Good morning Andrew,
Metals are beginning the new trading week solidly higher; mostly on the mounting Middle East geo-political worries....Metals would probably be even higher were it not for markedly improved political sentiment related to the U.S. fiscal cliff.....Both sides of the isle continue to talk optimistically about getting a deal done.....
In late morning London trading we find Silver up 31 cents at $32.70 per ounce.....Gold is up $10.00 to $1725.00.....Palladium sits at $636.00 up $7.00....Platinum is edging higher at $1567.00 up $2.00.....
In the currencies; the Dollar remains weak as the overall uncertainty weighs on its appeal.....The Euro is up some 41/100ths of U.S. cent at $1.2774.....The weaker Dollar coupled with the Middle East tensions sent the price of Oil up another 97 cents to $87.89 per barrel.......
In the stock market arena we find European and U.S. markets reacting positively to the fiscal cliff developments.....European markets are mostly higher with gains of 1.5%.....In New York the Dow is being called to open 60 points higher....
Today's wild card will continue to be the fighting between Israel and Hamas....Traders are quite concerned about possible escalation of the fighting as well as interference by other Middle East countries....Should Iran stick its nose into the conflict, it would then raise the geo-political worries to a global level.....
That's it....Time for a cup of coffee and a Twinkie; if you still find one.......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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