President Obama’s State of the Union address last night contained exactly what most had expected. There was talk about the growth of renewable energy, pulling the troops out of Iraq and changes in spending and tax policies. The real fireworks came on the back of the FOMC statement indicating that rates will remain at exceptionally low levels until at least 2014. The moment that this news came out we saw the USD fall against the EUR and commodity complex rally strongly to the upside. While the Fed assured that inflation is under control, there was a rush to commodities on what seems to be a “risk on” trade similar to the one that took hold of the markets at the beginning of QE2. Low interest rates for several years ,the possibility of further quantitative easing in both the US and euro zone, and monetary easing in China, will be sure to help the commodities rally in the near future. Gold and Silver traded through their resistance levels with ease and appear to be ready for the next leg up. Platinum and Palladium also traded higher today but are slightly more cautious in their ascent.
| Metals | Last | %Change | Low | High |
| Au- Feb | 1701.8 | 2.24% | 1649.2 | 1704.5 |
| Pt-Apr | 1579 | 1.87% | 1543.0 | 1584.9 |
| Pd-Mar | 694 | 1.84% | 671.00 | 696.00 |
| Ag-Mar | 33.100 | 3.52% | 31.525 | 33.320 |
| London | AM | PM | Minor | PGMs |
| Au | 1659 | 1650 | Rh | 1425 |
| Pt | 1550 | 1546 | Ru | 110 |
| Pd | 677 | 675 | Ir | 1100 |
| Ag | 31.67 | DJI | 12737.13 | 61.38 |
| Currencies |
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| USD | EUR | JPY | GBP |
| USD | 0 | 1.3093 | 0.012866 | 1.5654 |
| EUR | 0.7637 | 0 | 0.98252 | 1.1956 |
| JPY | 77.74 | 101.78 | 0 | 121.689 |
| GBP | 0.6388 | 0.8364 | 0.8219 | 0 |
| *THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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