Today seems to be a risk off day as the USD is showing strength into the open trading above $80.00.
Silver and Gold are getting absoluetly smoked today. However, I want to start nibbling in Gold if it breaks the $1600 level. Silver is down over 2% trading at $31.52. Copper is also under heavy selling pressure, showing that today appears to be a risk-off day.
The Global economy remains in uncertain territory. China’s manufacturing data contracted for the 5th straight month. IS China in for a hard landing?
Economic Events:
- Canada Retail Sales
- Japan Trade Balance
- China and Eurolan PMI
- US Claims
- Euroland Industrial Orders