After the wild ride yesterday

After the wild ride yesterday in gold and silver, commodities are tamer this am with prices recovering off the lows. Gold is trying to find the support at $1700 while silver is looking to break and hold above $35. Platinum and palladium are quiet as platinum tries to catch up and be at par with the gold price. Palladium breached below $700 briefly but is now holding above that level on light volume. In China, the purchasing managers index rose for a third month from 50.5 in Jan to 51 in Feb. In India, a PMI released was at an 8 months high. South Korean export data and the Japanese capital spending were both above expectations. With the European financial crisis contained in the short term, the Asian economic activities should pick up in the coming months due to demand out of US and Europe. The GDP and employment data out of Europe points to economies stabilizing. The US weekly jobless claims and continuing claims data also points to a slow turn around in the labor markets. Personal income and spending both rose lower than expected reflecting caution on the part of the US consumer and employers. As the world economies recovers from their lows, we see an uneven recovery depending on what sectors you are looking at. In China, the manufacturing is picking up while housing and construction remains weak as the government tries to fine tune the economic growth. In US, manufacturing and housing remains weak while employment and consumer spending are steady. US Fed chairman continues his testimony to the US Senate Banking committee and the markets are jittery and waiting to see what he does or does not say. We would be buyers of commodities, gold and silver at around $1710 and $34.50 with tight stops.

Metals	Last	%Change	Low	High
Au- Apr	1721.9	0.62%	1695.1	1726.4
Pt-Apr	1697.9	0.38%	1677.0	1703
Pd-Mar	712.75	0.61%	699.00	713.00
Ag-Mar	35.035	1.13%	34.455	35.500
London	AM	PM	Minor	PGMs
Au	1721	1714	Rh	1540
Pt	1692	1686	Ru	135
Pd	704	703	Ir	1100
Ag	34.56	DJI	12992.78	40.71
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3331	0.01233	1.5961
EUR	0.7501	0	0.9249	1.1973
JPY	81.1	108.12	0	129.449
GBP	0.6265	0.83525	0.7725	0
Crude Brent	123.63	Comex Copper	392
Crude WTI	107.61	Nat Gas	2.448
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES