With last week’s poor September jobs data in hand, as well as other less-than-flattering economic data of late, it’s unlikely that the FOMC will look to taper

With last week’s poor September jobs data in hand, as well as other less-than-flattering economic data of late, it’s unlikely that the FOMC will look to taper their $85 billion-a-month spending binge when they meet for their boondoggle on Tues/Wed of this week. Sentiment for the status quo got a boost on Friday when the Thompson Reuters/UofM consumer confidence index fell to 73.2 in October compared to Septembers reading of 75.2. The precious complex was able to regain its composer before the end of last week and, barring any surprises, should be cushioned to the downside at least until Chairman Bernanke and his colleagues give us their thoughts on Wednesday afternoon. In domestic economic news, industrial production rose .6% in September, the largest increase since February of this year, and pending home sales fell 5.6%. The PGM side of the complex is still in wait and see mode as the Association of Mineworkers and Construction Union could commence strike actions at the world’s two largest mining companies, Anglo and Impala. A “certificate of non-resolution” was issued to the AMCU by a government mediator as wage negotiations between the union and Impala become deadlocked. Platinum is trading .5% higher from Fridays close of $1455.50. Have a great day!