Good afternoon Andrew,
The overnight shock effect from China's less than expected production numbers are beginning to abate as we approach the New York close....Metals recovered a good chunk of the morning losses with Silver ending at $28.98 off 28 cents....Gold wound up with an $11.00 loss, less than half of this morning's decline...Last trade $1584.00 per ounce...Palladium finished $15.00 lower at $604.00.....Platinum closed at $1471.00 off $23.00.....The afternoon claw back coincided with a recovery in the Euro currency which currently sits at $1.2936 down a mere 1/100th of U.S. cent.....
Meanwhile, Crude Oil bounced from morning lows after today's final University of Michigan Sentiment report clocked in well above Street expectations....We got a reading of 77.8 versus the Street estimate of 76.....The stronger consumer outlook was a pleasant surprise.....Last on Oil $96.38 off 70 cents per barrel....
In U.S. stock trading the Dow is slightly positive with better U.S. consumer sentiment edging out the nagging overseas worries....Let's not forget today's JP Morgan's $2 billion trading loss which is keeping pressure on the financials.....Last on the Dow 12,855 up about 2 points.....So, with about two hours left in the trading week, that's it.....I'll be back Monday morning with the latest.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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