Just like the stock of Carnival Cruise lines

Just like the stock of Carnival Cruise lines, the precious complex is a sinking ship at the moment with seemingly no life raft in sight ( I can’t decide whether the pun is intended or not). However, all witticism aside, the less than inspiring GDP data of some of the world’s major economies over the past few days have given market participants little in the way of reason to hold the metals, particularly the industrial ones. Apparently, 27,000 fewer unemployment requests is enough cause for negative sentiment in the yellow metal. Perhaps some are forgetting the 6.5% unemployment and 2.5% inflation targets, that may trigger the end of QE Infinity, are about as far off land as those passengers in the gulf were just 5 days ago. Nonetheless, a bearish atmosphere in the precious metals has the entire complex in negative territory to start the day with all metals down more than 1%. Platinum is down 2% after closing Thursday’s session at $1711. The G-20 meeting takes place over the weekend but U.S. markets won’t be back in session until Tuesday. Have a great day!