Yesterday we saw a sell-off in AU and of course PT,PD & AG followed the yellow metal’s down trend. On a brighter note, the market had a good day with the DJIA trading on the upside after a week of declines. Richard Fisher, the President of the Federal Reserve Bank of Dallas and one of the most hawkish policy makers, supports a continuation in tapering even if equities take a hit. According to Fisher, tapering minimizes the risk of the formation of an asset bubble. He is in favor of paring bond purchases in increments of $20B vs. $10B just to speed up the completion of the program. Gold continues to trade in the negative territory for two days in a row due to a rally in the U.S. Dollar and the equities market. South Africa’s Association of Mineworkers and Construction Union (AMCU) announced launching a possible strike due to low wages, but PT did not show any reaction to this news. The Core Producer Price Index for December is up .3% vs. .1% for November. Have a great day!
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