Good morning everyone,
Looking across the Atlantic we find stocks trading broadly lower with losses of 1.2%-1.6%.....Today's Eurozone worry du jour is Spain where the yield of Spanish 10-year bonds has climbed above 6.6 percent, the highest since November last year and ever closer to the seven-percent level that is considered unsustainable. This has traders wondering whether Spain might beat Greece to the Eurozone exit door.....Meanwhile the Euro currency is edging lower to $1.2440 off 40/100ths of cent versus the Greenback....
Crude oil is down another $1.29 per barrel at $89.47.... Concerns over Spain and scaled-back expectations for Chinese economic stimulus are the catalysts....
In late morning London metals activity we find prices modestly lower....Silver sits at $27.64 down 27 cents......Gold is off $5.00 to $1549.00......Palladium is $598.00 down $7.00 per ounce.....Platinum is lower by $14.00 and changing hands at $1412.00......
In other markets; early New York indications point to a sharply lower opening with Dow futures down some 100 points......
Unless something drastic happens in Europe traders will begin shifting their focus towards this Friday's all important U.S. employment report....Another bad report might be enough to push the Fed into a fresh round of quantitative easing action....This would have a very positive impact on commodities; especially precious metals.....
That's about 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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