Euro Zone economy

No surprise that some major Spanish banks were downgraded last night considering the overall malaise of the Euro Zone economy. The Slovakian vote on the bailout was a negative but that was due to political haranguing where the opposing parties got their wishes and it will pass on another vote next week. Still it is unclear what other resolutions exist for the Euro crisis and this has led to continued flight to safety buying in Gold. Of course all the injection of money into the Europe economy in the end is a form of devaluation and has led to a continuing flight to other currencies and commodities across the board. Technically speaking gold remains in bullish territory and looks ready to try and test to the upside. It has made it as high as 1693 but the true goal is to move into the 1700s. All the precious metals are green across the board on the backs of hard asset buying while we await to see the outcomes of the “Merkozy” agreement and also the Fed Minutes today.

10/12/2011 10:01	Last	%Change	Low	High
Au- Dec	1,683.40	1.34	1,662.00	1,693.90
Pt-Jan	1,547.50	1.88	1,522.40	1,559.40
Pd-Dec	612.50	1.35	603.30	617.80
Ag-Dec	32.430	1.350	31.860	33.100
EFPs	Au 1.50/2.10	Pt 2.50/6.50	Pd 0/4	Ag -1/5
London	AM	PM	Minor	PGMs
Au	1,687.00	1,682.00	Rh	1630
Pt	1,543.00	1,546.00	Ru	150
Pd	614.00	612.00	Ir	1100
Ag	32.89	DJI	11,474.99	58.69
FX	Last	%Change	Low	High
EUR	1.3776	1.04	1.3579	1.3816
JPY	77.31	0.86	76.29	77.42
GBP	1.5747	1.10	1.5540	1.5784
CHF	0.8975	(1.21)	0.8933	0.9115
Others	Last	%Change	Low	High
Crude- Dec	85.830	(0.200)	86.760	84.710
Copper-Dec	3.3815	2.850	3.392	3.300
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Date	Time	Statistic	For	Actual	Forecast	Expects	Prior	Revised
12-Oct	7:00 AM	MBA Mortgage Index	8-Oct	1.30%	NA	NA	-4.30%	-
12-Oct	2:00 PM	FOMC Minutes	Sep. 21	-	-	-	-	-