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Tuesday, November 13, 2012

As the President of the United States and lawmakers from both parties play chicken with the

As the President of the United States and lawmakers from both parties play chicken with the proverbial freight-train, the “fiscal cliff”, investor sentiment remains cautious at best. While the consensus seems to be that a deal will be reached, it may not come until the very last minute and, until then, the markets will be left to speculate on the “what if” scenario should the clock strike zero hour. In Europe, Greece’s passing of a budget over the weekend was only half the battle, or perhaps a quarter of the battle, as a meeting to discuss the next tranche of bailout funds for the struggling country has been pushed to November 20th indicating that the regions finance ministers remain uncertain about Greek staying power in the European Union. A €5 billion debt repayment, due on Friday, has been rolled over but at some point Greece is going to have to pay the piper and that will weigh heavily on any decision by EU leaders to release funds. The euro has slipped roughly .25% and now trades at $1.267.  The precious complex is mixed with gold and silver trading lower and platinum and palladium trading higher. The white metals are seeing support from the release of JM’s Platinum 2012 Interim Review that indicates the platinum market will go into a deficit of 400K t.o. on the back of supply disruptions and lower recycling volumes. Platinum is up nearly 1% while palladium is up more than 1.25%. Have a great day!
 

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