Chairman Bernanke’s Jackson Hole discourse is minutes away

The moment of truth is upon us as Chairman Bernanke’s Jackson Hole discourse is minutes away. Investors have been anticipating, for weeks, that Mr. Bernanke will discuss further quantitative easing measures as he has done in the past. However, recent economic data and the developments in Europe have given many reason to believe that QE3 will remain in the Feds back pocket…at least until the next FOMC meeting in September. European Central Bank president Mario Draghi will not be in attendance has the ECB prepares for their meeting on September 6^th where it is widely expected that Mr. Draghi will outline a bond buying program in the region. For now, all we can do is wait. The precious metals are trading higher ahead of the speech with Gold up nearly .5%, platinum up 1% and palladium up more than 1.25%. Thin trading conditions have been the norm for the entire week and could give way to sharp movements in either direction as the speech unfolds.  Have a great day and a safe Labor Day weekend!