Good afternoon Andrew,
Metals ended the New York trading day weaker after this morning good news out of Germany quickly faded from trader thinking; replaced again by worries over Greece and the future of the Euro-zone....The Euro currency gave up it's early gains falling to a loss of 78/100ths of a cent versus the U.S. Dollar.....Euro-zone stocks closed with losses of 0.5% to 0.8%...
The surge in the Dollar helped to knock the price of oil lower by 78 cents to $94.00 per barrel.....The roll over in European sentiment didn't help prices either......
Meanwhile; the metals ended the day mixed to lower.....Silver finished at $28.10 off 36 cents.....Gold eased another $4.00 to $1558.00.....Palladium managed to end trading with a $7.00 gain at $604.00.....Platinum closed unchanged at $1448.00.....
In U.S. stock trading the Dow sits virtually unchanged despite a sharp advance in this morning's northeastern manufacturing activity.....The New York Empire State Index of Manufacturing clocked in at 17.1; more than double the estimate......It caused a short term rally in equities and a partial recovery in the metals, but the gains evaporated in sympathy with the faltering European sentiment.....Last on the Dow 12,701 up 5 points......In today's other economic data; Consumer Prices remained unchanged, and Retail Sales were up 0.1%, less than hoped for....
When we return tomorrow the economic calendar remains in high gear with Housing Starts, Building Permits, Industrial Production, Weekly Oil Inventories, and the release of the minutes from the last FOMC meeting.....Lots for traders to digest......That's it.....I'll be back in the morning......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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