Good morning everyone,
European markets are flat to a shade lower as traders in overnight action decided to take a measure of profit off the table in the wake of yesterday's news induced advances....Euro-zone stocks are down about 0.5%.....The Euro currency sits unchanged at $1.2470.........
In metals trading we find prices mixed....Traders seem to be caught in a cross current of profit taking versus trader short covering in the wake of Tuesday's surge in prices....Silver is currently down 5 cents at $29.49......Gold sits at $1638.00 off $2.00......Palladium is $3.00 higher at $632.00.....Platinum is up another $3.00 as South African mine worker violence at a large production platinum mine continues to weigh on supply....Last trade $1516.00....
Looking ahead to this morning's New York stock market open; Dow futures indicate an 18 point lower open....European news wires are quiet, and traders await today's economic data.....Speaking of economic data; the minutes from the last FOMC meeting will be released today, and not yesterday as the calendar indicated.....Once again traders will be looking for any hint at further stimulus on the part of the Federal Reserve Bank.....As for today's actual data; Existing Home Sales for July are projected to be 4.55 million units versus 4.37 million.....Not bad......The Weekly Oil Inventories are estimated to be down 2 million barrels....
Meanwhile; Oil traders seem to be ignoring the supply conditions and are instead focusing on what seems to be spotty profit taking.....Last on Oil $96.63 off 21 cents per barrel......That's it.....Have a good morning......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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