Good morning Andrew,
At the risk of being a broken record; metals continue to consolidate recent gains as traders ponder tomorrow's Jackson Hole speech by Fed Chairman Bernanke.....Traders are also bracing for next week's European Central Bank policy decision; and hopefully some comforting and optimistic words by ECB President Mario Draghi.....
Meanwhile; in late morning London trading we find Silver changing hands at $30.75 off 13 cent......Gold is $5.00 lower at $1656.00 per ounce.....Palladium sits at $635.00 off $3.00......Platinum remains unchanged at $1526.00......
Currency traders seem to be flattening out positions also in advance of tomorrow's Bernanke speech, and next week's European policy decisions ......Last on the Euro $1.2541 up 7/100ths of a cent against the U.S. Dollar......
Oil continues to edge lower in the aftermath of Isaac, and yesterday's larger than expected build in the Weekly Oil Inventories.....Crude oil is currently trading at $95.26 off 23 cents per barrel.....
U.S. stocks appear to be headed lower at the open with Dow futures indicating a 45 point drop .....Yesterday the Dow ended with a gain of 4 points.....Traders point to the uncertainty over the next week as the excuse of lightening up......
The weaker projected open could change as we go through this morning's economic data...Here are the estimates......This week's Initial Jobless Claims are estimated to be 370,000; about 2000 fewer than last week....Personal Income is expected to be up 0.3% versus the prior reading of up 0.5%....Personal Spending looks to be up 0.5% versus June's reading of 0% change....PCE core inflation is expected to be up 0.1% versus up 0.2%.....The numbers are mixed giving traders one less reason to alter positions in advance of tomorrow; or for that matter the long Labor Day weekend.....That's about it.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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