The lack of immediate intervention, by western allies, into the Syrian conflict

The lack of immediate intervention, by western allies, into the Syrian conflict has market participants breathing a little easier this morning and consensus seems to be leaning toward confrontation sometime next week…perhaps our fearless leaders want to get in one more good vacation weekend before the stuff hits the fan. So, on to more pressing matters of the day. The Bureau of Economic Analysis seems to be suffering another case of what I like to call “Weatherman Syndrome” as second-quarter U.S. GDP data was revised nearly 1% higher than originally forecasted. The domestic economy grew at an annual rate of 2.5% in the second quarter, up from the 1.7% originally reported and beating forecast estimates of 2.1%. In other positive news, U.S. initial jobless claims fell by 6,000 last week to 331,000. He Syrian situation, coupled with today’s inspiring economic data, is weighing on the metals complex at the moment but support may be found from ongoing tensions in South Africa. The National Union of Mineworkers will likely give gold producers a 48-hour strike notice tomorrow with strikes starting as early as Sunday. Have a great day!