement, Placer Dome’s Bald Mountain resources, and plenty of Mergers & Acquisitions news 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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