To QE infinity and beyond!...or maybe December? The precious complex is under heavy pressure this morning as yesterday’s FOMC statement seemed to contradict what many expected to be rather dovish sentiment on the future of quantitative easing.

To QE infinity and beyond!...or maybe December? The precious complex is under heavy pressure this morning as yesterday’s FOMC statement seemed to contradict what many expected to be rather dovish sentiment on the future of quantitative easing. Given the rather lackluster economic picture of late and the impact of the recent government shutdown it came as a surprise to many that QE tapering in December is still a possibility. The metals reacted with moves to the downside following the meeting but as overseas markets got the opportunity to digest the news the metals continued their downward march. Gold closed the previous session at $1349.30, not too far from where it opened mid0week trading, but now trades more than 1.5% lower at $1327.20. Silver is down more than 4% to 22.050 after closing yesterday’s session at $22.983. The PGM side of the complex is following the trend with platinum down more than 1.5% and palladium down more than 1%. Platinum’s move lower might have some scratching their head as its been reported that the AMCU is now in a wage dispute with a third platinum miner, Lonmin and could seek a work stoppage. The Union has already been given the go ahead to strike, pending a 48 hour notice, at Impala and is posturing for similar strike action at Amplats. On the domestic front, it appears California has worked out the “glitch” in its unemployment claims reporting system. Jobless claims fell by 10,000 last week. Have a great day and a safe and happy Halloween!