Metals seem to be gathering a little footing at the moment as all four precious metals are in positive territory for the day. The beating that knocked precious metals off it’s feet yesterday seems to have backed off for the moment in spite of the nuclear crisis in Japan getting worse by the hour.
The Japanese government has been injecting money in to the economy to the tune of almost $700 billion to offset the downfall caused by the recent 8.9 earthquake and tsunami. The Japanese Nikkei was down almost 20 percent in a 48 hour timespan hitting a two year low in the process.
All in all, the damage in Japan up to this point is equaling to roughly 3% of the GDP out of the worlds third largest economy. The damage from this record setting tremblor is pacing to be even greater than the 1995 Kobe quake.
With Japan so dependent on the nuclear fuel that has been taken offline, a jump in fossil fuel usage coming out of the Asian country is anticipated.
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