Good morning Andrew,
Metals went from profit taking to mild bargain hunting during the overnight Asian and European trading sessions.....The bargain hunting comes on the heels of a firmer Euro following the news of the approval of the first steps towards a much sought after European banking union.....In late morning London trading we find Silver up 15 cents at $32.55......Gold is up $2.00 to$1,698.00......Palladium sits at $697.00 up $4.00 per ounce......Platinum is $3.00 higher and changing hands at $1619.00.....
The upbeat European sentiment is being augmented by another flurry of better than expected Chinese manufacturing data.....As a result we find Eurozone stock markets steady to up 0.25%.......
The data is also bolstering the price of Oil which is 92 cents higher at $86.81 per barrel....
Meanwhile; U.S. stock are indicating a 43 point higher open according to Dow futures.....Traders are feeling good, given the sentiment out of European and China......Furthermore traders are a bit optimistic about today's pending U.S. Industrial Production report.....Wall Street expects to see a 0.3% rise in production versus the prior reading of -0.4%....In today's other data, consumer prices are expected to remain calm with the CPI estimated to be down 0.2%....While inflation is a key concern, deflation is also a worry.....Let's call the data mixed.....
On the political front, House Speaker John Boehner met again with President Obama late yesterday afternoon to discuss the "cliff" privately.....Hey, talk is always a good sign....In other matters, United Nations Ambassador Susan Rice removed herself from possible consideration as secretary of state after becoming yet another player in the divide between the left and right......That's it.....Have a good morning......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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