Good morning Andrew,
Precious metals remained under pressure during the overnight Asian trading session in the wake of sharp stock market losses in Japan and Hong Kong....Japanese stocks fell by almost 3% while Hong Kong fell 5.25%....The ensuing margin calls forced traders to raise cash from any and all sources; including metals....Silver slipped another 45 cents to $33.88.....Gold fell $18.00 to $1770.00....Palladium sits at $648.00 down $7.00.....Platinum lost another $15.00 with the last trade $1632.00 per ounce....Essentially; the Asian selling completes an around the world journey that began in Europe yesterday.......Looking at Europe this morning we see a wave of bargain hunting taking place with Euro-zone markets up between .5-1%....The yield on Italian bonds have fallen below the alarming 7% level reached yesterday....In currency trading the Euro is lifting it's head up off the canvas with a rise of 49/100ths of a cent against the Dollar...Last trade $1.3632.....Oil is higher by $1.53 on a combination of yesterday's surprise decline in the Weekly Oil Inventories, and today's bounce in Europe...Last on Crude $97.27 per barrel....While on the subject of Europe; Greece has finally named a new Prime Minister after a marathon Parliamentary fight....Former ECB vice-president Lucas Papademos got the nod.....Having served in the European Central Bank we can only hope his understanding of the ECB's internal attitude regarding Greece will lead to a full acceptance of the austerity plans necessary for Greece's survival.....We will know in short order......On the domestic front the Dow is being indicated to open 133 points higher after Wednesday's 389 point drubbing.....Traders will be holding back a bit until we get this morning's Initial Weekly Jobless Claims where the current estimate calls for a reading of 400,000 versus 397,000....In other news of Interest; the trustees of Penn State University caved to the public outcry over the child abuse scandal rocking the school.....Football coach and legend Joe Paterno has been fired along with the University President....A tragic story from all perspectives....That's it.....Have a good morning.....
Peter R.....Southern Trust Metals, Inc...
Toll free 1-877-448-0080
To unsubscribe simply reply to this communication letting us know of your decision.....Thanks
No comments:
Post a Comment
Keep a civil tongue.