Allegations of corruption and scandal in the Eurozone satiated risk

Allegations of corruption and scandal in the Eurozone satiated risk appetite for a brief moment, sending the DJIA back below the 14,000 threshold and supporting the metals complex with gold up ..34% and silver up more than .5% to start the day. In Italy, the world’s oldest bank is facing losses of €720 million from derivatives trades that happened years ago and are only now coming to light. In Spain, allegations of slush fund payouts in the country’s political circle are also sapping recent positive sentiment in the region. However, the sell-off appears to have reversed as focus shifts back to U.S. earnings and comments from computer giant Dell about going private. Equities have since fought back toward the 14,000 level and the metals complex now sits relatively flat to yesterday’s closes. Have a great day!