The metals complex with the exception of Silver ended the day lower but well above the intraday lows...Mixed results in the Weekly Oil Inventories caused a sharp rebound in the price of Oil helping to pull the metals off the session lows...Silver actually went positive ending the day at $17.40 up 5 cents.
Gold finished at $903.00 down $14.00....Palladium was down $10.00 at $382.00....Platinum closed $30.00 lower at $1715.00...As trading got underway the price of Oil was down a little over $1.00 per barrel until the Weekly Oil Inventories showed a slightly smaller than expected draw down in Oil supplies, but a much larger than expected 3.5 million barrel decline in Gasoline supplies. Slowly but surely the price of oil climbed on the news and is presently up $3.29 per barrel at $125.48....
Over in the currency markets the Euro managed to recover early session losses attributed to a better than expected ADP Employment Report. While the Street expected to see a loss of 60,000 private sector jobs, the report clocked in with a gain of 9,000 jobs. The Dollar rallied on the news for about an hour then began selling off as the price of Oil began to climb. Last on the Euro $1.5583 up 18/100ths of U.S. cent.
Stocks were up about 160 points in early trading on the employment picture but has since given up the bulk of the gains in light of the $3.00 gain in oil...The Dow is currently up a mere 45 points with 2 hours left in the trading day....As for tomorrow the calendar is full with the latest look at our Gross Domestic Product (GDP), the Weekly Initial Jobless Claims, and The Chicago Purchasing Managers Index of Manufacturing.
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Cash Gifting Abundance
Why Buy Silver Coins?
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