The precious complex, with the exception of palladium, finds itself under pressure

The precious complex, with the exception of palladium, finds itself under pressure this morning as investors look to lock in profits following a strong start to 2013. While platinum was unable to sustain yesterday’s gains from the restructuring announcement at Amplat’s Rustenburg operation, the downside could be cushioned as workers at the world’s #1 platinum producer downed tools. The restructuring plan includes 14,000 job cuts and the miners are not happy about it, despite Amplat’s plan to create alternative employment. The white metal is down .75% to $1677 after having broken through the $1700 level yesterday. Gold remains cheaper than platinum for the time being as a softening euro drags the yellow metal nearly .5% from yesterday’s close. Gold is currently trading at $1675. U.S. Consumer Price Index showed little inflation pressure to end 2012 (1.7% for December) which should be enough for the Fed to keep the printing presses on. The Fed said inflation would need to breach 2.5% before any course correction would be entertained. Amidst the deluge of earnings reports the Federal Reserve’s Beige Book will be released at 2 p.m. EST. Have a great day!