The precious metals prices are off this morning on the lack of any real complications in trade coming to be from the geopolitical crisis.

The precious metals prices are off this morning on the lack of any real complications in trade coming to be from the geopolitical crisis. With the Ukraine/Gaza issues in the minds of the market off the books, the positive economic news out of China, Europe and the US have added enough pressure on gold to drive it below the 1300. China had a very positive HSBC PMI number of 52 which was higher than expected. European economic data has also been positive data and Spain’s Unemployment number is starting to show signs of improvement a relief for the Eurozone. Finally with steady improvement of the US economy the dollar has seen growing strength which has added more pressure on the precious metals complex. Add to this the fact that demand for gold in China is down 19% YoY. This morning New Home Sales in the US  was released at only 406 mm when expectations were 479mm. Palladium which is holding as expected because of the hedging from industrial consumer which expect continued shortfall of supply and fear problems with supply out of Russia.