Good morning Andrew,
Precious metals started the week lower in Asian trading after Chinese Premier Wen Jaibao made downbeat comments about the Chinese economy....Adding to market nervousness is tomorrow's scheduled Capitol Hill testimony by none other than Fed Chairman Ben Bernanke....Despite recent weaker U.S. economic data; Mr. Bernanke has repeatedly disappointed Wall Street with only veiled references to further quantitative easing (QE3)....Traders are concerned that we might get more of the same....Meanwhile; Japan is closed for a holiday...
Looking across the Atlantic we find Silver trading at $27.17 off 27 cents.....Gold is $8.00 lower at $1585.00......Palladium is $583.00 off $4.00......Platinum is down $14.00 and changing hands at $1423.00 per ounce.....
The soggy economic outlook by China is being felt in other markets with the Euro down some 60/100ths of cent versus the U.S. Greenback...Last trade $1.2189.....Crude Oil is drifting lower on the comments, as well as on the stronger Dollar.....Last on Crude $86.72 off 38 cents per barrel.....
In U.S. stock trading early indications call for a 25 point lower open are traders are caught between the negative news out of China, and expectations for improved U.S. economic data today.....Retail Sales are estimated to be up 0.2% versus May's decline of 0.2%.....The New York Empire State Index of Manufacturing is expected to 3.8, up from 2.3.....Both reports are anemic, but an improvement nonetheless....That's about it.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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