Comments from the PBOC and a trifecta of positive U.S. economic data have gold and silver trading ..

Good Morning,

 

Comments from the PBOC and a trifecta of positive U.S. economic data have gold and silver trading relatively flat to yesterday’s close while platinum and palladium are both up more than 1.5% on the day. Fears of a credit crunch in the worlds #2 economy triggered a flight to cash but the Chinese central bank stepped in to lend some support by saying they would keep rates at reasonable levels. As fears subsided gold made a push towards $1290 but has given back those gains as a number of positive domestic economic reports bring back those unwanted thoughts of QE tapering. New Home sales gained for the third consecutive month, rising 2.1% to levels not seen since mid-2008. Consumer confidence is on the rise as well according to The Conference Board’s index that read 81.4  for the month of June, up from 74.3 in the previous month. U.S. durable goods orders were up  3.6% in the month of May. Have a great day!