Good afternoon Andrew,
Silver and Gold backed off today as trader focus shifted to this week's all important and nerve racking U.S. employment data, and on anxiety surrounding Spain's potential bank bailout needs.....The bailout has been on the news wire back burner for a while now, but the story is starting to gain traction again.....
With the New York session now closed we find Silver ending at $34.61 down 34 cents.......Gold is down $7.00 at $1774.00......Palladium is $655.00 up $8.00....Platinum finished at $1684.00 up $5.00.....Volume was light to moderate......
The Euro played "see saw" today but is currently up 46/100ths of U.S. cent....The upswing come on the coat tails of an un-named news source claiming Spain will not be needing a bailout......That's this afternoon!....Tonight we'll probably get a contrary story or rumor......Last on the Euro $1.2934 .....
Energy traders don't seem to know which way to go.....Crude is $92.43 off 5 cents per barrel.....Some traders are stepping to the sidelines in advance of Wednesday's Weekly Oil Inventory, while others are starting to lighten up in anticipation of Friday's U.S. Payrolls Report.......
As for the stock market; the Dow is down 61 points with most traders pointing to Spanish bank worries, and profit taking ahead of the Friday jobs data......
When we return tomorrow the calendar livens up with the ADP Private Employment Survey, the ISM Services Index, the Weekly Oil Inventories, and the release of the minutes from the last Fed monetary policy meeting (FOMC)......I'll be back in the morning with the estimates, along with late breaking news....That's it.....Have a good afternoon.......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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