The precious complex continues to search for direction ahead of the final FOMC meeting of 2013 that will conclude on Wednesday.

The precious complex continues to search for direction ahead of the final FOMC meeting of 2013 that will conclude on Wednesday. Chairman Bernanke and his cohorts will gather one last time before year end to drink some eggnog, exchange Pollyanna gifts and discuss whether recent economic data would warrant a taper of current monetary stimulus. 203,000 jobs were added to the payrolls in November with unemployment falling to 7%. However, the labor force participation rate remain dismal and first time unemployment filings rose 68,000 in the first week of December. Q3 GDP came in at 3.6% but growing inventories are the proverbial wolves in sheep’s clothing as the more accurate number was closer to 1.9%. Some would also point to the recent budget deal as a positive sign for a December taper but in reality it does little to address the real issues that are plaguing this country and, with just a few months before another government shutdown/debt ceiling faceoff,  baby steps just won’t cut it. The DJIA is up more than 100 points to start the week while gold is making another break for $1250 and currently trades $1248 after closing Friday’s session at $1234.60. Platinum and palladium have fought back some early losses this morning with platinum near flat to Friday’s close and palladium up $2 to $718. Have a great day!