Good morning Andrew,
Looking across the Pond we find precious metals bouncing in advance of this morning's U.S. Non Farm Payrolls report.....The latest estimate is calling for 95,000-100,000 new jobs....If correct; another month of disappointing numbers....We supposedly need more than 200,000 per month to make the unemployment rate decline....Unemployment is expected to have remained the same at 8.2%.....The soggy estimates has traders bidding up commodity prices on the belief that the Fed will stimulate the economy at a moments notice if they fear we are headed back towards a secondary recession.....
Silver is 27.33 up 22 cents......Gold is $1596.00 up $6.00.....Palladium is $5.00 higher at $577.00.......Platinum is up $9.00 to $1401.00.....
In the currency markets the Euro strengthened in the wake of big mouth Mario Draghi failing to provide any stimulus to the European economy after last week's inspirational comments .....No stimulus means the printing presses stay turned off.....If the printing presses remain idle, the Euro should remain relatively firm.....Last on the Euro $1.2265 up 88/100ths of a U.S. cent.....The Euro is getting an added boost as the Dollar falls in advance on this morning's U.S. employment data....
In early energy trading we find Oil up $1.21 to $88.34 per barrel....A weaker U.S. Dollar and growing hopes for U.S. stimulus are the catalysts.....
Meanwhile in stock market activity we find Eurozone issues up 1.25% to 2.25%......U.S. stocks are indicating a 90 Dow point higher open......
So, with all eyes focused on this morning employment data, that's it......Have a good morning.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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