There are still two trading days left in the month so it is obviously too early to book the results.
And it may not be quiet next week, or the rest of the year, as Fitch issued a new downgrade on five European nations.
Fitch downgraded the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain on Friday, indicating there was a 1-in-2 chance of further cuts in the next two years. In a statement, the ratings agency said the affected countries were vulnerable in the near-term to monetary and financial shocks. "Consequently, these sovereigns do not, in Fitch's view, accrue the full benefits of the euro's reserve currency status," it said. ...
The old saying is, "As goes January, so goes the year."
If that is the case it may be a record year for precious metals but hard on traders' nerves.
It should be noted that the metals sector took an extraordinarily heavy handed pounding in December.
Let's see how the month ends.
Here's how things stack up so far.
Silver +22%
Gold +10.8%
SP500 + 4.7%
US$ - 0.1%
