Good afternoon Andrew,
Metals, Oil, the Euro, and Stocks all turned lower in mid morning trading after European Central Bank President Mario Draghi said the bond buying power of the European Central bank (ECB) was limited....The comments ran counter to trader expectations who thought the ECB was going to boost it's bond buying program...Since the comments were made directly ahead of the European Debt Summit which already had investors nervous, traders headed for the exits in droves.....European stock markets fell by 1.5-2%.....The Euro currency tanked and currently sits at $1.3322 off 96/100ths of cent against the U.S. Dollar.....Crude Oil is down $1.86 at $98.63 per barrel....The Dow Jones Industrial Averages are lower by 173 points.....The metals sold off in the wake of the stock market's swoon, and a surge in the Greenback.....Silver finished the session at $31.65 down 99 cents......Gold fell $32.00 to $1708.00......Palladium shed $8.00 to close at $677.00.....Platinum lost $30.00 to finish at $1497.00 per ounce....Volume was heavy in all markets......Even today's better than expected Weekly Jobless Claims failed to soften the selling momentum....First time claims for unemployment fell to 381,000 versus last weeks revised 404,000....Once again Europe dictated the trading day.....What now?.....Traders are relegated to waiting and hoping for good news to come out of the Debt Summit...Traders and markets were holding big expectations.....That's it.....I'll be back in the morning with the latest news developments....P.S. The Debt Summit which began today in Brussels will run through tomorrow.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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