The Obama Administration was thrown a curveball Thursday when Prime Minister David Cameron

The Obama Administration was thrown a curveball Thursday when Prime Minister David Cameron was unable to win support from UK parliament regarding military action against the al-Assad regime over the use of chemical weapons on Syria’s civilian population. The U.S. suddenly finds itself alone in any plan to punish the dictator with military force. Without support from major allies and with UN weapons inspectors still on the ground in Syria, it’s unlikely that a strike by U.S. forces is imminent. At least that’s what the sentiment seems to be in the markets. The precious complex is back down toward pre-“sabre Rattling” levels amid these recent developments and profit taking ahead of month-end and a long weekend in the U.S. is weighing on the metals as well. In other news, the Reserve Bank of India is contemplating plans to direct come banks to buy back gold from individuals and sell to refiners in an attempt to curb the country’s current account deficit. The PGM’s are lower despite talk from Anglo American’s CEO that indicates the miner may have to shutter some operations/shafts if profits don’t improve next year. The news comes as the gold sector faces strikes as early as this Sunday from the National Union of Mineworkers. The potential for a spill over into other mining sectors, especially the platinum sector, may provide cushion to the downside for the time being. In domestic economic news, Consumer spending was muted in July having nudged up just .1% compared to the estimated .3%. University of Michigan’s consumer confidence index will be released at 9:55 am and will shed more light on consumers moods. Have a great Labor Day weekend!