-- Posted 2 December, 2005 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Nov | 215K | 210K | 44K |
Unemployment Rate | Nov | 5.0% | 5.0% | 5.0% |
Average Workweek | Nov | 33.7 | 33.8 | 33.8 |
Hourly Earnings | Nov | 0.2% | 0.2% | 0.6% |
The BLS net birth/death adjustment for November added 18,000 payrolls, though it should be noted that this adjustment is to the non-seasonalized number, and it only affects the above seasonalized number by a percentage. October’s payrolls were revised down from 56,000.
Greenspan again warned about U.S. trade and budget deficits and the potential severe consequences if the imbalances are not corrected. The warning this time came from an economic conference in London where he also commented that the U.S. economy is expanding “at a reasonably good pace.”
| Close | Gain/Loss | On Week |
Gold | $502.90 | +$0.60 | +1.45% |
Silver | $8.55 | +$0.04 | +4.40% |
XAU | 116.23 | -1.62% | -2.05% |
HUI | 248.04 | -2.21% | -2.74% |
GDM | 804.04 | -1.85% | -1.75% |
USD | 91.92 | +0.04 | -0.09% |
Euro | 117.07 | -0.27 | -0.07% |
Yen | 82.93 | -0.10 | -0.77% |
Oil | $59.32 | +$0.85 | +1.04% |
10-Year | 4.519% | -0.002 | +1.99% |
Bond | 112 4/32 | +2/32 | -0.72% |
Dow | 10877.51 | -0.32% | -0.49% |
Nasdaq | 2273.37 | +0.27% | +0.46% |
S&P | 1265.08 | +0.03% | -0.25% |
This week’s prior economic reports:
Next week’s economic highlights include ISM Services for November expected at 59.3 on Monday, Productivity and Factory Orders on Tuesday, Consumer Credit on Wednesday, and Michigan Sentiment and Wholesale Inventories on Friday.
Gold Warehouse Stocks: | 6,614,292 | - |
Silver Warehouse Stocks: | 117,607,780 | - |
COT Reports: Gold | Silver
Gold and silver made new highs in Asia and London before falling off in early New York to find slight losses, but they then rebounded a bit and ended Friday’s session with small gains. Gold closed at a new 22 and ¾ year high and silver closed at a new 18 year high.
Platinum gained $5 to $992 to close at new 25 year highs, palladium gained $3 to $263 to get within a dollar of 19 month closing highs, and copper fell slightly from all-time closing highs set yesterday but it did remain above $2 per pound.
Gold and silver equities steadily fell off throughout most of trade Friday before a small rebound in the last hour of trade that left the three indices with around 2% losses.
More Precious Metals Analysis:
“The precious metals markets seemed to run out of upside momentum after the strong opening salvo, which allowed the gold to forge a 23 year high and silver an 18 year high. Once again the metals managed to rise despite slightly negative action in the Dollar and that would seem to suggest that physical or investment demand is driving prices and that currency considerations are a background issue. On the other hand, the silver market is thought to be carrying a rather significant overbought spec position and that might encourage some profit taking next week. The Press continues to carry mostly supportive stories on gold and silver demand and therefore the market is capable of discounting the overbought status.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index traded mostly slightly higher on the jobs report that came in about as forecast. The yen fell to new 27 month lows.
Oil traded higher on the outlook for colder weather in the U.S.
Treasuries held near unchanged on the jobs report that came in about as forecast.
The Dow, Nasdaq, and S&P traded mostly slightly lower on profit taking and higher oil and ended Friday’s session mixed.
Among the big names making news in the market Friday were Fairmont, Calpine, Ford, Boeing, and the auto makers.
Gold & Silver Stock News Update from GoldReview.com:
Goldcorp’s dividend and Aurizon’s $28 million financing were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Gold Reserve | GRZ +18.6% $2.87 |
2. Minco Mining | MMK +10.37 $1.49 |
3. Crystallex | KRY +7.73% $2.37 |
LOSERS
1. Mines MGMT | MGN -6.42% $7.14 |
2. DRDGOLD | DROOY -5.11% $1.30 |
3. Tan Range | TRE -5.11% $3.34 |
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
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© Gold Seeker 2005
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-- Posted 2 December, 2005 | |
