Good Morning,
It
would help if the Fed could get its story straight but I guess that’s
beside the point. The latest rhetoric form Fed members in the know,
specifically New York Fed Chairman Mr. Dudley, is that there really is
no timeline to the end of
QE as suggested by Chairman Bernanke in his address last week, rather
it will be economic indicators that dictate the future of domestic
monetary stimulus measures…I thought we already covered that? Anyway,
the most recent economic data released this morning
seem to lend support for the “towards the end of the year” argument.
Unemployment claims fell by 9,000 and the previous weeks numbers were
only revised up by 1,000. Personal Income and Spending data are up and
pending home sales reach levels not seen since
2007. However, it will be the labor market that is the pivotal piece to
the puzzle and we won’t know where that stands until next week.
Meanwhile, we’re heading into the end of the second quarter so trading
is expected to be choppy. Gold is trading slightly
lower than yesterdays close of $1229.80. Platinum and palladium are the
big gainers so far as recent price drops seem to have provided some
bargain hunting opportunities for the industrial complex. Platinum is up
nearly 1.5% while palladium us up 1.77% on
the day. Have a great day!
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