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Gold started off a bit higher in Asia, added to its gains slightly in London, and then rose even further in New York to end near its highs of the session with a 2.57% gain to end at a new 24 and ½ year closing high.  Silver followed a similar pattern and gained 2.95% to make new 18 year closing highs.  Gold traded at over $540 and silver traded at over $9.20 on December 12^th during intraday trade, but today’s closes mark the highest for both in years.

Gold and silver equities started off nicely higher and then continued to rise throughout trade to end the day with fantastic gains.  The XAU made new 9 and ½ year highs and the HUI and GDM made new all-time highs.

More Precious Metals Analysis:

“The gold market exploded for a massive run on the first US trading session of the year but was certainly helped to the upside by a significant slide in the US Dollar. It was clear that the precious metals were seeing something significant from the start as the market managed an impressive early bid without the Japanese providing the typical leadership (the Japanese market was closed for holiday). Just to highlight the diversified nature of the bull market rally in metals, gold mining shares managed to close sharply higher.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index started off lower on speculation surrounding the fed’s minutes, dropped further following the release of Tuesday’s disappointing economic data, and then dropped even further when the fed’s minutes were actually released.  The index fell throughout trade and ended with large losses as the euro and yen found impressive gains.

Oil rose to over 2 month highs on cold weather, speculative buying, and a natural gas dispute between Russia and Ukraine.

Treasuries started off lower before rising following the release of disappointing economic data, but they did pare their gains a bit following the release of the fed’s minutes.

The Dow, Nasdaq, and S&P started off 2006 briefly higher before dropping following economically disappointing reports on manufacturing and construction, but FOMC minutes from the fed’s December 13^th meeting released later in the day indicated that the fed will likely put a halt to interest rate hikes in the near future and that encouraged investors on Wall Street to buy, sending all three major indices over 1% higher.

Among the big names making news in the market today were SFBC, GM, Walgreen’s, Stanley Ho and Kerry Packer, and Western Alliance Bancorp. and Intermountain First Bancorp.

Gold & Silver Stock News Update from GoldReview.com:

Silver Standard’s purchase agreement to acquire a 100% interest in the Berenguela project, Claude Resources’ completed private placement, and Buenaventura’s executed option to purchase 75% of the Poracota Project were among the big stories in the gold and silver mining industry making headlines today.

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- Written by Chris Mullen

Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news.  For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

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