Crude Recovers its Losses, USD Remains Weak

The metals ended the New York trading day higher. Silver rose 22 cents closing at $13.54. Gold was up $7.00 to $935.00. Palladium finished the day at $260.00 up $5.00. Platinum ended the day $4.00 higher at $1178.00.

The key to the turnaround was today’s reversal in Oil which all but recovered yesterday’s losses. Oil is presently up $3.55 per barrel at $66.90. It’s amazing how quickly negative news is acted upon, and then tossed aside.

Not surprisingly, the Dollar remained weak in light of the surge in Oil. Last on the Euro $1.4080 up 60/100ths of U.S cent. Stocks soared today even with a small uptick in the Weekly Jobless Claims. Traders point to bullish comments by Goldman Sachs regarding industrial giant GE for part of the rally and some better than expected corporate earnings this morning (but where did the corporate earnings come from?). Last on the Dow 9239 up 168 points.

At the end of trading today investors will begin thinking about tomorrow’s final wave of U.S economic data. Friday begins with a look at our overall economic growth when the 2nd Quarter Advance GDP hits the tape. This will be followed by Core PCE Inflation along with the latest regional manufacturing report.