The shine of QE3 seems to be losing some luster

The shine of QE3 seems to be losing some luster as the recent rally provides a good opportunity to take some profits, particularly  in the precious metals complex. Platinum and palladium  are trading sharply lower to start the week with platinum down 1.4% to $1690 and palladium also off roughly .5% to $695. However, the PGM complex continues to see support from the ongoing troubles in South Africa. Reports indicate that wage talks are set to resume at Lonmin but that doesn’t mean the wage dispute will be solved anytime soon. Miners are demanding more than double their current wages. Anglo American Platinum said it’s Rustenburg operation would get back to work on Tuesday despite the continued threat of unrest by striking miners.  Today should be a relatively quiet session as there are no significant economic headlines this morning. Europe and China will come into focus throughout the week as manufacturing data and bond auctions will grab investors’ attention. Have a great day!