The precious complex is finding support as the greenback gets clobbered

The precious complex is finding support as the greenback gets clobbered and the euro reaches $1.35 for the first time since early 2010 following reports that U.S. GDP contracted .1% in the final quarter of 2012. This data falls well short of the 1% increase that analysts were expecting and virtually guarantees that the printing presses will continue to print money like it’s going out of style. Gold is up more than 1% to 1678 after opening the day at $1661. Silver is the big gainer, so far, having jumped more than 2% to $31.85 and pressing higher. Platinum regained some lost ground as well following reports that Anglo has tabled plans to cut 14,000 jobs which had pressured the white metal lower to start the week. Palladium continues the march higher and now trades at $756.50. With this most recent curveball, Bernanke and his cohorts may have to re-evaluate any strategy they may have come up with during the first half of their two-day meeting which concludes this afternoon.  ADP reported that private sector jobs added 192,000 people to the payroll, better than the 175,000 that was predicted. However, the ADP report is just the first of three barometers of the job market and will be followed by the weekly jobless claims numbers tomorrow and the more heavily anticipated government jobs data on Friday.  Have a great day!