Good morning Andrew,
Metals continued to inch higher in overnight trading as the looming "fiscal cliff" sends investors and traders towards the tangible safety of precious metals.....More on metals in a moment......Meanwhile; get used to hearing the term "fiscal cliff" between now and the end of the year a re-elected President Obama and a divided Congress wrestle to bring our debt under control....If the administration and Congress fail to resolve their ideological differences by then, taxes will rise for everyone, spending will be cut across the board, social protests will erupt, and the U.S. debt quality rating will likely be lowered.....It's a bad scenario.....The political uncertainty is the primary driving force behind the last three days worth of stock market declines.....Yesterday the Dow fell another 122 points....This morning Dow futures indicate a 30 point lower open.....President Obama is expected to speak to the nation regarding the "fiscal cliff" this afternoon.....Wall Street will be listening closely in an effort to separate and digest the President's political spin from the reality facing us.....We can only hope both sides of the political spectrum are ready to compromise...
As for the metals; we find Silver up another 4 cents at $32.25 per ounce......Gold is $5.00 higher at $17.32......Palladium is $618.00 up $1.00......Platinum is up $16.00 to $1561.00.....
In Europe; stock are down 0.2% to 1%.....The Euro is is down a quarter cent against the Dollar at $1.2720......While all eyes are presently focused the politics surrounding the U.S. economy, Europe remains just off the center stage spot light with its own extremely fragile economic situation at hand......That's it....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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