Good afternoon everyone,
Metals led by Silver surged in New York trading on what appears to be a wave of renewed optimism over Europe's economy ...Injections of liquidity by many of the world's central banks are the catalysts.... .Metals got an additional boost in the wake of today's sharply higher U.S. Consumer Confidence reading....Here are the closing levels: Silver surged $1.55 to $37.06......Gold gained $14.00 to $1787.00 per ounce....Palladium closed at $724.00 up $26.00.....Platinum added $10.00 to end at $1720.00.....Trading was quite active......In other markets the Euro sits at $1.3459 up another 59/100ths of U.S. cent.....Oil continues under profit taking selling pressure as Iran seems to be moving to the back burner; at least for the moment.....Last on Crude $107.31 off $1.25 per barrel.....As for the stock market; the Dow remains higher by 16 points in the aftermath of mixed U.S economic data.....Durable Goods disappointed with a larger than decline of 4%....The Street expected the decline to be 1.4%......Wow!.....Housing prices remain in the doldrums according to the Case Shiller 20 City Home Price Index....Prices fell by 4%; worse than the estimate of down 3.6%.....However, in a major surprise today's Consumer Confidence report clocked in at 70.8; a huge positive variance to the estimate of 62.5.....Double wow.....When we return tomorrow the calendar goes into high gear with the following reports: the second estimate of our fourth quarter Gross Domestic Product (GDP), the Chicago Purchasing Managers Index of Manufacturing (PMI Manufacturing), The Weekly Oil Inventories; always a wild card, and the release of the Fed Beige Book.....I'll be back in the morning with the explanations and estimates....Until then; that's it....What a day!......
Peter R.....Southern Trust Metals, Inc.....
Toll free 1-877-448-0080
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