Good Morning,
Chairman Bernanke takes center stage at
10:00 AM as market participants look for clues as to the future of
Quantitative Easing. The Feds $85 billion-a-month spending spree has
helped push equities markets to never-before-seen levels and
speculation over whether the insanity will continue has plagued the
markets in recent weeks. The volatility of late is testament to investor
uncertainty but comments from FOMC members yesterday seems to have many
leaning towards Bernanke signaling a continuation
of what one of the members called “the best monetary policy option”.
Gold closed Tuesday’s session at $1377.60 but made yet another run at
the psychological level of $1400 in overnight markets, reaching $1397.10
before halving the move to its current level
of $1383. The yellow metal is still up .38% to start the day. The PGMs
continue to find support from the anxiousness surrounding the mining
industry in South Africa as wage negations are just around the corner.
Platinum and palladium find themselves in positive
territory to start the day. Platinum closed yesterday’s session at
$1458 while palladium ended the day at $748. Barring any “fat fingers”
the Fed minutes from the last gathering will be released at 2:00 PM EST.
Existing home sales will come out at 10:00 AM
but are likely to be overshadowed by Mr. Bernanke’s comments.
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