Global growth concerns are weighing on the precious metals complex this morning

Global growth concerns are weighing on the precious metals complex this morning as the onslaught of pessimistic forecasts continue. This time it was Alcoa underlining slowing growth in China, the world’s #2 economy, by reducing demand forecasts for the country as the aluminum producer kicked-off the third-quarter earnings season on Tuesday. The latest blow to investor sentiment came just days after the World Bank cut China’s GDP growth forecast to 7.7% from 8.2% in May. To put it in perspective, the Chinese economy was growing at a rate of 10.4% in 2010 and 9.3% just last year. The IMF on Tuesday said global growth may come in at just 3.3% this year. Later today the Fed will release the Beige Book (2:00 PM ET) but traders aren’t expecting the report to turn any frowns upside down. Have a great day!