Good morning Andrew,
Precious metals surged in overnight trading on a fresh wave of optimism triggered by positive reports out of the European Summit.....Apparently Eurozone leaders have agreed to long term Union support for Spain and Italy....The details are sketchy and complicated but the overnight reaction was very bullish....
Let's start with the Euro currency which surged 1.24 cents against the Greenback.....Last trade $1.2573.......European stocks rallied between 1.5% and 2.5%, while Asian issues gained 1.3% to 2.3%....Wow!....Crude oil bounced by $2.20 to $79.89 per barrel......
London metals are broadly higher with Silver up 75 cents to $27.10.....Gold is $24.00 higher at $1575.00.....Palladium picked up $8.00 to $575.00......Platinum rallied by $19.00 to $1412.00 per ounce.....Is this the long awaited reversal? Call for strategies....
In New York the early indications call for the Dow to open 122 points higher....Yesterday the Dow recovered from the post healthcare decision melt-down to end the day lower by a mere 25 points.....The end of session recovery was attributed to rumors out of Europe that the leadership was close to a near-term solution to the crisis....
In other important news, the economic calendar finishes out the week today a final flurry of data....The most important being the Chicago Purchasing Managers Index of Manufacturing, and the final June reading of the University of Michigan Sentiment Index of Consumer Confidence....Manufacturing is expected to clock in at 53, up from 52.7........Michigan Sentiment is estimated to be 74.1, unchanged from the preliminary reading....The numbers are ok at best....The day is young.....That's it......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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