Gold is off about $15 an ounce to $1475, Silver showing signs of support above the $33 level as it continues to retest the psychological threshold. US Manufacturing Capacity Utilization Rate shows signs of 0% growth, this along with other recent data points show the US economic growth is beginning to stall. Some view this as transitory, and I tend to agree that this is merely pause in growth for a couple of quarters.
US Stocks have shed about a 1% within the last hour with the disappointing news; the Dow is off 135 points. Canadian stocks are fluctuating between positive and negative territories, despite the fact that crude inventories are at the highest levels in 2 years. Gasoline also under significant pressure today, and prices should come down which is good news for consumers.
In other news, some oil and gas companies have had to shut off production due to wild fires in Slave Lake, Alberta, Canada. The fires have burned roughly 1/3 of the city, which is quite devastating. Unlikely that these disruptions will cause oil and gas prices to rise.
No comments:
Post a Comment