It’s starting to make more sense to now. The Greek problem is not contained only to sovereign debt issues but also to the investment markets. Many banks and investment firms are on the rocks. One in particular which has severe liquidity problems and has already received emergency funds is Dexia SA. Of course if this big Belgium financial behemoth fails the domino effect will be tremendous and French banks look set to follow . Hence we see the liquidation of assets across the board ahead of the first tile which is obvious falling. So the pressure is on because cash is king. Gold will hold best in this environment and the rest of the commodities will suffer in the short term but then they should start to creep higher after the climate improves. The US dollar is also benefitting as a safe haven from Europe risk as well. Of course while equities are getting crushed in most markets its probable that there are many bargains available. Yesterday’s US Auto sales came out much higher than expected but still the PGMs will not be able to see any real big price recovery in the short term because of this global asset liquidation. Meanwhile US numbers have been mildly positive of late. Federal Reserve Chairman Bernanke to speak today though not likely to have any effect. Durable goods came out down -.10% and Factory orders down -.20% more than expected.
10/4/2011 10:09 | Last | %Change | Low | High |
Au- Dec | 1,643.60 | (0.85) | 1,641.00 | 1,681.50 |
Pt-Jan | 1,480.50 | (2.41) | 1,476.00 | 1,515.20 |
Pd-Dec | 581.10 | (2.50) | 578.00 | 595.50 |
Ag-Dec | 29.995 | (2.590) | 29.685 | 31.355 |
EFPs | Au 1.60/2.20 | Pt 3/7 | Pd .50/4.5 | Ag 0/6 |
London | AM | PM | Minor | PGMs |
Au | 1,672.00 | 1,638.00 | Rh | 1650 |
Pt | 1,484.00 | 1,481.00 | Ru | 160 |
Pd | 592.00 | 588.00 | Ir | 1100 |
Ag | 30.60 | DJI | 10,473.97 | (181.33) |
FX | Last | %Change | Low | High |
EUR | 1.3186 | 0.09 | 1.3143 | 1.3230 |
JPY | 76.74 | 0.13 | 76.50 | 76.80 |
GBP | 1.5357 | (0.45) | 1.5337 | 1.5466 |
CHF | 0.9235 | 0.20 | 0.9178 | 0.9255 |
Others | Last | %Change | Low | High |
Crude- Dec | 75.900 | (2.470) | 77.490 | 75.150 |
Copper-Dec | 3.091 | (1.570) | 3.091 | 3.080 |
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
| |||
Date | Time | Statistic | For | Actual | Forecast | Expects | Prior | Revised |
4-Oct | 10:00 AM | Aug | -0.20% | -0.30% | -0.10% | 2.40% | - | |
4-Oct | 10:00 AM | Aug | -0.10% |
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