A bearish sentiment looks to be permeating the precious complex this morning

Good Morning,


A bearish sentiment looks to be permeating the precious complex this morning as all the metals find themselves in negative territory to start the day. Gold did manage to close Monday’s session modestly higher as counter-intuitive U.S. dollar weakness lent support to the yellow metal, despite an improved outlook on long-term U.S. debt from S&P. Gold is now trading more than 1% lower. Silver and platinum are each down nearly 2% while palladium has given up nearly $20 from yesterday’s close at $769.40. The major news overnight was the Bank of Japan leaving their monetary policy unchanged instead of increasing stimulus as many market participants were hoping for. Worries that this could be a sign that central banks could be gearing up for a pullback on their respective monetary policies has sent global equities markets lower. Asian markets were down more than 1% and the DJIA is already down nearly 1% to start the day. There is nothing of great importance on tap as far as economic reports are concerned. Have a great day!