Good morning Andrew,
Metal are flat to a shade higher in late morning London activity as traders approach the weekend......On the European news wires we find German Chancellor Angela Merkel making fresh supportive Eurozone comments; while in another news story we read about the growing likelihood for a Greek exit from the Union.....So far it appears Merkel's comments are winning out.....The Euro is up 18/100ths of a U.S. cent at $1.2375.......
As for the metals; we find Silver changing hands at $28.27 off 3 cents.....Gold is 1618.00 up $1.00.........Palladium is $4.00 higher at $591.00.....Platinum is up $20.00 with the last trade $1460.00 per ounce.....
Oil traders seem to taking a little off the table in the aftermath of this weeks solid advances....Oil is $95.10 off 59 cents.....The decline in price is a bit surprising considering the White House is talking about releasing more Oil from our Strategic Petroleum Reserves (SPR).........
In global stock market activity; Asian markets closed higher by 0.13% to 0.77%.......European averages are up 0.1% to 0.30%......In New York early indications call for the Dow to open 2 points lower......Traders must face two final economic datapoints this moring that might sway market direction.....We will get the August reading of the University of Michigan Sentiment Index of Consumer Confidence where the latest estimate calls for a reading of 72.2 versus the prior month's 72.3.......This will be followed by the July Leading Indicators report where future economic growth is estimated to be up .2% versus last month's projection of a decline of .3%...If the estimates turn out to be accurate, traders are likely to head quietly for the exits with a big pre-weekend yawn.....That's it.....Have a good morning......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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