US$’s broken record of support from Europe proves there is no intelligent life guiding this global economic system, US$’s trade stands at 83.350 up another 22.1 points after reaching a midnight high of 83.485, Treasury Notes/Bonds have all the support but someone or some entity is dumping the short term Eurodollar as fast as they can with this trade down 5 points. Energy Products continue to get hammered during the silly season called the US Elections with Crude Oil down $1.83 at $84.71, don’t get me wrong, I love cheap energy, but not at the costs of our young military personal. Gold is down $9 as well with the trade at $1,555.20 after getting as low as $1,548.60, Silver is negative with the July contract at $27.40 down 35.7 cents with the rest of the metals falling in step. It’s real easy to be this cynical these days since the only traders out there are either the smart savvy type or the enemy of all mankind, the algorithm traders, the ones that wipe out all fundamentals and are able to call it hedging. Grains are mixed with Wheat, Soy, and its by products lower, Corn/Oats are higher, Softs are all trading in the negative as well. Meats are mixed with Feeders lower, Live Cattle and Lean Hogs higher. Paper Markets are taking a big hit by losing support from Euroland. With the B.I.S. voting to bring Gold back up to tier 1 levels, the opportunity to buy Gold at these artificial prices is a Godsend, and right before the jobs report comes out in a few hours …. enjoy your weekend and as always ….. Stay Strong!!
Fort Wealth Trading Co LLC.
866-443-0868 Ext 104
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