Good afternoon Andrew,
U.S. stocks extended gains for a third session after the government payrolls report showed the economy adding more jobs than expected , raising optimism about a faltering recovery....Payrolls rose 227,000, but the rate of unemployment remained at 8.3%....The Dow is presently up 38 points at 12946....U.S. traders seemed to turn a blind eye to Europe today where its currency turned sharply lower following the Greek debt swaps....You would have expected the Euro to remain firm, but traders were quick to point out that Spain, Portugal, some of the other Euro-zone countries are facing similar conundrums and will shortly ask for similar treatment......For the time being; let's call today's Euro sell off profit taking in the wake of the Greek news....The Euro is currently $1.3112 down an eye opening 1.66 cents against the U.S. Dollar....On a more positive note; European stocks managed to end the day with gains of .2-.7%.....
On the energy front the price of Oil sits at $107.46 up 88 cents....The gains come on the coat tails of today's U.S. jobs report, and on hopes that Greece might finally slip to the back pages of the news wires.....Meanwhile; Israel and Iran remain the wild card......
In a counter intuitive response the price of metals remained solidly higher today despite the sharp rise in the U.S. Dollar....Metals usually have a strong inverse correlation to the U.S. Dollar, but not today.....Silver closed the New York trading session at $34.20 up 37 cents.....Gold gained $12.00 to finish at $1710.00 per ounce.....Palladium sits at $710.00 up $6.00.....Platinum rose $24.00 to end the week at $1687.00....Trading was moderately active.......
That's it until Monday morning....I wish you a pleasant week-end.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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