Good Morning,
The
precious complex remains a mixed bag this morning and relatively quiet
despite yesterday’s disappointing U.S. economic data (ADP and ISM) that
had the DJIA closing below 15,000 for the first time in 6 weeks. US
weekly jobless claims
fell by 11,000 last week, which is all well and good – since that means
less people are being let go – but if hiring doesn’t pick up it could
be a moot point. We’ll know more tomorrow when the government releases
its May jobs data. Until then, it should be
a rather uneventful day. Overseas, Japanese stocks continue to take a
beating as the Nikkei fell below 13,000 for the first time since early
April, this time losing .9%. Across the pond, The Bank of England and
the European Central Bank left rates unchanged
and the euro has managed to gain .3% despite the ECB cutting 2013
growth forecasts. The ECB is estimating a .6% decline in the economy
throughout the remainder of the year while predicting 1.1% growth for
2014. Gold is unchanged from yesterday’s close of $1398.40
with silver down modestly to $22.435. Platinum is the beneficiary of
continued tensions in South Africa as the white metal closed yesterday’s
session above the $1500 handle and now trades at $1514. Palladium
remains buoyant as well, unchanged at the moment
from yesterdays close of $754. Have a great day!
No comments:
Post a Comment