The “doom and gloom” rhetoric from President Obama during yesterday’s press briefing appears to be falling largely on deaf ears.

The “doom and gloom” rhetoric from President Obama during yesterday’s press briefing appears to be falling largely on deaf ears. While a prolonged partial government shutdown will likely have some negative effect on the economy it’s hard to believe most market participants would think Congress would “cut its nose off to spite its face” and let the country default on its debt. Gold closed Tuesday’s session lower at $1324.60 but has since lost another 1.25% and now trades $1308. Silver is the biggest loser thus far, down more than 2% to $21.980 after closing the previous session at $22.443. Platinum and palladium are following the downtrend as both metals trade more than 1% lower at $1381 and $706 respectively. Market participants will get a peek at the latest FOMC meeting minutes later this afternoon and just ahead of a 3:00 PM ET press conference where President Obama is expected to announce his nomination of Janet Yellen as the next Federal Reserve Chairman. Have a great day!