Good morning Andrew,
Markets are nervous with traders holding their collective breath in advance of this morning's U.S. jobs report.....A bad number increases the likelihood of further quantitative easing (QE3); while a better number reduces the odds....Markets have made it very clear that they want further Fed stimulus.....The data will hit the tape in two hours at 8:30 AM Eastern.....Meanwhile here are the latest estimates: June Non Farm Payrolls are expected to be up 100,000 versus May's anemic 69,000.... 100,000 is still considered to be anemic....The overall rate of unemployment is estimated to be 8.1%, down from the prior reading of 8.2%....
Looking across the Atlantic we find metals under some further pressure as traders lighten up in advance of the data......Silver is $27.50 off 28 cents.....Gold is $16.00 lower at $1593.00.....Palladium is $582.00 down $6.00.....Platinum is off $17.00 and changing hands at $1464.00 per ounce......
European stocks are down about 0.4%......The Euro currency is quiet at $1.2377 off 6/100ths of U.S. cent.....Crude Oil is $85.68 down $1.54 per barrel......
As for the U.S. stock market; the early indications call for the Dow to open 19 points lower, but the indication is meaningless with the jobs report due out a full hour before the stock market gets underway......
At the bottom line, it appears everyone is either lightening up or holding tight in anticipation of the U.S. Payrolls data.....That's it....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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