-- Posted 17 March, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Today’s Economic Data:
Report | For | Reading | Expected | Previous |
Capacity Utilization | Feb | 81.2% | 81.4% | 80.8% |
Industrial Production | Feb | 0.7% | 0.8% | -0.3% |
Michigan Sentiment | Mar | 86.7 | 88.0 | 86.7 |
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| Close | Gain/Loss | On Week |
Gold | $554.00 | -$0.40 | +2.61% |
Silver | $10.33 | +$0.03 | +4.03% |
XAU | 131.74 | +0.19% | +3.90% |
HUI | 302.43 | +0.48% | +3.36% |
GDM | 965.56 | +0.22% | +3.21% |
JSE Gold | 2643.22 | -0.20% | +7.70% |
USD | 88.94 | -0.14 | -2.08% |
Euro | 121.93 | +0.16 | +2.32% |
Yen | 86.34 | +0.75 | +2.76% |
Oil | $62.77 | -$0.81 | +4.69% |
10-Year | 4.674% | +0.028 | -1.70% |
Bond | 111.15625 | -0.3125 | +0.57% |
Dow | 11279.65 | +0.23% | +1.84% |
Nasdaq | 2306.48 | +0.30% | +1.96% |
S&P | 1307.25 | +0.15% | +2.00% |
This week’s economic reports:
Next week’s economic highlights include Leading Indicators on Monday, PPI on Tuesday, Existing Home Sales on Thursday, and Durable Orders and New Home Sales on Friday.
Gold Warehouse Stocks: | 7,526,189 | - |
Silver Warehouse Stocks: | 125,890,581 | - |
Cot Reports: Gold | Silver
Gold traded around $1-$2 lower in Asia but rose in London to come into New York slightly higher. Gold initially climbed above $557 but then dropped to about $552 before it recovered into the close and ended just a bit lower. Silver followed a similar pattern but remained higher throughout trade in New York and ended at a new 22 year high.
Gold and silver equities traded mostly slightly higher but ended near their lows with just minor gains.
Euro gold remained near €455, platinum gained $9 to $1,029, palladium gained $3 to $313 to get back to 23 month closing highs, and copper surged over 7 cents near $2.35, a new record high.
More Precious Metals Analysis:
“The gold market lagged behind silver and the base metals during the session Friday but mostly maintained a positive track. The Dollar was weak and that should have offset the disappointment off the slack US economic numbers. It should be noted that some players in the market were expecting to see yet another Gold ETF come to the market, while Barclays was hoping to see their ETF get through the regulatory authorities relatively soon. Certainly seeing Chinese Industrial Production growing by a 16% rate in January and February had to provide the precious metals with some support in the action Friday.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index continued to drop on the belief that the fed will stop raising interest rates soon. The euro rose to 7 week highs.
Oil traded mostly slightly lower Friday as OPEC lowered their demand forecast a bit, but losses were relatively small as geopolitical concerns continue to influence traders to buy. While not making news in the mainstream press, it appears that the Iranian oil bourse that was scheduled to open on March 20th will now be delayed “by at least several months and maybe more than a year.” This story affects not only the oil market but also the currency market and world politics in general. A must read: Iranian oil bourse hits wall
Treasuries fell a bit on decent economic data.
The Dow, Nasdaq, and S&P jumped around on large volume as quadruple witching day brought some volatility to the markets. All three indices ended with slight gains.
Among the big names making news in the market Friday were Viacom and DreamWorks, AIG, Vodafone and Softbank, St. Paul Travelers and Zurich Financial, L’Oreal and The Body Shop, Actavis and Pliva, General Motors, Whirlpool, Bain Capital, Mellon Financial, and Microsoft and Google.
GATA Posts:
Dimitri Speck: A reply to 'the phantom cartel'
Gold & Silver Stock News Update from GoldReview.com:
Coeur’s announced price of their public offering and plenty of junior mining and exploration stock news were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Almaden Minerals | AAU +5% $2.73 |
2. Agnico-Eagle | AEM +4.95% $26.27 |
3. Cumberland | CLG +4.94% $3.40 |
LOSERS
1. Aurizon Mines | AZK -4.41% $2.17 |
2. Kinross Gold | KGC -2.67% $9.48 |
3. Hecla Mining | HL -2.29% $5.13 |
All of Friday's gold and silver stock news:
Anaconda Gold to use Gekko Processing at Pine Cove Gold Mine - More
- March 17, 2006 | Item | E-mail
Diadem Director Moves to Technical Advisory Committee - More
- March 17, 2006 | Item | E-mail
Drake Gold Resources Inc. Updates Current Acquisition Plans - More
- March 17, 2006 | Item | E-mail
Sterlite Gold announces expected delay in filing annual financial statements - More
- March 17, 2006 | Item | E-mail
Sur American Gold Corporation: Philippine Appointments - More
- March 17, 2006 | Item | E-mail
Wineco Productions Announces the Acquisition of Mine Tailings from World Wide Consulting - More
- March 17, 2006 | Item | E-mail
Palladon Iron Announces Selection of Engineering Contractor - More
- March 17, 2006 | Item | E-mail
Asia Gold Reports the Start of a Falcon'TM' Airborne Geophysical Survey in Southern Mongolia - More
- March 17, 2006 | Item | E-mail
ECU Silver Mining Inc.: Press Release - More
- March 17, 2006 | Item | E-mail
Columbia Receives Final Approval From TSX Venture Exchange to Acquire La Jojoba Gold Property - More
- March 17, 2006 | Item | E-mail
Barclays Finances Galantas Gold Mill - More
- March 17, 2006 | Item | E-mail
Unico, Inc. Announces Agreement With Behre Dolbear for Geological Services at the Deer Trail Mine - More
- March 17, 2006 | Item | E-mail
Southwestern Appoints New Director and Interim VP Exploration - More
- March 17, 2006 | Item | E-mail
Great West Gold, Inc. - Update on Filing - More
- March 17, 2006 | Item | E-mail
Jaguar Mining Inc. increases Turmalina gold resources by 41% - More
- March 17, 2006 | Item | E-mail
Pediment Welcomes Michael Halvorson to its Board of Directors - More
- March 17, 2006 | Item | E-mail
Coeur Announces Pricing of Public Offering - "Under an underwriting agreement between Coeur and the underwriters entered into on March 16, 2006, Coeur will sell the shares to the public at $5.60 per share. Coeur expects to receive net proceeds, after the underwriters' discount, of approximately $127.7 million prior to any exercise of the over- allotment option. Coeur has granted the underwriters a 30-day option to purchase up to an additional 3.6 million shares of common stock at the public offering price to cover over allotments, if any." More
- March 17, 2006 | Item | E-mail
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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 17 March, 2006 | |
