Good morning Andrew,
Metals, Oil, stocks, and the Euro seem to be taking a breather this morning...A fresh wave of doubt pertaining to additional quantitative easing is giving traders and investors an excuse to lighten up in advance of the weekend....
In metals trading we find Silver off 14 cents at $30.40......Gold is down $4.00 at $1665.00.......Palladium sits at $645.00 off $9.00......Platinum is $7.00 lower and changing hands at $1544.00 per ounce.....
Oil is $95.87 off 40 cents per barrel as traders lock down profits....We are a bit surprised that prices have not remained firmer as Tropical Storm Isaac appears to be headed more towards the Gulf of Mexico and its sensitive oil production areas......Should the storm's future track continue to move westward; we expect to see prices move higher.....
In the currency market the Euro seems to be under a bit of pressure against the Dollar as the doubts over nearterm QE strengthens the perception of the Greenback.....Last on the Euro $1.2519 off 39/100ths of U.S. cent
As for current stock market activity; Asia closed with losses of 1.25%......European issues are down 0.3%.......The Dow appears to be headed for flat open....Dow futures are presently indicating a gain of 3 points ......Yawn!
The final data-point out of this week's economic calendar will be Durable Goods for July......Durable Goods are the more expensive consumer items we purchase....The typically have useful lives of 3 or more years....i.e. automobiles, furniture, appliances, and large scale electronics....Since they are expensive, they are very sensitive to consumer confidence...Improved Durable Goods results indicates improved overall consumer spending.....Spending is the largest driver of the economy.....The latest estimate calls for Durable Goods to be up 2.5% versus the prior reading of 1.3%....A good omen......That's it......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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