Good morning Andrew,
Metals are consolidating in steady trading this morning as we move one day closer to the Sunday Greek elections....Silver sits at $28.98 off 2 cents......Gold is $1612.00 down $1.00......Palladium is off $3.00 at $623.00.....Platinum remains unchanged at $1457.00.....For that matter most of the markets we monitor on a daily basis are also consolidating.....
Crude oil is 7 cents lower in advance of today's Weekly Oil Inventories.....Last trade $83.25 per barrel......The Euro currency sits at $1.2533 up 2/10ths of a U.S. cent.....European stocks are lower by a marginal 0.2%.....Dow futures indicate a 15 point lower open in advance of today's U.S. economic data.....
The economic calendar starts the day with the May edition of Retail Sales where the estimate calls for a decline of 0.2% versus April's rise of 0.1%....Not a good comparison.....This will be followed by a look at wholesale inflation in the form of the Producer Price Index (PPI)....Wall Street expects to see more deflation with a reading of -.7% versus -.2%.....Not big surprise given our recent string of weakening U.S. economic data......Next comes Business Inventories where the estimate indicates a rise of .2% versus .3%.....Still positive, but fading nonetheless......Today's data concludes with the IEA Weekly Oil inventories where the Street expects to see a decline of 2 million barrels....Traders are scratching their heads as yesterday afternoons API Inventories showed a surprising rise of 1.6million barrels....The current price of Oil confirms the confusion.....
That about it....Have a good morning....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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