Gold is failing to find any support from comments made by St. Louis Fed President

Gold is failing to find any support from comments made by St. Louis Fed President, James Bullard’s colleagues that appear to contradict his optimistic tone regarding the health of the U.S. economy and the potential for QE tapering in October. Although the only certainties in life, as the saying goes, are death and taxes, one wouldn’t be venturing too far out on a limb to add in the end of quantitative easing and being that it’s only a matter of time, market participants appear to be leaning towards sooner than later. Also weighing on the yellow metal is the softening demand out of the Far East. Gold is trading more than 1% off to start the day after closing yesterday’s session at $1327. Silver is following the trend and is more than 1.5% off in early trading. Platinum’s reaction to the announced planned strike by the AMCU on Friday appears somewhat muted at the moment. The Association of Mineworkers and Construction Union will  protest Amplats’ plans to cut 3,300 workers, despite this number being much smaller than the 14,000 job cuts that the world’s #1 platinum producer had planned for earlier this year. Platinum is off .25% to $1421.80. IN domestic economic news, S&P Case/Shiller reported single-family home prices were up 12.4% in June compared to the year prior. Have a great day!