Improvement in Consumer Confidence Expected Today – Bernanke will be Reappointed Fed Chairman

The metals are trading a shade higher in advance of this morning’s economic data, and in the aftermath of news reports that indicate Ben Bernanke will be reappointed to another term as Chairman of the Federal Reserve. It appears President Obama’s advisors decided to heed Wall Street warnings and maintain continuity.

Silver is 2 cents higher at $14.22. Gold is $947.00 up $5.00. Palladium edged up $3.00 to $285.00. Platinum down $2.00 and is presently trading at $1238.00. Our background barometers are mixed and quiet with Crude slipping 17 cents to $74.20. The Euro is 28/100ths of U.S cent higher at $1.4328.

U.S . stocks ended the Monday trading day flat with a marginal gain of 3 Dow points. We still have no clue as to why the market collapsed so rapidly yesterday. This morning the early futures indications are calling for a rise of 17 points. The indication is moot given the fact that the economic data will hit the wires long before the market opens.

As for the data; we expect to see improvement in both reports. The Case Shiller Home Price Index is estimated to clock in with home prices declining 16.4% compared to last month’s decline of 17.06%. Consumer Confidence for August is also expected to show improvement with an index of 47.9 versus July’s 46.6. Consumer Confidence is very important to the economy because it remains the key factor driving consumer spending. Spending drives our economy.