| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Market Update
Another start to an interesting week, with Europe dominating the headlines this week with the Greece and sovereign debt issues in Europe creating lots of headwinds. We have seen the European markets and the Euro lose significant value over the past few days, but with the looming problems in the US, the Euro performed relatively good.
The US equity markets closed negative after the markets closed flat yesterday. It looks like the US Dollar is in a technical wedge and should have a major break-out very soon.
After yesterday’s news that the USA might become energy and oil independent by 2020, the price of oil has retreated a little, but I’m not so optimistic about this story.
Gold and Silver had its short-term correction in the past two days and from now on I’m extremely bullish on the shiny metals until the end of the year and we should see a break-out tomorrow or by the end of the week. Tomorrow is also the first FOMC meeting after the US presidential election and we might see a move that could have some positive outcome for the precious metals. Its also noteworthy to mention that the October 2012 budget report released today has stated that the deficit in October increased with $120 billion, which makes this the fourth largest October deficit in history.
The big mover today was Palladium which increased its value to $637/oz (+4.61%) on new strikes and problems in the South African mines.
The following days should be interesting in Europe, since a short-term solution is needed for Greece and this could add some short-term volatility in the markets, but I’m not expecting any surprises and more of the old medicine that proved to be not working.
Enjoy the following links:
- Congress comes back Tuesday to confront “fiscal cliff”
- Europe Gives Greece 2 More Years to Reach Deficit Targets
- Where Spain Is Worse Than Greece
- Large European Banks Stash Cash
- Treasuries See U.S. Falling Over Cliff as Yields Converge
- Sprott on Gold Market Outlook, Investment Strategy
2012-11-13 15:05:01
Source:
