-- Posted 6 December, 2005 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Productivity – Rev. | Q3 | 4.7% | 4.5% | 4.1% |
Factory Orders | Oct | 2.2% | 2.2% | -1.4% |
“The productivity of U.S. workers rose from July through September at the fastest pace in two years and labor costs dropped for a second quarter, easing concern that rising wages will fuel inflation.” Factory Order strength was attributed to aircraft demand. Tomorrow at 3PM EST brings Consumer Credit for October expected at $5.0B.
| Close | Gain/Loss |
Gold | $510.20 | +$1.80 |
Silver | $8.68 | +$0.05 |
XAU | 119.69 | +2.80% |
HUI | 255.82 | +2.75% |
GDM | 828.90 | +2.81% |
USD | 91.45 | -0.02 |
Euro | 117.96 | -0.01 |
Yen | 82.76 | -0.01 |
Oil | $59.94 | +$0.03 |
10-Year | 4.494% | -0.073 |
Bond | 112 18/32 | +27/32 |
Dow | 10856.86 | +0.19% |
Nasdaq | 2260.76 | +0.14% |
S&P | 1263.70 | +0.13% |
Gold Warehouse Stocks: | 6,666,668 | - |
Silver Warehouse Stocks: | 117,610,795 | - |
Gold jumped above $510 in early overseas trade before falling off to about $506.50 in Asian trade, but it then rebounded to above $509 in London before again falling off to down near $504 in late London and early New York trade. The yellow metal then rallied throughout the rest of trade in New York and closed at its high of $510.20. This breaks through the 1983 high of $509.20 to bring gold to its highest level since early April of 1981 to make for a new 24 and ½ year high.
Silver also traded higher in early overseas trade before falling off in later Asian, London, and early New York trade, but it also rocketed higher in later New York trade and ended at a new 18 year high of $8.68 after trading as low as $8.49 in early New York trade.
Platinum lost $14 to $980 to fall from 25 year highs, palladium remained unchanged at $269 at 19 month highs, and copper remained near all-time highs above $2 per pound.
Gold and silver equities started off the day about 1% lower, but they then rose throughout the rest of trade and ended near their highs with impressive gains. The Gold & Silver Index (XAU) rose to its highest closing level since March of 1997. The HUI rose to its highest close since the January 5, 2004 close of 256.20. Should it break that level and the close of 256.84 on December 2, 2003, it will be making new all time highs as the Gold Bugs Index (HUI) was introduced in May of 1996. The Gold Miners Index (GDM) is currently making new all-time highs as it was just introduced in late 2004.
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More Precious Metals Analysis:
“Gold and silver continue to forge some rather impressive price action as the precious metals are seeing rather surprising back and forth action but that is not discouraging the bull camp. In fact, with favorable views toward the US economy and the Dollar unable to rally it is possible that some currency related buying of gold and silver was in place on Tuesday. In a bigger picture sense that markets are simply seeing conditions that are conducive to improving physical demand and that is pulling in fresh buyers.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index remained mixed and near unchanged as traders contemplated economic reports and debated the future of interest rates around the world. The yen fell to new 32 month lows.
Oil held mixed and near unchanged around $60 as traders watched the weather and contemplated what supplies will be ahead of inventory reports tomorrow.
Treasuries gained on easing inflation fears and rumors of strong foreign buying.
The Dow, Nasdaq, and S&P spent most of the day nicely higher on positive economic news, but all three indices sold off in the last hour of trade and ended with just minor gains.
Among the big names making news in the market today were Microsoft, Google, AOL, J&J and Guidant, the NYSE and Archipelago, Sears, and the SEC.
Gold & Silver Stock News Update from GoldReview.com:
Silver Wheaton’s ‘Bought Deal’ financing, Seabridge Gold’s closed C$3.2 million flow-through financing, Canyon Resources’ management changes, Glencairn’s strategic review, Great Basin’s new President and CEO, Golden Star’s gold mine in Ghana, Bema’s loan agreements for their Kupol mine construction, Pacific Rim’s drilling on their El Dorado gold project in El Salvador, Nevsun’s completed scoping study for the Bisha Project in Eritrea, Orezone’s closed C$30 million financing, Ivanhoe’s Amethyst Castle Copper-Gold-Uranium Project, and European Minerals’ hedged 443,000 ounces of gold at $574.25 per ounce were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun Resources | NSU +18.92% $1.76 |
2. Great Basin | GBN +17.65% $1.20 |
3. Miramar | MNG +10% $1.98 |
LOSERS
1. Gold Reserve | GRZ -5.63% $2.85 |
2. Silver Wheaton | SLW -4.8% $5.35 |
3. Cumberland | CLG -2.86% $1.70 |
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
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-- Posted 6 December, 2005 | |
