Good morning Andrew,
Metals continued to surge in the overnight trading in the aftermath of yesterday's Fed Minutes....The minute were littered with quantitative easing references leaving traders more convinced than ever that QE3 will happen shortly.....Commodities rallied across the board on the news.....
In late morning London trading we find Silver up 86 cents from the Wednesday New York close at $30.36.....Wow!......Gold surged $24.00 to $1662.00......Palladium added $6.00 to $637.00 per ounce....Platinum is $1547.00 up $21.00......
Metals might have gotten an added boost after disappointing Chinese manufacturing data seems to be raising the specter of QE from China's Central Bank......
In the currency markets the Dollar is weaker against most of the major currencies reflecting the Fed comments.....Last on the Euro $1.2555 up 21/100ths of cent against the Greenback.....
On the energy front Crude Oil gained another 66 cents to $97.92.....Expectations of QE, a larger than expected drop in the weekly oil supplies, and a waning U.S. Dollar are the catalysts.....
In global stock market trading we find the Asian averages having closed higher by .25% to 1.25% thanks to the Fed comments and expectations for the same out of China.....European stocks are flat to up 0.5%......The New York stock exchange appears to be headed for a 28 point higher open as measured by the Dow.....Stock traders remain a bit nervous given the negative performances over the past few days....The Dow lost 30 points on Wednesday despite the Fed comments.......Furthermore; traders are anxiously awaiting this morning's U.S. economic data....The Initial Weekly Jobless Claims are expected to be a yawn with first time claims for unemployment estimated to be 365,000 versus 366,000....On the other hand New Home Sales for July are expected to be 368,000; up from 350,000.....The data is mixed......
The bottom line; It's all about the smell of QE in the air......That's it.....Have a good morning.......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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