Wednesday Afternoon Silver and Gold Wrap Up for 2/29/12.....Peter R.....Southern Trust Metals, Inc.

Good afternoon Andrew,

Metals and commodities in general came under considerable selling pressure today in the wake of Fed Chairman Bernanke's Capitol Hill testimony....It was not a matter of what the Chairman said; instead it was the result of what he did not say....There was no mention of hoped for quantitative easing 3, or any of the other Fed stimulus programs....There was no talk of sustained low interest rates....His dovishness seemed to be nonexistant.....He did emphasize improvement in the employment arena which only made traders more dubious about further Fed accommodation........Traders got the sense that the Fed's ongoing flood of liquidity might be ending.....The Dollar surged, and commodities come under accute profit taking.....Keep in mind that the reactions were knee jerk and short term in nature, but substantial in today's volume....The Euro fell 1.41 cents against the U.S. Dollar to $1.3341......Silver fell to $34.60 off $2.46.....Gold lost $77.00 to $1710.00 per ounce.....Palladium closed $18.00 lower at $706.00....Platinum ended at $1685.00 off $25.00......Today's slump in prices was felt across the commodities spectrum......Crude Oil sits at $105.65 down 90 cents....Meanwhile the U.S. stock market remained surprisingly calm given the Bernanke comments, or better to say lack of........Traders point to today's better than expected U.S. economic data for the relative calm......The Dow is presently down a mere 15 points.......Here is the summary of today's data.....The second estimate of our 4th quarter GDP clocked in up 3%, better than the 2.8% estimate.....Chicago Manufacturing came in at 64; well above the estimate of 60.....We are still waiting for the Fed Beige Book to be released......What a day!.....That's it.....I'll be back in the morning with the latest along with the Asian reaction to today's U.S. market activity......Have a good afternoon.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080

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