Greek default and the Euro tumble

With the confirmed impending Greek default and the Euro tumble, due to Asia selling, the world went weak at the knees. It has been a veritable sell everything mania. What appears to be a collapse in the markets lead first by the stock markets and base metals which have been devastated by a very grim economic outlook from both the Federal Reserve Bank and the IMF quickly spread to the precious group. Precious metals holdings became a target as highly leveraged players needed to liquidate to make margin calls in other markets.  However long term bulls are holding according to numbers from the ETF markets. Still the real concern is the collapse of the Euro possibly to as low as 1.20 vs. the USD according to some estimates. Combine all these factors and it triggers through technical levels which then created and even greater decline.  With many players jumping out of the way there was nothing to stop it. However there has been fresh buying coming in from the industrial sector at what is perceived to be bargain basement pricing. Gold has held above a key technical support of 1675 which is a good signal but the biggest loser overnight is clearly silver down as low as 32.30 over $4 day to day! For now it looks like we have hit bottom. Hopefully it’s not made out of glass.

9/23/2011 10:03	Last	%Change	Low	High
Au- Dec	1,691.40	(2.88)	1,684.00	1,757.90
Pt-Oct	1,643.80	(3.90)	1,634.00	1,710.00
Pd-Dec	659.40	(0.70)	641.75	667.10
Ag-Dec	33.370	(8.770)	32.305	36.680
London	AM	PM	Minor	PGMs
Au	1,730.00	1,689.00	Rh	1825
Pt	1,695.00	1,651.00	Ru	175
Pd	665.00	659.00	Ir	1100
Ag	32.90	DJI	10,725.05	(8.78)
FX	Last	%Change	Low	High
EUR	1.3510	0.33	1.3416	1.3567
JPY	76.20	0.00	76.11	76.36
GBP	1.5459	0.76	1.5330	1.5480
CHF	0.9049	(0.33)	0.8992	0.9083
Others	Last	%Change	Low	High
Crude- Dec	80.550	(0.240)	82.000	77.810
Copper-Oct	3.386	(2.710)	3.477	3.209
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES