The precious complex found itself under pressure through much of Tuesdays session

Good Morning,

 

The precious complex found itself under pressure through much of Tuesdays session following news that the Bank of Japan had decided, much to the chagrin of many market participants, not to adjust current monetary policy. This has only added fuel to the fire of QE speculation here in the States. Gold managed to claw back some of those early losses as equities retreated and closed the session at $1377. A clearer picture of investor sentiment surrounding the Federal Reserve’s stimulus stance will come this afternoon when $21 billion of 10-year bonds are sold at 1 PM EST. As for the rest of the complex, platinum and palladium closed Tuesdays session lower as there was relative quiet on the South Africa front amid thin trading conditions overall. However, that could all change as Lonmin/AMCU talks are at a make or break point. The AMCU intends to serve the world’s #3 platinum producer with a strike notice if their demands, regarding organizational privileges, aren’t met today. Platinum is trading flat to yesterdays close of $1480 at the moment but could find the $1500 rather easily should Lonmin’s decision not be to the unions liking. Palladium is up slightly to $755 after closing the previous session at $752.50. Have a great day!