Gold seems to be the proverbial whipping boy this week

Gold seems to be the proverbial whipping boy this week as the yellow metal fights to maintain current levels following a barrage of activity that simply doesn’t favor this particular safe-haven play. Not only did the release of March FOMC meeting minutes indicate potential drawdown of Quantitative Easing by year-end but it was also reported that Cyprus plans to dump €400 million worth of gold. That’s not all! Some big investment banks announced revisions to their year-end forecasts for gold – lower – and to top it off, equities continue to push into record territory. The DJIA closed at $14,802.25 yesterday! However, gold has managed to hold just shy of the $1560 level at the moment. The rally in the equity arena and a strengthening greenback pulled the rest of the precious metals complex lower throughout Wednesday’s session. Overnight, platinum touched as low as $1517 but has since recovered to the $1532 mark. Palladium explored lower as well, reaching $714 before rebounding slightly above yesterday’s close of $720.85. U.S. first-time unemployment claims dropped by 42,000 to 346,000 requests, lending support to the notion that the domestic economic conditions are improving. Retail sales numbers will look to add support of their own when they are released later today. Meanwhile, more quarterly results will look to keep stocks on their meteoric rise. Have a great day!