Good afternoon Andrew,
Metals ended the final trading day of the week on a lower note after having spent the last few day in tight consolidation trading range....A good number of traders simply chose to step to the sidelines today in advance of the weekend and to re-evaluate.....Remember China is scheduled to release some important economic data early next week.....
As metals trading comes to a close we find Silver ending the day at $33.69 off 38 cents......Gold fell $9.00 to $1759.00 per ounce.......Palladium lost $14.00 to close at $639.00......Platinum finished the session at $1661.00 down $22.00.....Volume was moderate.......
Oil traders took note of weaker metals close and seem to be following suit with prices down 42 cents per barrel at $91.65....We are a bit surprised that today's better than expected University of Michigan Sentiment Index of Consumer Confidence did little to bolster oil and stocks.....The Index clocked in at 83.1, well above the estimate of 78.5, producing a new five year high......
Likewise stocks seem to fading despite the confidence data....As of 1:40 PM Eastern the Dow is down 25 points at 13,300.....Some traders point to nagging worries about Spain...Despite the IMF cradling Greece and Spain today; many fear the situation in Spain is rapidly deteriorating.....European stock ended the day lower by 0.6% to 0.7%.....So, that's it until Monday......Wishing you and your family a great weekend.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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