The Chinese CPI number was higher than expected

The Chinese CPI number was higher than expected at 4.5% year over year. If the higher inflation number persists then it will be hard for the Chinese government to place more stimulus on the economy. Both the Bank of England and European Central Bank kept their interest rates unchanged at 0.50% and 1.00% respectively. The Bank of England will inject another 50 billion pounds into the financial system as part of its efforts to shore up a fragile economic recovery. Greece’s government reached a deal on austerity measures required for a 130 billion euro financial package and clears the way for private sector deal to write off 70% of the value of Greek bonds held by private investors. The US weekly initial jobless claim was at 358k and continuing claim was at 3515k. A combination of the Greek news and ECB keeping rates unchanged and US Fed’s stance on possible QE is keeping the dollar weak versus the euro and driving money to the commodities. Gold, silver, and oil are up about 1% each while copper is up nearly 2%. Platinum and palladium are nearly unchanged despite lingering strike in South Africa. The equities and commodities markets are performing well despite the uncertain economic outlook worldwide. The main focus will continue to be on Europe and the risk of contagion to other EU countries besides Greece. We continue to wait on the sidelines and anticipate lower metal prices from here.

Metals	Last	%Change	Low	High
Au- Apr	1749.5	1.06%	1728.3	1755.5
Pt-Apr	1669.6	0.11%	1656.9	1674
Pd-Mar	715.75	0.06%	711.10	718.65
Ag-Mar	34.110	1.20%	33.675	34.450
London	AM	PM	Minor	PGMs
Au	1733	1748	Rh	1525
Pt	1665	1659	Ru	130
Pd	714	713	Ir	1100
Ag	33.8	DJI	12897.88	13.93
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3296	0.01291	1.5839
EUR	0.752	0	0.9709	1.1912
JPY	77.46	102.99	0	122.692
GBP	0.6313	0.8395	0.815	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES