Good afternoon Andrew,
Silver and Gold underwent a solid bounce after today's Philadelphia Fed Index of Manufacturing clocked in at recessionary levels....We got a reading of negative 5.8....The Street was looking for positive 8.5.....Wow....Thoughts immediately turned to yesterday's Fed minutes where a growing number of voting members indicated support for further quantitative easing if U.S. economic data continues to deteriorate....I think today's manufacturing report was a prime example of faltering economic data ......Metals surged across the board on beliefs that the Fed will be printing more money debasing its value.........Silver gained 83 cents to $28.11 per ounce....Gold rallied $38.00 to $1575.00.....Palladium added $16.00 to close at $610.00......Platinum finished at $1461.00 up $30.00......Volume was moderate to heavy....
In U.S. stock market activity the Dow remains 63 points lower on a combination of Euro-zone worries, and in reaction to the miserable manufacturing data....Today's Weekly Jobless Claims didn't help matters with a reading of 370,000; about $5.000 more than expected......
Crude Oil slipped 19 cents to $92.62 per barrel.....The beaten up Euro currency remains unchanged at $1.2724.......
Today's data concludes this week's calendar so traders will be glued to the European news wires for Friday's directional guidance.....
I a final note of interest, social media giant Facebook will have its initial public offering priced today after the stock market closes.....Price range is estimated to be $34-38 per share.....Quite a few multimillionaires will be created today, not to mention a few billionaires .......That's it.....I'll be back in the morning with the latest.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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