First and foremost, our thoughts and prayers are with all those who were affected by the tragic

Good Morning,

First and foremost, our thoughts and prayers are with all those who were affected by the tragic events that took place during yesterday’s Boston Marathon.


The precious complex is looking to recover from one of the sharpest sell-offs in recent memory as long liquidation in gold subsequently turned into heavy shorting of the yellow metal that only exacerbated the historic move lower. The rest of the complex followed in the same direction as silver was roughly 13% lower by days-end an platinum and palladium were lower by more than 6% and 7% respectively. Gold’s identity as a safe-haven, in times of economic uncertainty, was heavily tested yesterday as prices reached a 2-year low and closed out the session at $1361. If you’re looking for any particular reasoning behind the correction you can pretty much pick any of the following or just lump them all together: The FOMC minutes, lower gold price forecasts from big banks, the equity rally, Bank of Japan monetary policy or Mario Draghi’s comments surrounding Cyprus’s plan to sell €400 million in gold. Nonetheless, we’re seeing some interest return to the metals as gold nears $1400 to start the day while the rest of the complex is up nearly 2%. On the domestic economic front, U.S. housing starts topped 1.04 million in March beating estimates of 930,000. The Consumer Price Index gave back .2% from February’s reading of .7%. This is definitely a case for further quantitative easing if you happen to believe that the Fed is still holding steadfast to their inflation target of 2.5% and an unemployment rate of 6.5% before they stop the insanity. Industrial production numbers will follow after the opening bell.  Have a great day!