Consumer and government spending helped U.S. 3rd quarter GDP reach 2%

Consumer and government spending helped U.S. 3^rd quarter GDP reach 2%, up from 1.3% in Q2 and higher than the expected 1.7% economists were expecting. However, it doesn’t appear this better-than-expected reading is anything to get very excited about as annualized GDP stands at 1.74% in 2012 vs. 1.8% at the same time last year and both exports and business investment were the anchors holding back growth. It’s like getting a C+ on an exam…at the end of the day it’s still a C. Let’s not forget that these numbers can be, and usually are, revised but that revision won’t come until after the election. After a sell-off in overnight sessions the precious metals complex has rebounded back toward yesterday’s closing levels. Gold once again found a cushion around the $1700 level and is now up .13% at $1715 in early morning trading. Silver is up  .33% and trading above yesterday’s close, now at $32.18. Platinum reached as low as $1545 overnight after closing Thursday’s session at $1568.8 but has since regained some ground and is currently trading at $1566. Palladium is trading just shy of flat to yesterday’s close. Have a great day!