-- Posted 5 December, 2005 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
ISM Services for November came in less than the expected 59.0 and fell from October’s reading of 60.0 at 58.5. A reading over 50 indicates growth in the sector.
Tomorrow at 8:30AM EST brings the revised figure for 3rd quarter Productivity expected at 4.5%. At 10AM is the release of Factory Orders for October expected at 2.2%.
| Close | Gain/Loss |
Gold | $508.40 | +$5.50 |
Silver | $8.63 | +$0.08 |
XAU | 116.43 | +0.17% |
HUI | 248.98 | +0.38% |
GDM | 806.25 | +0.27% |
USD | 91.47 | -0.45 |
Euro | 117.97 | +0.90 |
Yen | 82.77 | -0.16 |
Oil | $59.92 | +$0.60 |
10-Year | 4.567% | +0.048 |
Bond | 111 23/32 | -14/32 |
Dow | 10835.01 | -0.39% |
Nasdaq | 2257.64 | -0.69% |
S&P | 1262.09 | -0.24% |
Gold Warehouse Stocks: | 6,666,668 | - |
Silver Warehouse Stocks: | 117,610,795 | - |
Gold rose to over $508 in Asia before dropping off a bit in London, but it then rallied back in late New York trade and ended near its highs of the session with an over 1% gain to make a new 22 and ¾ year high. Silver followed a very similar pattern and ended at new 18 year highs.
Platinum gained $2 to $994 to make new 25 year highs, palladium gained $6 to $269 to make new 19 month highs, and copper made new all-time highs above $2 per pound.
Gold and silver equities started off about 1% higher before soon dropping off to find slight losses in late morning trade, but they then rallied back and ended the day slightly higher.
More Precious Metals Analysis:
“The gold and silver markets started out firm on Monday morning but seemed to give a little ground but then forged a higher high for the day into mid session off the reversal in the US Dollar. Apparently the metals markets were lifted by the continued rise in oil prices and possibly because of the talk that the Chinese might become a little more flexible with their currency. In the end both silver and gold forged new contracts highs and held most of the gains into the close Monday.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index fell on profit taking. Canada’s dollar rose to a 13 year high versus the U.S. dollar. The yen fell to new 32 month lows.
Oil traded above $60 for the first time in nearly a month on reports of a snowstorm due to hit the Northeast U.S.
Treasuries fell on expectations for further interest rate hikes by the fed.
The Dow, Nasdaq, and S&P fell off as higher oil prices renewed inflation fears.
Among the big names making news in the market today were Airbus, Intel, Ford, Boston Scientific and Guidant, Verizon, and Refco.
Gold & Silver Stock News Update from GoldReview.com:
Barrick Gold’s extension of their odd lot selling program, IAMGOLD’s plans to acquire Gallery Gold, Royal Gold’s completed transaction with High River Gold for its Taparko project, Ivanhoe’s welcomed support by Mongolia's Prime Minister, Gold Fields’ plans to proceed With Cerro Corona Project in Peru, Centerra Gold’s update on exploration and operations, Placer Dome’s comments calling Barrick’s application to strike down the Shareholder Rights Plan 'premature,' Goldcorp’s acquisition of the Elenore gold project from Virginia Gold Mines, Yamana’s acquisition of RNC Gold, Fortuna’s acquired mineral concessions, Bear Creek’s latest drill results from the Corani silver project, IMA’s President being named ‘exploration man of the year’ in Argentina, and an end to the strike at Apex Silver’s San Cristobal silver mine were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Metallica | MRB +8.21% $2.11 |
2. Cardero | CDY +6.63% $4.18 |
3. Gold Reserve | GRZ +5.23% $3.02 |
LOSERS
1. Crystallex | KRY -11.39% $2.10 |
2. Seabridge | SA -4.45% $6.22 |
3. Richmont | RIC -3.62% $3.73 |
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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 5 December, 2005 | |
