Good afternoon Andrew,
Metals and commodities in general fell broadly today as worries surrounding Europe's ever worsening financial situation sent capital running towards the U.S. Dollar....Once again; fears are growing that Europe may enter into a recession if the governing bodies fail to address the near term debt problems....Precious metals got hit especially hard as traders scrambled to raise capital for another round of stock market margin purposes....The Eurozone markets closed with losses of 2-3%; even the London market....Last on the Euro currency $1.2995 off 95/100ths of cent versus the U.S. Dollar, breaking the psychological $1.30 level......Here at home the Dow is down by another 90 points....As for the commodity sector we see red ink across the board....Crude Oil is down $4.41 to $95.83 per barrel ..... Silver lost $2.34 to end New York trading at $28.92.....Gold fell $77.00 to $1585.00.....Palladium closed at $623.00 off $41.00 per ounce....Platinum dropped by $64.00 to finish at $1431.00.....Trading was heavy.....Today's negative sentiment revolved around German Chancellor Angela Merkel who continues to drag her feet regarding Germany's full commitment to saving the Eurozone and the Euro currency.....Frankly we are a bit surprised that money did not flow into precious metals given the rising currency concerns....It's difficult to assess trader mentality on a day to day basis....So, now we wait to see how Asia reacts tonight....That's it.....Call for strategies.....
Peter R.....Southern Trust Metals
Toll free 1-877-448-0080
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