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Negative trending from yesterday’s close appears to be setting the stage for the opening of the market this morning. Stock action declined yesterday primarily due to investor worries related to a financial instabilities in Spain. On the flip side, inflation potentials in the United States downgraded with relatively upbeat U.S. inflation data. These variables played a part in the negative trending for precious metals. As of the end of day close in the United States yesterday, precious metals were trending red across most of the board. Gold for February delivery fell 1.29% and settled at $1,386.20 an ounce. Silver for March delivery fell 1.80% and finished the session at $29.25 an ounce. Platinum per ounce was in the red by .55% at $1,704.40 and Copper an ounce was trending red as well at $4.13. The dollar gained strength on the euro, Japanese yen and the British pound and investors focused on signs of positive economic improvements. The positive inflation news lowered the interest in positioning with precious metals. The Fed’s also reported that they would take action to keep interest rates at relative low levels. The rates would be kept near 0 percent. Safe haven investors sidelined themselves in light of the news. Pre-market action reveals similar trending to begin today’s session. Author: Camillo Zucari
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