While the term “Currency Wars” might make you cringe

While the term “Currency Wars” might make you cringe at the thought of yet another awful reality television show, let not your heart be troubled. It’s merely the headline topic at the recent gathering of the G-7 where discussion surrounding exchange rates pushed the greenback lower during Tuesday’s session which, in turn, helped gold and silver ward off further downward pressure. Both metals are relatively unchanged from yesterday’s close. Currency tensions will remain a hot topic as an even larger gathering, the G-20, takes place this weekend and the prospect of “too many chefs in the kitchen” could lead to an interesting start to next week. Platinum and palladium found good buying support following the most recent liquidation that had platinum trading below the psychological level of $1700 and palladium losing ground as well. Reports that Zimbabwe not only seeks to localize platinum refining but has also apparently taken land owned by Impala, have provided the catalyst for the two metals to push higher. Platinum is now trading near $1730 while palladium is trading at $770. Not surprisingly, January retail sales left much to be desired as 2013 brought about the expiration of the payroll tax cut that was enjoyed for the past few years. Retail sales were up just .1% to start the new year. More corporate earnings and some analysis of The President’s State of the Union Address are pretty much what’s on the agenda for the remainder of the day.