The precious complex is roaring higher this morning with gold surging to $1450

The precious complex is roaring higher this morning with gold surging to $1450 as yesterday’s reports if strong coin demand in the UK and US was followed by significant physical demand out of Asia in the overnight hours. The yellow metal closed yesterday’s session at $1423.70. Silver is up 4% already while the PGM’s are both up more than 2% to start the day. Reports of potential power supply issues in South Africa could be lending some support but it’s more likely a general recovery across the commodity complex that has the metals in positive territory. U.S. Jobless claims came in less than expected, falling by 16,000 from the previous week but we’ll have to we’ll have to wait another week to see if that number is revised which begs the question…what’s the point? The job’s picture across other parts of the global economy aren’t looking as rosy as unemployment in Spain reportedly reached 27.2%....right up there with Greece. More corporate earnings on tap for today. Have a great day!