More Precious Metals Analysis:
“The precious metals markets seemed to come under more aggressive liquidation pressure as the session wore on Tuesday. In addition to the soaring Dollar, we also think that precious metals traders were less enamored with positions in the wake of the muted inflation report from the PPI. Some traders suggested that the outlook for the global economy was slack enough that some longs simply decided to move to the sidelines. In fact, with trading conditions thin and the gold and silver markets generally holding moderately overbought spec positions, we can understand the propensity stop loss selling pressure.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index gained following this morning’s strong housing data as it suggests that the fed may continue to raise interest rates.
Oil traded mostly slightly higher ahead of inventory reports tomorrow that one analyst expects to see crude inventories drop 1.4 million barrels, gasoline inventories build 900,000 barrels, and distillates fall 900,000 barrels.
Treasuries fell as this morning’s strong housing data pushed interest rates up.
The Dow, Nasdaq, and S&P started off higher on tame PPI data, but all three indices soon found slight losses as strong housing data raised the possibility of the fed continuing to raise interest rates. After trading mixed for most of the afternoon, all three indices ended slightly lower.
Among the big names making news in the market today were Sprint and Nextel, Morgan Stanley, Wal-Mart, Toyota, Honda, BP, and Exxon Mobil.
Gold & Silver Stock News Update from GoldReview.com:
Seabridge’s addition to the Amex Gold Miners Index, Agnico-Eagle’s full redemption for common shares, Eldorado Gold’s Inferred Resource at their Vila Nova Iron Ore Project, and Desert Sun’s increased resources at Jacobina were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Great Basin | GBN +5.76% $1.47 |
2. Aurizon Mines | AZK +3.01% $1.37 |
3. Desert Sun | DEZ +1.95% $2.09 |
LOSERS
1. Tan Range | TRE -7.1% $4.45 |
2. Seabridge | SA -6% $8.15 |
3. Crystallex | KRY -5.56% $1.87 |
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
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