-- Posted 6 January, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Dec | 108K | 200K | 305K |
Unemployment Rate | Dec | 4.9% | 5.0% | 5.0% |
Average Workweek | Dec | 33.7 | 33.7 | 33.8 |
Hourly Earnings | Dec | 0.3% | 0.2% | 0.1% |
November’s payrolls were revised up from 215,000. The BLS net birth/death adjustment for December added 53,000 payrolls. Next Monday at 3PM EST brings Consumer Credit for November expected at $4.6 billion. Highlights for the rest of the week include the Treasury Budget and Trade Balance on Thursday and PPI, Retail Sales, and Michigan Sentiment on Friday.
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| Close | Gain/Loss | On Week |
Gold | $538.80 | +$12.70 | +4.30% |
Silver | $9.08 | +$0.31 | +3.18% |
XAU | 139.86 | +3.30% | +9.24% |
HUI | 305.08 | +2.78% | +10.18% |
GDM | 972.12 | +3.38% | +9.28% |
JSE Gold | 2608.27 | +3.35 | +3.62% |
USD | 88.86 | -0.50 | -2.52% |
Euro | 121.57 | +0.45 | +2.79% |
Yen | 87.50 | +1.21 | +2.50% |
Oil | $64.21 | +$1.42 | +5.19% |
10-Year | 4.379% | +0.023 | -0.36% |
Bond | 114.125 | -0.3125 | -0.05% |
Dow | 10959.31 | +0.71% | +2.26% |
Nasdaq | 2305.62 | +1.26% | +4.55% |
S&P | 1285.45 | +0.94% | +2.98% |
Economic reports from the past 2 weeks:
Gold Warehouse Stocks: | 6,912,514 | - |
Silver Warehouse Stocks: | 120,614,376 | - |
After starting off slightly lower in Asia, gold steadily climbed up near $530 in London and then shot higher in New York Friday, ending near it highs with a 2.41% gain to make a new 24 and ½ year closing high. Silver followed a similar pattern and shot 3.53% higher, but ended just short of its 18 and ½ year closing high of $9.09 made on Wednesday.
Gold and silver equities jumped about 3% higher at the open Friday morning and remained near their highs into the close. The XAU made new 9 and ½ year highs and the HUI and GDM made new all-time highs.
Copper jumped back up to all-time highs near $2.10, platinum gained $10 to $988 but remains a bit short of the 25 year closing high of $1,009 made on December 12th, palladium gained $10 to $269 but remains a bit short of the 19 month high of $291 made on December 12th, the CRB index jumped back up to new 25 year highs at 339.47, and euro gold continues to hover near all-time highs around €440.
More Precious Metals Analysis:
“A very impressive recovery in prices on Friday sends a very loud message to the bear camp in the metals. While many continue to discount the capacity of the funds to continue to propel prices higher, it now is possible tat currency related buying is set to join the initial fund buying fray. We also have to think that rising Middle East tensions are supporting higher metals prices and certainly seeing ongoing strength in the equity market is adding to the upside momentum.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index fell on the economically disappointing December jobs data and on news from China that they plan to “improve the operation and management of foreign exchange reserves and to actively explore more effective ways to utilize reserve assets.” This statement was interpreted by many as meaning that China is moving away from its U.S. dollar assets. The dollar fell to 3 month lows, the euro rose to 3 month highs, and the yen rose to 2 and ½ month highs.
Oil gained on geopolitical concerns and signs of rising demand.
Treasuries fell as traders in the bond pit saw the jobs data as pretty strong when considering last month’s revision, indicating to them that the fed may continue to raise interest rates.
The Dow, Nasdaq, and S&P rose throughout trade Friday as traders concentrated on December’s payrolls that came in below expectations, indicating to them that the economy is slowing and the fed may stop raising interest rates soon.
Among the big names making news in the market Friday were the NYSE, GM, Yahoo, Best Buy, Circuit City, EMC, and Intel.
Gold & Silver Stock News Update from GoldReview.com:
Gold Reserve’s new health care center in Venezuela, Kinross Gold’s update on their late financial statement filings, Randgold’s announcement that Somilo put Loulo on notice, and plenty of news from the Junior Mining & Exploration Stocks were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Desert Sun | DEZ +19.35% $3.33 |
2. Metallica | MRB +18.78% $2.34 |
3. Western Silver | WTZ +11.74% $12.85 |
LOSERS
1. Cardero | CDY -8.37% $3.72 |
2. U.S. Energy | USEG -1.71% $4.61 |
3. Orezone | OZN -1.53% $1.93 |
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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 2006
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-- Posted 6 January, 2006 | |
