Yesterday’s heavily anticipated release of the FOMC’s July meeting minutes are

Yesterday’s heavily anticipated release of the FOMC’s July meeting minutes are leading many to believe that further quantitative easing is on the way. The sluggish U.S. economy coupled with global economic headwinds seem to be giving the Fed ever more reason to push the QE3 button. As a result the precious metals complex continues its push higher with gold hitting just shy of $1670 after closing yesterday’s session at $1640. The yellow metal is currently trading at $1668. Platinum is off its high of $1560, now at $1543, as some profit taking has crept in but the situation in South Africa remains tense lending support to the white metal at these levels. U.S. initial jobless claims rose an unexpected 4,000 filings last week, underscoring the continued weakness in U.S. employment, a key element in the Fed’s decision to further stimulate the economy. Data released today showed Chinese manufacturing is shrinking. Chinese PMI hit a 9-month low of 47.8 as conditions in the Eurozone and the U.S. take their toll on Chinese exports to those regions. Greek Prime Minister Samaras meets with more key Eurozone officials today as he continues to push for a two-year extension of Greece’s bailout program. Have a great day!