Recent sell-offs across much of the precious complex

Recent sell-offs across much of the precious complex have provided some bargain-hunting opportunities that have the metals back on the north bound side of the commodities highway. Gold closed Monday’s session at $1652.90 and now trades .5% higher at $1661. Silver is up more than 1% to $31.115. Platinum took a haircut during the first session of the week as reports out of South Africa indicate Anglo is going to take a little more time to think about its restructuring plan that originally called for 14,000 job cuts. The white metal closed at $1662 but now sits mid-range on the day at $1674.60. Palladium is trading at $745. Market participants will take in some more earnings today as well as economic data on housing and consumer confidence. However, the main event, The first FOMC meeting of the year, will conclude tomorrow afternoon and investors will wait to see what the country’s economic brain trust has in store regarding the bond buying program. The most recent plans call for 6.5% unemployment or 2.5% inflation before the insanity ends but until then the printing presses continue. Have a great day!