Good afternoon everyone,
Silver and Gold made an about face recovering the morning losses when it was announced that the Fed was moving ahead full steam with QE3.....I understand it was already a done deal last week, but apparently traders want to hear it said over and over again.....As the New York trading day comes to a close we find Silver trading at $34.70 up 30 cents......Gold climbed from the morning lows to end the day unchanged at $1768.00.....Palladium fell $17.00 in sympathy with Platinum to $669.00 per ounce....Platinum fell another $40.00 as the platinum miners strike ends.....Last trade $1634.00.....
Over in the energy markets the price of Oil fell by another 87 cents....Besides yesterday's dismal drop in northeast manufacturing, it turns out there was a rumor that the administration was considering tapping the U.S. Strategic Petroleum Reserve to ease prices which were approaching $100 per barrel......Last on Oil $95.75.......
In currency trading the Dollar surged against the Euro in surprising counterintuitive fashion with the Euro at $1.3043 down 74/100ths of U.S. cent.....Perhaps its simple profit taking in the wake of recent advances....
In New York stock market activity the Dow is down a scant 6 points.......
When we return tomorrow the economic calendar motors along with a fresh look at Housing Starts, Building Permits, Existing Home Sales, and the Weekly Oil Inventories....I'll be back in the morning with up to the minute estimates along with any overnight news developments.....That's it.....Have a good afternoon
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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