Good afternoon Andrew,
Silver and Gold continued to climb in New York trading as a growing number of investors now believe that the Fed will conduct a third round of quantitative easing; raising the appeal for hard assets like precious metals....At the New York close we find Silver up some 66 cents at $28.76 per ounce.....Gold added another $17.00 to $1592.00......Palladium and Platinum remained quiet due to the more automotive in nature demand for those metals....Palladium eased by $1.00 to $609.00.....Platinum edged higher by $1.00 to $1462.00......
With the U.S. economic calendar idle today the Dollar eased against the shaky Euro in advance of the weekend....Last on the Euro $1.2729 up 35/100ths of cent against the Greenback......
Interestingly, the price of Oil ignored the weaker Dollar slipping another 48 cents per barrel to $92.08.....At the risk of sounding like a broken record; persistant European economic worries, and slumping U.S. economic data are the catalysts......
As for the U.S. stock market, prices headed lower with no supportive economic data, and what appears to be a disappointing first day of trading for Facebook....The social media giant opened for trading somewhere in the mid $40's, but quickly lost ground in very heavy trading....As of 1:50 PM eastern the stock is changing hands at $41.50 up $3.50 from the $38.00 IPO....Given the overwhelming hype surrounding the offering, a $3-4 dollar premium is quite disappointing to those lucky enough to have purchased it at the initial public offering price.....Last on the Dow 12,401 off 41 points.....Keep in mind that the G8 meets this weekend, so we might get some interesting new regarding Europe over the next two days......That's about it for this week......Wishing you a great weekend....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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