We are all in a holding pattern today
as we wait for news from the EU summit on plans to deal with further
contagion of the European financial crisis. In the U.S., we are waiting
for the Supreme Court ruling on Obama’s healthcare law. Commodity
markets are jittery and reacting to any headline news. Gold and silver
are trading only down 1% from Monday’s high on speculation of further QE
and other monetary actions around the world while platinum and
palladium are trading 4% and 6% lower respectively
from their Monday highs as traders brace for slower global industrial
demand for the rest of 2012. US GDP increased at 1.9% and personal
consumption at 2.5% in the first quarter. GDP was unchanged from the
estimate last month and in line with expectations
but consumption was 0.2% lower than previously reported. Weekly initial
jobless claims was at 386k and continuing claims at 3296k, both
slightly higher than expected. The data this morning point to a slowing
US economy and weak employment environment. We would
be flat ahead of the EU summit and the weekend to avoid any headline
surprises. The key for today and tomorrow is to stay clear of any
headline “noise”.
|
Metals
|
Last
|
%Change
|
Low
|
High
|
|
Au-Aug
|
1562.1
|
-1.03%
|
1555.3
|
1579.6
|
|
Pt-Oct
|
1402.8
|
-0.72%
|
1398.0
|
1421.9
|
|
Pd-Sep
|
571.85
|
-1.26%
|
570.00
|
582.50
|
|
Ag-Sep
|
26.545
|
-1.69%
|
26.370
|
27.125
|
|
London
|
AM
|
PM
|
Minor
|
PGMs
|
|
Au
|
1567.75
|
1558.5
|
Rh
|
1250
|
|
Pt
|
1406
|
1402
|
Ru
|
115
|
|
Pd
|
580
|
576
|
Ir
|
1100
|
|
Ag
|
26.81
|
DJI
|
12537.21
|
-89.8
|
|
Currencies
|
|
|
|
|
|
|
USD
|
EUR
|
JPY
|
GBP
|
|
USD
|
0
|
1.2444
|
0.012609
|
1.5525
|
|
EUR
|
0.8036
|
0
|
1.01309
|
1.2476
|
|
JPY
|
79.32
|
98.71
|
0
|
123.143
|
|
GBP
|
0.6441
|
0.80158
|
0.812
|
0
|
|
|
|
|
|
|
|
Crude Brent
|
92.81
|
Comex Copper
|
334.6
|
|
|
Crude WTI
|
79.77
|
Nat Gas
|
2.803
|
|
|
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES
|
|
|||
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