Good afternoon Andrew,
The precious metals complex ended the New York trading day flat to slightly higher with traders caught in a cross current of sentiment....On one hand metals came under pressure in early trading after German Chancellor Angela Merkel stated that Germany rejects any call to raise the current ceiling for the contentious European stability bailout fund...This sent the Euro tumbling into negative territory; pressuring the metals....Last on the Euro $1.3090 off 1.07 cents against the Dollar....On the other hand metals came under buying pressure as geo-political anxiety surged in the wake of Iran barreling into the Straits of Hormuz with its warships to ostensibly hold war games ......70% of the global oil supplies travel through the Straits every day....While the story continues to develop; traders wasted little time bidding up the price of Oil to $100.25 up $2.48 per barrel.....As a result of the push and pull metals closed with little change on the day.....Silver finished at $31.26 up 16 cents.....Gold sits at $1662.00 off $2.00......Palladium edged up $4.00 to close at $664.00.....Platinum gained $6.00 to $1495.00 per ounce....Volume was moderate.....In the equity markets; Eurozone stocks closed lower by .2%; meanwhile the Dow remains higher by 70 points as traders await the Fed interest rate decision and the accompanying statement.....That takes place at 2:15 PM Eastern.....So with one eye on Europe, and the other on Iran; that's it.....Have a good afternoon.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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