Unexpected Surge in Existing Home Sales Perks Up Markets
August 21, 2009 by Trace
Filed under Trading in the Market
The final trading day of the week ended with metals up. Today’s catalyst was a much larger than expected surge in Existing Home Sales which clocked in at 5.24 million units. This was almost a quarter of a million more units than the Street estimate. As a result; Oil continued its surge for the reason discussed yesterday. The Dollar remained weak in light of Oil; and the metals rallied across the board.
Silver ended the New York session up 28 cents at $14.20. Gold went up $12.00 to $953.75. Palladium gained $6.00 ending the week at $282.00. Platinum finished at $1248.00 up $6.00 per ounce. Volume was moderate. Crude Oil continued it’s ascent with a current gain of $1.19 per barrel. Last trade $$74.00. Likewise the Euro maintained it’s head of steam relative to our Dollar climbing to $1.4317 up 73/100ths of a U.S cent.
Over in the stock market the Dow gained another 136 points on the housing data and on the optimistic outlook from the Ben Bernanke speech.
