US$ trade is down .046 points with the trade at 79.280 after reaching as low as 79.135, Treasuries have support in the short term and slight support in the notes and bonds but are still negative. The Energy Sector is higher across the board, Crude Oil seems to have found a bottom with the trade currently at $104.58 up 62 cents. Gold is down 10 cents with its trade at $1,643.70 after reaching a low of $1,637.10, Silver is up 15.9 cents with its trade at $30.905 after being pushed as low as $30.695. Silver seems to be supporting the rest of the precious metals as well as the base metals on this May option expiration day. Normally we would see a low come in just before the COMEX close which washes out the “in the money” call options people are sitting on. All Grains/Softs/Meats are trading higher, Red Meats might take a hit after a Mad Cow was identified in California last night. There also seems to be an unbelievable rally occurring in all things paper with the S&P up 9.30 points and the NASDAQ at 2685.75, up 53.25 points. We’ve witnessed some real desperate attempts to keep metals down since the biggest move in history of Gold last March. The end game seems to be coming closer as we edge slowly to the June 28th deadline the US gave Iran in regards to doing transactions with the “SWIFT” system. Either by design or by stupidity doesn’t matter, the line has been drawn in the sand in which the G8 and the USA have cornered themselves against the richest nations. China is now negotiating with Iran utilizing the exchange of Gold for Oil as well as the BRICS creating another system of exchange NOT utilizing the continuing liquid US$. All this non-use will come home one day and drive down the purchasing power of the currency, Gold and Silver will save all purchasing power as it has already these past 11 years ….. Stay Strong!!
Fort Wealth Trading Co LLC.
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