Good afternoon Andrew,
Metals ended the trading day little changed after the morning Euro induced gains began to fade.....Silver finished at $34.07 unchanged....Gold closed with a marginal $5.00 gain at $1768.00 per ounce.....Palladium ended unchanged at $653.00......Platinum rose $5.00 to $1683.00.....Volume was light.....The recent trading range according to traders stems from cross currents between Euro-zone worries, Middle East worries, and China's slowing economic engine.....
In the currencies; the Euro remains solidly higher despite this morning's S&P downgrade of Spanish debt.......As I have said before; sometimes you simply have to scratch your head and wonder....Markets can be quite irrational at times.....Last on the Euro $1.2934 up 77/100ths of cent against the U.S. Greenback....
Over in the energy pits; the price of Oil came off the morning highs after this week's Oil Inventories showed a rise of 1.7 million barrels, about 100,000 more than expected....The Middle East tensions, and slowing Chinese economic growth remain the catalysts ..... Last trade $92.14 per barrel.....
In mid-afternoon U.S. stock market activity the Dow is up a paltry 19 points, having given up the earlier U.S. jobless claim gains.....Here we go again; the Weekly Jobless Claims for Unemployment clocked in 339,000; about 30,000 less than the economists (Both Republican and Democratic) predicted....That's a 4 year low.....Stocks rose, but then wait!.....Analysts scratched their heads until it was reported that a large U.S. State (supposedly California) forgot to report its last week's batch of unemployment applications due to some beginning of the new quarter administrative glitch...Draw your own conclusions!......The Dow slowly began to give up steam as the questions surrounding the unemployment claims grew......Meanwhile; more and more companies are reporting that their quarterly earnings may not be up the prior quarter levels......Not a good sign......
When we return tomorrow; the economic calendar concludes the week with a fresh look at wholesale inflation in the form of the Producer Price Index, and the latest University of Michigan Sentiment Index of Consumer Confidence....As usual; I'll be back in the morning with those estimates along with any overnight developments....That's it.........Have a good afternoon.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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