The new label “Merkozy”

The new label “Merkozy” accidentally created yesterday by a CNBC reporter and repeated today by another best describe the feeling of the market in reference to Europe’s lack of direction. With no concrete announcement of the emergency actions the vision becomes faceless and meaningless until true revelations of the actions to be taken are made known at the G20 meeting in November. Meanwhile Greece apparently will receive the next batch of loans enabling them to continue to hobble along. Still how will the underlying problems be resolved has yet to be answered and the market is cautious as it holds to gold. True to form New York came back into the market this morning and sold the commodities across the board. Could this be advanced sales ahead of what some think may be large redemptions at Paulson & Co. hedge funds? Still the markets continue to be very volatile on low volumes. Gold however technically is maintaining its bullish posture even after this morning’s drop but the threat of the World’s largest holder of GLD possibly needing to liquidate may maintain a damper on this in the short term. The PGMs have had good fundamentals of late, there are no threat of strikes from South Africa at the moment, so with tranquility comes more drifting to the downside. Silver of course is just following along while Palladium surpasses it as the biggest loser at this point. FOMC minutes to be released this afternoon.

10/11/2011 10:31	Last	%Change	Low	High
Au- Dec	1,668.30	(0.14)	1,655.40	1,686.70
Pt-Jan	1,523.30	(0.11)	1,511.10	1,547.40
Pd-Dec	606.75	(1.22)	597.85	619.00
Ag-Dec	32.030	0.150	31.350	32.580
EFPs	Au 1.50/2.10	Pt 2/6	Pd 0/4	Ag -1/5
London	AM	PM	Minor	PGMs
Au	1,662.00	1,663.00	Rh	1630
Pt	1,518.00	1,514.00	Ru	155
Pd	605.00	602.00	Ir	1100
Ag	31.37	DJI	11,418.27	(14.91)
FX	Last	%Change	Low	High
EUR	1.3607	(0.25)	1.3563	1.3673
JPY	76.70	0.01	76.56	76.76
GBP	1.5624	(0.27)	1.5598	1.5667
CHF	0.9109	0.80	0.9019	0.9123
Others	Last	%Change	Low	High
Crude- Dec	85.120	(0.540)	85.880	84.160
Copper-Dec	3.2545	(3.190)	3.265	3.234
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES