Europe continues to have more than it's fair share of problems. Spanish, and Italian debt yields are signaling more bailouts will be needed. Who is bailing these countries out? Oh, it is printed money created by central banks that are bailing these countries out. Portugal and Ireland may need another bailout just like Greece in the near term future. Keep a close eye on Belgium, this country could be the front runner for another EU bailout.
WTI oil is trading lower by $1.97 to $96.73 per barrel. Crude has sold off sharply since the poor job report was released at 8:30 pm EST. Gold and silver are climbing higher this morning. The European debt crisis is certainly a positive for the precious metals as investors lose faith in fiat money. The SPDR Gold Shares (NYSE:GLD) are trading higher this morning by 0.92 cents to $150.10 a share. The GLD has now rallied higher by $6.00 since July 1, 2011.
The Asian markets were mostly higher last night. The one major index that traded lower was the Sensex Index(India). The Sensex Index closed lower by 1.15 percent. Traders can watch for weakness in many of the Indian ADR's s such as Tata Motors LTD (NYSE:TTM), and the India Fund (NYSE:IFN).
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