After yesterday’s Existing Home Sales figures were better than expected

After yesterday’s Existing Home Sales figures were better than expected with a reading of 4.59M vs. expectations of 4.55M, gold prices dipped closing at 1281.10 for June delivery. Any positive economic data at this point is bearish for gold as this indicates that the Fed will continue tapering. The preliminary Chinese HSBC Manufacturing PMI was pretty much in line with expectations with a reading of 48.3 signaling an economy that continues to be in contraction. Gold, Silver, Platinum, and Palladium are trading in the green zone this morning up .54%, .70%, .24%, and .20% respectively. Gold prices are up 7.1% for the year based on the political tensions in Ukraine which fueled demand for the safe haven asset. The three Platinum producers came up with a revised offer for the AMCU, however it does not meet the union’s demands. Talks to end the longest and most expensive  strike in South Africa will resume today. New Home Sales will be released today at 10:00 am! Have a great day.