The precious complex is licking its wounds this morning following yesterday’s sharp selloff amid

Good Morning,

 

The precious complex is licking its wounds this morning following yesterday’s sharp selloff amid uncertainty surrounding the future of domestic monetary policy. The “maybe, maybe not” tone of Chairman Bernanke’s testimony before the House Financial Services Committee yesterday, coupled with weak housing data and the Beige Book release, is enough to make a market participants head spin. The Chairman reiterated his previous testimony that monetary policy will remain highly accommodative for as long as needed but that it will have to come to an end at some point. The Fed Head will speak in front of the Senate at 10:00 am this morning and investors will pay particular attention to the Q&A, just in case any new information is brought to light.. As for economic data, weekly jobless claims fell to 334,000 beating estimates of a drop to 348,000 but whatever that may mean for the health of U.S. employment will be qualified when the next NFP numbers are released in just a few weeks. Gold  took a $30 hit yesterday before recovering slightly by days end and closing at $1277.50. The yellow metal continues to try and regain that lost ground and now trades $1286. Silver also took a significant hit and continues to trade near yesterday’s close of $19.42. Platinum followed suit and closed at $1411 by days end while palladium seems to bucked the trend by not only holding above the $730 mark but now trading nearly 1.5% higher at $745. Have a great day!