Good morning everyone,
Metals pulled back in overnight trading as fiscal cliff budget talks in the U.S. appeared to be at an impasse, after the White House rejected House Republicans' tax-revenue plan.....At this point, it is becoming clear that neither side really wants to solve the problem, but instead they choose to stand frozen by stupid political ideology and semantics.....How pathetic!.....The deadlock sent metal traders scurrying to the sell side......In London trading we find Silver down some 32 cents at $33.39 per ounce.....Gold is $12.00 lower at $1707.00......Palladium is $688.00 off $6.00......Platinum is down $18.00 with the last trade at $1599.00......
Crude Oil is down 33 cents at $8876 per barrel.....The economic ramifications of the Washington gridlock , and worries in advance of today's API Oil Inventories are the catalysts.....
In stock market action we find Asia having closed mixed with Japan down 0.25 %, while the other markets closed flat to up 0.75%.....The Chinese markets are still feeling the residual positive effect of the better than expected Chinese manufacturing data.....In Europe prices are flat to up 1%......In New York early indications point to a flat open....Dow futures are up 8 points.....
Since the economic calendar remains dormant today, traders will be keeping a close eye on the Washington D.C. news wires, looking for any sign that one of our political leaders might blink........
In other news of significance, The Australian central bank lowered it's key lending rate by another quarter percentage point to 3%, where it stood at the peak of the global financial crisis.....Apparently Australia's economy is not as vibrant as their PR would have you believe......That's it.......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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