Good morning Andrew,
Metals bounced in overnight trading after news out of China temporarily took the spotlight away from fiscal cliff worries....Markets became more upbeat on hopes for a recovery in China after its new leaders pledged to keep their focus on urbanisation and promoting domestic demand, according to FastMarkets' William Adams ......Recent improvements in Chinese manufacturing data, and now a pledge by Chinese leadership sent traders scrambling to the buy side of metals, and Chinese stocks.....
In London we find Silver up 21 cents at $33.13......Gold regained $8.00 to $1702.00, once again above the psychological $1700 level.....Palladium edged up $2.00 to $687.00.....Platinum added $7.00 with the last trade at $1592.00.....
In global stock market activity; Asia led China is higher across the board....Chinese stocks gained 2.2% to 2.8%.....The rest of Asia gained 0.3% to 0.4%......Eurozone markets are higher by about 0.25 %....Early New York indications call for the Dow to open 48 points higher....Traders continue to be torn between the festering fiscal cliff issue, and sporadically improved sentiment in Europe and China....The higher U.S. open is very tenuous as traders prepare for this morning's dose of U.S. economic data....The estimates are NOT good.....The ADP Private Employment Survey is expected to show 125,000 new jobs versus 158,000....Trader whisper numbers are even lower.......Meanwhile; Factory Orders for October are estimated to show a decline of 0.1% versus a gain of 4.8%...... The November ISM Services Index looks to be 53.7 compared to October's 54.2....The comparisons are all negative, yet Dow futures remain buoyant.....Thank-you Beijing....That's it.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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