Good morning McGreggor,
Metals; and for that matter many commodities are solidly higher today after further sloppy U.S. economic data raised the odds for more quantitative easing....This weakening economic data seems to be world wide raising the specter of a global slow down....The latest example came yesterday when the ISM Manufacturing report clocked in at recessionary levels.....
In late morning London metals activity we find Silver up 40 cents at $28.00 per ounce......Gold has once again penetrated the $1600 level at $1610.00 up $12.00......Palladium is $589.00 up $10.00.....Platinum is $21.00 higher and changing hands at $1479.00.....
Asian stock issues closed higher across the board........European stocks are higher by about a quarter percent....In currency trading the Euro is extremely quiet at $1.2583 up 2/100ths of U.S. cent.....Meanwhile. the price of Oil surged by $1.54 to $85.29 per barrel....Hopes for quantitative easing coupled with heightened geo-political military anxiety in the Straits of Hormuz are the catalysts.....
In New York trading we find the Dow futures indicating a flat open.....The Dow looks to open about 9 point lower, at least so far......
In other news, heads continue to roll at Barclays Bank in the wake of a major price fixing scandal involving the British LIBOR rate.....That's it....Call to receive our latest informational package on precious metals....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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