Good morning Andrew,
Markets continued to trade lower in overnight Asian and European activity following yesterday's disappointing remarks from U.S. Federal Reserve Chairman Ben Bernanke, and a fresh downgrade of Spain's debt.......It's interesting to note that yesterday's testimony by Fed Chairman Beranake made it sound like our economy is moving along fine with moderate growth, but less than a day before, his vice Chairman Janet Yellen made it clear that the economy was still vulnerable and that further stimulus is in order.....Why the differing perspectives?.....Politics as usual!.....
Looking across the Pond we find the Euro currency trading lower by almost a full cent on Spain's call for further bank bailout funds.....Spain is expected to request European aid for its ailing banks over the weekend to forestall worsening market turmoil, becoming the fourth and biggest country to seek assistance... ...Last on the Euro $1.2463 down 98/100ths of cent versus the U.S. Dollar.....The Dollar is getting added support this morning precisely because Mr. Bernanke was not vocal about further quantitative easing.....Meanwhile Eurozone stocks are down about 1%
The surge in the Dollar is continuing to pressure Oil and Metals as well.......On the energy front we find Crude changing hands at $82.31 down $2.51 per barrel....Spanish worries ahead of the weekend are adding to the Dollar related sell off....
As for the metals we find Silver changing hands at $28.28 off 35 cents......Gold is $9.00 lower at $1578.00......Palladium sits at $617.00 off $10.00....Platinum is down $17.00 with the last trade $1425.00 per ounce......That's it.......Call to receive our latest complimentary informational package on precious metals investing....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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