As the President of the United States
and lawmakers from both parties play chicken with the proverbial
freight-train, the “fiscal cliff”, investor sentiment remains cautious
at best. While the consensus seems to be that a deal will be reached,
it may not come until the very last minute and, until then, the markets
will be left to speculate on the “what if” scenario should the clock
strike zero hour. In Europe, Greece’s passing of a budget over the
weekend was only half the battle, or perhaps a quarter
of the battle, as a meeting to discuss the next tranche of bailout
funds for the struggling country has been pushed to November 20th
indicating that the regions finance ministers remain uncertain about
Greek staying power in the European Union.
A €5 billion debt repayment, due on Friday, has been rolled over but at
some point Greece is going to have to pay the piper and that will weigh
heavily on any decision by EU leaders to release funds. The euro has
slipped roughly .25% and now trades at $1.267.
The precious complex is mixed with gold and silver trading lower and
platinum and palladium trading higher. The white metals are seeing
support from the release of JM’s Platinum 2012 Interim Review that
indicates the platinum market will go into a deficit
of 400K t.o. on the back of supply disruptions and lower recycling
volumes. Platinum is up nearly 1% while palladium is up more than 1.25%.
Have a great day!
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