Consumer Confidence in Third Month of Decline

Metals closed the final New York trading day of the week higher. The metals continued to react positively to a lower Dollar sending Silver up 54 cents to $14.75. Gold surged $11.00 to a closing price of $957.00. Palladium ended the day and week at $286.00 up$4.00. Platinum gained $1.00 closing at $1238.00. Trading volume was light to moderate.

The Euro maintained most of it’s early session gains after the Michigan Sentiment Index of Consumer Confidence clocked in at 65. While the number was 1 point higher than the estimate; traders took a broader view pointing to the fact that index has declined for three straight months running. The Euro is 83/100ths of cent higher versus our Dollar at $1.4350. This change represents the price difference from yesterday’s wrap up level through today’s wrap up.

Stocks also turned lower in face of the Sentiment numbers supporting our theory of positive economic data addiction. The Dow is currently down about 47 points having been down almost 80 at the session lows.

Meanwhile the price of Crude was like a roller coaster throughout the day but is presently up 44 cents at $72.93. When we return on Monday traders will get a fresh look at manufacturing when the Chicago Purchasing Managers Index of Manufacturing (PMI) hits the tape.

Monday’s economic calendar:

U.S. Chicago PMI
U.K. Markets Closed