Markets are finding support following the German Constitutional Courts decision

Markets are finding support following the German Constitutional Courts decision to allow the European Stability Mechanism to move forward. The decision has paved the way for the heavily anticipated program to take effect in an attempt to stabilize the peripheral economies. The euro surged to a high of $1.2936 on word of the decision and remains up .33% on the day at $1.2894. The next boost for the global economic picture, as well as the U.S. economic picture, could be the FOMC meeting that begins today which many are starting to believe will result in a third round of quantitative easing when the meeting concludes on Thursday. The precious metals complex is in the green early on in today’s trading session. Gold reached a high of $1749.50 and is now trading at $1738 (up .20%) while silver reached as high as $34.145 and is now trading at $33.60. More tension in South Africa has platinum up more than 2% at $1641.50 and reaching as high as $1659. It has been reported that Anglo American Platinum’s Rustenburg operation is shut down as the mines workers have been blocked from going to work by “unidentified individuals”. Anglo American Platinum (Amplats), the world’s number one platinum producer, is the latest South African mining company to be disrupted by ongoing labor unrest. A violent confrontation between police and protestors at Lonmin’s Marikana  mine last month left 34 dead and scores wounded.