Good morning everyone,
Metals seem to be digesting yesterday's gains are we head towards the weekend with prices little changed......We might be seeing a bit of selling pressure on the coat tails of Standard and Poors lowering Spains bond credit rating to BBB+ from A....Not big distinction and not surprising, but it is negative in direction.....Looking at London metals we find Silver changing hands at $31.19 off 4 cents......Gold sits at $1655.00 off $4.00 per ounce....Palladium remains unchanged at $673.00.....Platinum is $1575.00 up $2.00......
The Spanish downgrade seems to be having little to no effect on European equities with their major averages currently up 0.2% to 0.4%.......Meanwhile the Euro currency is up 47/100ths of cent against the Dollar as technical buying outweighs the Spanish downgrade.....Last trade $1.3228.....
Looking at U.S. stocks we find Dow futures indicating a flat open in advance of this morning's GDP data.....Wall Street expects the preliminary 1st Quarter Gross Domestic Product (GDP) to clock in with growth of 2.5%; down from 3%.....Not a good comparison....Today's other report will be the final revised University of Michigan Sentiment Index of Consumer Confidence for April.....The estimates suggest no change from the original level of 75.7 .....As for the Dow; look for a 6 point higher open....
In other markets Oil remains quiet at $104.20 up 15 cents per barrel....
That about it...Have a good morning......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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