Good Morning,
The
precious complex found itself under pressure through much of Tuesdays
session following news that the Bank of Japan had decided, much to the
chagrin of many market participants, not to adjust current monetary
policy. This has only added
fuel to the fire of QE speculation here in the States. Gold managed to
claw back some of those early losses as equities retreated and closed
the session at $1377. A clearer picture of investor sentiment
surrounding the Federal Reserve’s stimulus stance will
come this afternoon when $21 billion of 10-year bonds are sold at 1 PM
EST. As for the rest of the complex, platinum and palladium closed
Tuesdays session lower as there was relative quiet on the South Africa
front amid thin trading conditions overall. However,
that could all change as Lonmin/AMCU talks are at a make or break
point. The AMCU intends to serve the world’s #3 platinum producer with a
strike notice if their demands, regarding organizational privileges,
aren’t met today. Platinum is trading flat to yesterdays
close of $1480 at the moment but could find the $1500 rather easily
should Lonmin’s decision not be to the unions liking. Palladium is up
slightly to $755 after closing the previous session at $752.50. Have a
great day!
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