Good morning Andrew,
Metals are beginning the new week flat to lower with trader sentiment caught in a cross current of Euro-zone bond worries on one hand; and China loosening its currency controls over the Yuan on the other.....China has decided to let it currency float by 1% against the U.S. Dollar expanding the current collar from .5%.......The cross currents have Silver trading flat at $31.49 off 1 cent....Gold is down $11.00 at $1649.00.....Palladium is $652.00 up $3.00.....Platinum is $12.00 lower and changing hands at $1577.00 down $12.00 per ounce.....
In the energy markets we find Oil trading 29 cents lower at $1.3024...China's willingness to let the Yuan float in a wider band is an acknowledgement of it's internal economic worries....
In currency trading the Euro remains under pressure for the reasons mentioned above....Last on the Euro $1.3024 off 41/100ths of cent versus the U.S. Dollar....
As for the stock markets; Asian markets closed flat to down 1.7%.....European issues are higher by .5%.......The Dow looks to open 48 points higher despite Wall Street's expectation for weaker U.S. economic data today.....Retail Sales are expected to show a rise of .3%; down from 1.1%.....The New York Empire State Index of Manufacturing is expected to clock in at 17.5; down from 20.2......Not exactly inspiring.....That's it....I'll be back in the afternoon with a wrap up.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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