Thursday, April 5, 2007
Dow makes it six straight
NEW YORK (CNNMoney.com) -- Stocks gained Thursday, with the Dow and Nasdaq ending higher for the sixth session in a row on light trading volume ahead of the long holiday weekend. Gains were limited by anticipation about Friday's monthly employment report, which is likely to influence trading early next week. The Dow Jones industrial average (up 30.15 to 12,560.20, Charts) added 0.2 percent, while the Nasdaq composite added 0.5 percent. Both have now closed higher for 6 sessions in a row. The broader S&P 500 (up 4.39 to 1,443.76) index gained 0.3 percent and has now closed higher for five out of the last six sessions. All three major gauges ended higher for the week as well, thanks largely to Tuesday's big rally, which was sparked by slumping oil prices and a strong read on pending U.S. home sales. For the week, the Dow gained 1.7 percent, the Nasdaq gained 2.1 percent and the S&P gained 1.6 percent. Treasury prices slipped, raising the corresponding yields. The dollar fell versus the euro and was barely changed versus the yen. Oil prices ended a bit lower and gold prices ended higher.
Gold futures score a two-session win
Gold for June delivery rose $2 to close at $679.40 an ounce on the New York Mercantile Exchange, its strongest closing level since Feb. 27. The contract is up $9.60, or 1.4%, from Tuesday's closing level. Regular metals trading on the exchange will be closed Friday and reopen Monday following the Easter holiday. "Gold prices continued their ascent, albeit at a slower pace," said Jon Nadler, analyst at Kitco Bullion Dealers. "Market watchers now believe that gold received a new lease on life by virtue of its passing over previous resistance levels and a close above $672 per ounce." "At least on the surface, it appears that gold is executing a de-coupling from oil (content near $64 and rising prospect of $60 in the cards), the U.S. dollar (weak but not terminal by a long shot) and from geopolitics (the Iran drama basically came and went without being the primary catalyst for substantial movements in the price of gold),"
Nadler said in e-mailed commentary. On Wednesday, the contract gained 1.1%, underpinned by weakness in the dollar and physical demand.
Nadler said in e-mailed commentary. On Wednesday, the contract gained 1.1%, underpinned by weakness in the dollar and physical demand.
Monday, April 2, 2007
Gold Sales Top $65.3 Billion
Gold sales jumped 22.4 percent to a record $65.3 billion, reports Kevin DeMeritt of Lear Financial
Santa Monica, CA (PRWeb) April 2, 2007 -- The rapid growth of gold exchange traded funds means that Exchange Trade Funds (ETFs) have become the main driver of gold investment demand growth. At the end of last year, total gold stocks held by ETFs and other similar funds were worth around $13.3 billion.
Prospects for investment demand in the first half of 2007 remain robust making gold bullion and gold coins a sound investment according to top gold investment advisor Kevin DeMeritt of Lear Financial, the parent company of Gold Central one of the top gold coin companies in the United States.
Although spending on gold coins and gold jewelry reached a record $44 billion last year, high prices and volatility affected buying in Asia and the Middle East, mainly in the first eight months of last year.
However, gold prices surged in late October fueled by industrial, electronics and dental demand. The electronics sector reported particularly strong growth, helped by the increasing use of gold in consumer goods such as flat screen television panels and circuitry in mobile phones and MP3 music players.
Gold is a good conductor of both heat and electricity and is specified when performance in circuitry is crucial, such as for car air bags, which increasingly use gold-plated circuit contacts.Gold is being used in a new range of industrial and medical applications, including nano-technology, which are still in research or early production stages, but which could have an impact on demand in years to come.
Santa Monica, CA (PRWeb) April 2, 2007 -- The rapid growth of gold exchange traded funds means that Exchange Trade Funds (ETFs) have become the main driver of gold investment demand growth. At the end of last year, total gold stocks held by ETFs and other similar funds were worth around $13.3 billion.
Prospects for investment demand in the first half of 2007 remain robust making gold bullion and gold coins a sound investment according to top gold investment advisor Kevin DeMeritt of Lear Financial, the parent company of Gold Central one of the top gold coin companies in the United States.
Although spending on gold coins and gold jewelry reached a record $44 billion last year, high prices and volatility affected buying in Asia and the Middle East, mainly in the first eight months of last year.
However, gold prices surged in late October fueled by industrial, electronics and dental demand. The electronics sector reported particularly strong growth, helped by the increasing use of gold in consumer goods such as flat screen television panels and circuitry in mobile phones and MP3 music players.
Gold is a good conductor of both heat and electricity and is specified when performance in circuitry is crucial, such as for car air bags, which increasingly use gold-plated circuit contacts.Gold is being used in a new range of industrial and medical applications, including nano-technology, which are still in research or early production stages, but which could have an impact on demand in years to come.
DJ PRECIOUS METALS: Gold Recovers On Missing-American Report
Gold futures bounced from liquidation pressure late Monday to post a gain,with traders citing comments from the Bush administration that it was lookinginto reports of an American said to be missing in Iran. June gold rose $2.50 to $671.50 an ounce on the Comex division of the NewYork Mercantile Exchange. As pit trade was closing, the June contract at theChicago Board of Trade was up $2.60 to $671.70. Comex May silver fell 10 cents to $13.35 but settled up 33 cents from its$13.02 low. Shortly after it closed, CBOT May silver was down 8.2 cents to$13.367. The metals were softer much of the day. Generally, analysts blamed this onliquidation of long positions that had been built up ahead of the weekend incase the U.K.-Iran situation had deteriorated. Instead, there was a perceptionof improvement in the situation when Iran radio indicated the country wouldstop airing alleged confessions of U.K. sailors due to "positive change" in theU.K. negotiating stance. However, gold and silver bounced into the close. Bernard Hunter, director of precious metals at Scotia Mocatta, attributedthis to reports saying that the U.S. government is looking into a report ofU.S. citizen that reportedly disappeared in Iran some time ago while onbusiness.
Tribune Accepts $8.2B Offer From Zell
Real estate mogul Sam Zell won the battle of the billionaires Monday, landing media conglomerate Tribune Co. after a down-to-the-wire bidding war. Even with the buyout's $8.2 billion price tag, the outlook for the nation's second-largest newspaper publisher remained as uncertain as it did six months ago when it began a strategic review to boost a lagging stock price.
A big chunk of new debt also will be required to pay the $34 a share cash buyout. Zell is counting on repaying the debt largely through tax benefits from a new employee stock option plan that would supplement existing retirement accounts for the company's 20,000 workers.
Aside from selling the Chicago Cubs baseball team and its stake in Comcast SportsNet, Zell and Tribune executives were mum about prospects for the rest of the company's assets, including 23 television stations and nine newspapers ranging in size from the Los Angeles Times and the Chicago Tribune to the Daily Press in Newport News, Va. that will remain after two papers in Connecticut are sold.
"Whether someone whose experience is in commercial real estate -- in steel and cement and bricks and leases -- can navigate the ungainly media structure for success remains to be seen," said Rich Hanley, a journalism professor at Connecticut's Quinnipiac University. "This is unlike any other business he's touched. ... The stakes are very high."
Tribune Chief Executive Dennis FitzSimons told The Associated Press that there are no plans to cut the company's work force or sell off other newspapers or TV stations.
A big chunk of new debt also will be required to pay the $34 a share cash buyout. Zell is counting on repaying the debt largely through tax benefits from a new employee stock option plan that would supplement existing retirement accounts for the company's 20,000 workers.
Aside from selling the Chicago Cubs baseball team and its stake in Comcast SportsNet, Zell and Tribune executives were mum about prospects for the rest of the company's assets, including 23 television stations and nine newspapers ranging in size from the Los Angeles Times and the Chicago Tribune to the Daily Press in Newport News, Va. that will remain after two papers in Connecticut are sold.
"Whether someone whose experience is in commercial real estate -- in steel and cement and bricks and leases -- can navigate the ungainly media structure for success remains to be seen," said Rich Hanley, a journalism professor at Connecticut's Quinnipiac University. "This is unlike any other business he's touched. ... The stakes are very high."
Tribune Chief Executive Dennis FitzSimons told The Associated Press that there are no plans to cut the company's work force or sell off other newspapers or TV stations.
Stocks End Higher on Data, Merger News
NEW YORK (AP) -- Wall Street managed a moderate advance Monday as a spate of takeover deals gave investors enough confidence to buy into the market despite a report showing that U.S. manufacturing is more sluggish than expected.
Investors drew support from big acquisitions announced before trading began, including deals to take credit card transaction processor First Data Corp. and media conglomerate Tribune Co. private. But gains were limited by the Institute for Supply Management's manufacturing index, which slipped more than economists projected in March. The index moved to a reading of 50.9 last month, compared to an expected reading of 51.0.
Also, putting pressure on technology stocks, the Semiconductor Industry Association said total chip sales in February fell to $20.09 billion from $21.48 in January due to seasonal weakness, lower manufacturing capacity and price cuts.
Wall Street has traded nervously the past few weeks on concerns about rising inflation and the overall health of the economy. On Friday, the major indexes finished the first quarter lower -- with the Dow Jones industrials down 108 points in their feeblest performance since the second quarter of 2005.
Investors drew support from big acquisitions announced before trading began, including deals to take credit card transaction processor First Data Corp. and media conglomerate Tribune Co. private. But gains were limited by the Institute for Supply Management's manufacturing index, which slipped more than economists projected in March. The index moved to a reading of 50.9 last month, compared to an expected reading of 51.0.
Also, putting pressure on technology stocks, the Semiconductor Industry Association said total chip sales in February fell to $20.09 billion from $21.48 in January due to seasonal weakness, lower manufacturing capacity and price cuts.
Wall Street has traded nervously the past few weeks on concerns about rising inflation and the overall health of the economy. On Friday, the major indexes finished the first quarter lower -- with the Dow Jones industrials down 108 points in their feeblest performance since the second quarter of 2005.
Subscribe to:
Posts (Atom)
