Good afternoon Andrew,
Metals stabilized this morning, and then pushed higher after Spain released a budget that met its deficit target....Markets got a bit of added boost on fresh optimism that China will further stimulate its own economy with more QE in the wake of further soggy economic data.......The one two combo sent metals higher by the close......
Silver gained 74 cents to $34.67.....Gold closed $25.00 to $1778.00.....Gold traders said the current Iranian/ Israeli saber rattling is adding to recent gains.....Palladium remained quiet today gaining $2.00 to $635.00 per ounce......Platinum tacked on $16.00 to $1651.00....
The Spanish budget news helped to turn the Euro higher......Last trade $1.2894 up 16/100ths of a cent versus the Greenback.......
In a surprising move; the Dow is up 82 points with traders completely dismissing today's horrible U.S. economic data.....The GDP estimate clocked in at 1.3%; way below the estimate of 1.7%.....Ouch!......Durable Goods clocked in with a decline of 13.2%; much worse than the estimate down 5%....Double Ouch.....Pending home Sales also disappointed with a decline of 2.6% versus expectation of up 0.5%.....The only bright spot was the Initial Weekly Jobless Claims which came in at 359,000; about 20,000 fewer than expected.....All things considered; the data stinks......Yet; the Dow rallied on the over seas news; ignoring our internal woes.....That's it.....I'll be back in the morning with the latest......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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