-- Posted 16 December, 2005 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
The Current Account for the 3rd quarter came in less than the expected -$205.0 billion and fell slightly from the 2nd quarter’s mark of -$197.7 billion at -$195.8 billion.
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| Close | Gain/Loss | On Week |
Gold | $502.90 | -$0.10 | -4.45% |
Silver | $8.50 | -$0.04 | -5.45% |
XAU | 122.36 | +1.26% | -0.47% |
HUI | 259.96 | +1.88% | -0.52% |
GDM | 840.97 | +1.36% | -0.87% |
USD | 89.71 | -0.31 | -1.70% |
Euro | 120.01 | +0.38 | +1.50% |
Yen | 86.30 | +0.48 | +4.11% |
Oil | $58.06 | -$1.93 | -2.24% |
10-Year | 4.448% | -0.020 | -1.96% |
Bond | 113 9/32 | +11/32 | +1.03% |
Dow | 10875.59 | -0.06% | +0.90% |
Nasdaq | 2252.48 | -0.36% | -0.19% |
S&P | 1267.32 | -0.28% | +0.63% |
Next week’s economic highlights include housing data and PPI on Tuesday, GDP on Wednesday, Personal Income and Spending and the Core Personal Consumption Expenditures Index on Thursday, and Durable Orders, Michigan Sentiment, and New Home Sales on Friday.
Gold Warehouse Stocks: | 6,676,495 | - |
Silver Warehouse Stocks: | 117,587,002 | - |
COT Reports: Gold | Silver
Gold fell throughout most of trade in Asia and fell under $495 at one point, but it then rallied back in London and found slight gains for most of trade in New York before falling off into the close and ending just slightly lower. Silver followed a very similar pattern and rose to as high as $8.68 before it fell off and ended at $8.50.
Gold and silver equities rose about 1% at the open and remained near their highs throughout trade despite the fact that gold and silver fell off into their closes.
More Precious Metals Analysis:
“The gold market once again tried to show positive reversal action but had trouble around mid session and into the close. Early in the day all the metals were rising in sync and the Press was seeing a return of bullish opinions but in the end the appetite for the precious metals wasn't enough to completely throw off the recent pattern of selling. We might add that strength in the equity market and weakness in oil should foster hope of good physical demand but so far the gold market doesn't seem to be getting any support from the slumping Dollar.” - The Hightower Report, Futures Analysis and Forecasting
The dollar fell despite the Current Account that came in lower than expected. The U.S. dollar index fell to new 6 week lows and the yen made new 7 week highs.
Oil fell off throughout trade Friday and ended near its lows with notable losses on forecasts for warmer weather in the Northeast U.S.
Treasuries gained on “the buying back of rate-lock hedges some players had initiated in connection with large offerings commercial mortgage backed securities.”
The Dow, Nasdaq, and S&P found early gains on lower oil and options expirations, but all three indices fell off throughout trade and ended near their lows on “quadruple-witching day.”
Among the big names making news in the market Friday were AOL and Google, Carnival, J&J and Animas, Southern Union, and GM.
Gold & Silver Stock News Update from GoldReview.com:
Goldcorp’s acquisition of Virginia Gold, Crystallex’s draw down with Azimut, Tan Range’s chairman’s repriced third tranche of a $3 million private placement, Placer dome’s comment on Barrick’s recent announcement, and First Majestic’s board appointment were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Seabridge | SA +10.7% $8.17 |
2. Minefinders | MFN +7.77% $5.41 |
3. Hecla Mining | HL +4.62% $3.62 |
LOSERS
1. Tan Range | TRE -4.44% $4.30 |
2. Metallica | MRB -2.12% $1.85 |
3. Mines MGMT | MGN -1.47% $6.70 |
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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 16 December, 2005 | |
