Good Morning,
The
precious complex continues to feel the pressure as we head into Fed
Meeting Week. Chairman Bernanke and his cohorts will meet
Tuesday/Wednesday and investors will eagerly await a statement from the
Fed Chairman that should shed more
light on the future of domestic monetary policy. Recent economic data
has left much to be desired as far as substantial evidence that would
support the tapering of the central banks $85 billion-a-month spending
spree. Until the mid-week rhetoric, we could
see some choppy trading as longs look to get less long and bargain
hunters search for deals. Gold is trading a smidge lower to start the
day but could test lower as U.S. equity markets are gearing up to follow
the global trend upward as many key Asian and
European markets gained more than 1% today. Palladium is the biggest
loser thus far, down nearly 1.5% in early trading. Silver is down more
than .5% after closing Fridays session at $21.954. Platinum is modestly
softer from Fridays close, down just .17% as
worries of tensions in South Africa ease…for the moment. Have a great
day!
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