Currencies & Metals Get Whacked On Friday!

November 12, 2018

* Overseas Political Problems Weigh On Currencies

* Chuck thanks a Veteran… 

Good Day… And a Marvelous Monday to you! This is going to be very short today. The reason? Well, Yesterday was Veterans Day, and that makes today a holiday. If I was still at the bank, I would be sleeping right now for the bank would be on holiday. But, with yesterday being Veterans Day. I thought a tribute to them would be more fitting for today’s Pfennig. These are men and woman that have fought battles for our country. I feel bad this year, in that, normally on Veterans Day, I visit my dad’s grave to place a new flag on it. He was a WWII veteran. But I’m not at home, so I guess that will have to wait until I return… I saw a TV commercial the other day, that featured the song that greets me this morning… Faces, doing their song Ooh, La, la…  I wish that I knew what I know now… When I was younger… 

Well, do a quick drive by on the currencies, and then head to the tribute… On Friday, the support the currencies were using was pulled out from under them. Suddenly, the markets believe there is too many problems with politics of the Eurozone (Italy the main problem) and the U.K. (Brexit negotiations), and the hammer brought down on the euro first, then the pound, and all the other currencies, was a heavy blow… The euro is down nearly 2-cents, and the strong moves last week by the Aussie and kiwi dollars is a distant sight in the rear view mirror… 

I find this interesting in that the political problems that will arise from last week’s U.S. election, hasn’t even registered with traders, they’re quite myopic these days…  Gold got whacked $14 on Friday, and is down a couple of bucks in the early trading today… The only anti-dollar asset rallying is the price of Oil, as the Saudis signaled that the OPEC members had agreed on production cuts, as we discussed last week. 

OK… here goes…  

When you see someone in a uniform,
Someone who serves us all,
Doing military duty,
Answering their country’s call,
Take a moment to thank them
For protecting what you hold dear;
Tell them you are proud of them;
Make it very clear.
Just tap them on the shoulder,
Give a smile, and say,
“Thanks for what you’re doing
To keep us safe in the USA!”
~By Joanna Fuchs

There are many tributes to veterans that can be given, and all should be read or heard…  

Currencies today 11/12/18… American Style: A$ .7207, kiwi .6736, C$ .7576, euro 1.1268, sterling 1.2876, Swiss $1.0091, European Style: rand 14.3772, krone 8.4588, SEK 9.1220, forint 285.56, zloty 3.8128, koruna 23.0265, RUB 67.61, yen 113.90, sing 1.3815, HKD 7.8320, INR 72.78, China 6.9552, peso 20.26, BRL 3.7350, Dollar Index 97.41, Oil $60.53, 10-year 3.18%, Silver $14.13, Platinum $853.24, Palladium $1,107.55, and Gold… $1,207.60

that’s it for today… A good weekend for my teams… Our Blues won Friday night, and my beloved Missouri Tigers won on Saturday! I heard that back home in St. Louis, they received an inch or two of snow this past weekend, and that the temps had dropped into the 20’s… Man, am I a happy camper to be here and not there! I’m not alone down here now, as that person I’m not supposed to talk about joined me on Saturday night. I hope you celebrated Veterans Day…  Yesterday was also the birthday of the Marines! Semper Fi! to all you Marines!  Jackson Browne takes us to the finish line today with his song: These Days…  I hope you have a Marvelous Monday, and remember to Be Good To Yourself!

Chuck Butler