-- Posted 9 December, 2005 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | Dec | 88.7 | 85.0 | 81.6 |
Wholesale Inventories | Oct | 0.2% | 0.5% | 0.6% |
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| Close | Gain/Loss | On Week |
Gold | $526.30 | $7.10 | +4.65% |
Silver | $8.99 | $0.11 | +5.15% |
XAU | 122.94 | -1.00% | +5.77% |
HUI | 261.33 | -1.33% | +5.36% |
GDM | 848.36 | -1.08% | +5.51% |
USD | 91.26 | +0.03 | -0.72% |
Euro | 118.24 | +0.04 | +1.00% |
Yen | 82.89 | -0.28 | -0.05% |
Oil | $59.39 | -$1.27 | +0.12% |
10-Year | 4.537% | +0.073 | +0.40% |
Bond | 112 4/32 | -25/32 | UNCH |
Dow | 10778.58 | +0.22% | -0.91% |
Nasdaq | 2256.73 | +0.46% | -0.73% |
S&P | 1259.37 | +0.28% | -0.45% |
This week’s prior economic reports:
Next week’s economic highlights include the Treasury Budget for November expected at -$61.0 billion on Monday, Retail Sales and the FOMC policy announcement on Tuesday, the Trade Balance and Import/Export Prices on Wednesday, CPI and Net Foreign Purchases on Thursday, and the Current Account on Friday.
Gold Warehouse Stocks: | 6,679,432 | - |
Silver Warehouse Stocks: | 118,207,438 | - |
COT Reports: Gold | Silver
Gold drifted around $520 in Asia before rising to about $525 in London and then jumped up above $530 in New York before falling off a bit into the close, but it still ended with an over 1% gain to make a new 24 and ½ year high. Silver mostly drifted in the $8.90-$9 range in Asia and London before jumping above $9 in New York, but it also fell off slightly into the close to end off its highs. Silver still ended over 1% higher to make a new 18 year high. Both metals have now logged gains for 5 straight weeks.
Platinum gained $3 to $995 to make new 25 year highs, palladium gained $5 to $284 to make new 19 month highs, and copper made new all-time highs above $2.10 per pound.
Gold and silver equities traded about 1.5% higher Friday morning, but they then fell off throughout most of afternoon trade and ended about 1% lower as investors took profits from recent gains. The XAU fell from 9 year highs and the HUI and GDM fell from all-time highs.
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More Precious Metals Analysis:
“February gold shot higher to near 25 year price highs as bullish technical signals attracted fresh buyers once the metal pushed through the $510 level this week. Japanese investment and Central Bank buying is thought to be two of the factors driving gold prices higher this week. Tightening gold supplies, inflation concerns and asset diversification into precious metals by both investors and hedge funds has helped drive gold prices sharply higher this year. Oil related profits are fueling demand for gold in the Middle East with the jewelry industry expecting gold imports into Dubai (a major wholesale and retail jewelry hub) to be up 23% next year if gold prices can stabilize up at these levels.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index traded mixed and near unchanged as traders await comments from the Fed next Tuesday. The yen fell back near 32 month lows.
Oil briefly climbed over $61 early Friday morning, but it then fell off throughout trade Friday and ended back under $60 after closing above $60 for the first time in a month on Thursday. Natural gas traded well over $15 overnight before falling Friday and ended at $14.30 to fall from all-time highs.
Treasuries fell on strong Consumer Confidence data and erased their gains from earlier in the week.
The Dow, Nasdaq, and S&P remained near unchanged Friday morning on a variety of company news, but all three indices rose in afternoon trade and ended near their highs as oil ended near its lows.
Among the big names making news in the market Friday were Goldman Sachs and Sanyo, Paramount and DreamWorks, Alltel and Valor, Goldman Sachs and Lehman, Lilly, and Vincor and Constellation.
Gold & Silver Stock News Update from GoldReview.com:
Kinross Gold’s update on late financial statement filings, Nevsun’s briefing on the Bisha Scoping Study, Freeport-McMoRan’s mandatory redemption of its Gold-Denominated Preferred Stock, and the conclusion of court action in the Aquiline/IMA Exploration trial were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Minefinders | MFN +6.64% $5.30 |
2. Aurizon | AZK +4.96% $1.27 |
3. Gammon Lake | GRS +4.54% $10.13 |
LOSERS
1. Metallica | MRB -10.19% $1.85 |
2. Golden Star | GSS -9.02% $2.42 |
3. Nevsun | NSU -7.45% $1.74 |
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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 9 December, 2005 | |
