Good afternoon Andrew,
Metals ended the final trading day of July flat to shade lower after traders decided to move to the sidelines in advance of tomorrow's Fed decision....Today's trader courage waned after the morning flurry of U.S. economic data turned out to be better than expected ....Personal Income clocked in up 0.5%, better than the estimate.....The Case Shiller Home Price Index was stronger than feared with a prices down 0.7%, well better than the estimate of -1.8%...The Chicago Manufacturing Index was also better than the estimate....We got a reading of 53.7, above the Street estimate of 52.5......Last but not least the Consumer Confidence Index clocked at 65.9; way better than expectations of 61.....Wow....This definitely took some of the QE3 winds out of the sail.....At least until tommorow when the Fed lets us know where they stand on the matter.....
With that said; we find metals ended the day flat to lower with Silver off 10 cents at $28.00......Gold fell $8.00 to finish the New York trading session at $1612.00.....Palladium managed to close with a $2.00 gain at $593.00......Platinum finished unchanged at $1416.00 per ounce......
On the energy front the price of Oil underwent profit taking; also in advance of the pending central bank meetings and tomorrow's Weekly Oil Inventories.....Oil traders ignored to today's weaker U.S. Dollar......Last on Crude $87.84.down $1.94 per barrel......
The euro currency remains firm so far at $1.2314 up 52/100ths of cent versus the U.S. Dollar......
U.S. stocks are a shade weaker as trader QE3 nervousness grew in the wake of today's U.S. data.....The dow is currently down 40 points
When we return tomorrow the economic calendar remains very active, but the crux of tomorrow's trading direction will be the Fed decision and the all important accompanying statement on our economic condition; which hopefully includes some talk or action pertaining to additional stimulus.....I'll be back in the morning with the estimates and any late breaking news .......In other news India is suffering a major electrical grid power outage with some 600,000,000 people without power.....you read that correct; 600 million people ......Wow!........That's it....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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