The precious complex is under pressure amid continued uncertainty

The precious complex is under pressure amid continued uncertainty surrounding a U.S. military action in Syria and  strike action in the South African gold sector by the National Union of Mineworkers. As the Obama administration continues to gain support for a strike against the al-Assad regime, particularly from key figures on the right side of the isle, it’s becoming more a question of when the strikes will occur and what the ramifications will be after. Gold closed Tuesday’s session at $1412 but has failed to maintain support from current events and now trades more than 1.5% lower at $1388. Silver is the biggest loser thus far, down more than 3.5% on the day, despite positive manufacturing data out of China earlier this week and the U.S. yesterday (August ISM PMI up to 55.7 from 55.4 in July). Silver now trades $23.48 after closing Tuesday at $24.382. Platinum and palladium are down 2.7% and 3% respectively  as U.S. auto sales figures for August trickle in throughout the day. Toyota U.S. sales were up 22.8% beating estimates of 15.6% while GM reported sales were up 14.7% last month.  The Fed’s beige Book will be released at 2:00 PM ET today giving market participants a little appetizer before the non-farm payroll numbers are reported on Friday. Have a great Day!