The good news is that the U.S. economy didn’t contract in the last quarter of 2012

The good news is that the U.S. economy didn’t contract  in the last quarter of 2012. The bad news is that data shows the economy is growing slower than molasses, up .1% from October to December to be exact. However, recent positive economic data surrounding the country’s housing market and consumer confidence have helped perpetuate the recent risk-on sentiment as of late. Weekly jobless claims will only add to the heightened sense of optimism as data shows 22,000 fewer people filed for unemployment last week. U.S. equities markets have pushed higher over the past few sessions and look poised to continue the uptrend. This has pretty much put the kibosh on any upward momentum gold may have had as investors look to be favoring riskier assets despite tomorrows scheduled sequestration. Platinum continues to search for direction as the white metal trades either side of the $1600 mark. Palladium made a push back toward $750 but has since retreated to yesterday’s closing levels. Have a great day!