The precious metals complex continues to push higher as anticipation

The precious metals complex continues to push higher as anticipation grows on a number of different fronts. In the U.S., the Fed will release the meeting minutes from its July meeting at 2:00 PM EST today. Although quantitative easing remained in Chairman Bernanke’s back pocket following the last FOMC meeting, investors will sift through the documents to see if Jackson Hole will be more than just a boondoggle. As mixed economic data continues to feed market confusion, it’s hard to believe that the U.S. is in any worse shape than it was in July.  Existing home sales data for July will be released at 10:00 AM EST today and is expected to show an increase from June. That should squash any hopes of QE3…at least until the next batch of economic reports. Meanwhile, the possibility of an ECB bond buying program, to ease dangerously high interest rates in Spain and Italy, continues to ease sovereign debt angst. The situation out of Greece threatens to destabilize the region but for now Prime Minister Antonis continues his dog and pony show as he pushes for a two-year extension of Greece’s bailout program. In South Africa, the situation is far from improving as yet another mine was in receipt of demands for wage increases and miners at another platinum producer were being blocked from their job site. Tensions in South Africa’s mining region remain high following last week’s violence that hit just outside of Lonmin’s Marikana mine. Platinum has reached as high as $1526 after closing yesterday’s session at $1505. The white metal now trades at $1522 but could test fresh highs should the situation in South Africa deteriorate. Have a great day!