Good Morning,
After yesterday’s blood-letting in the precious complex, it’s looking like a quiet Thursday ahead of tomorrow’s highly anticipated U.S. government jobs data. ADP private sector jobs numbers, released earlier this morning, showed 176,000 added to private payrolls and weekly jobless claims numbers fell by 9,000 last week. However, there was little reaction to the data and the metals continue to hover near yesterday’s closing levels with a little pressure building to the downside. That is, except for and palladium which continue to get no love from positive U.S. auto sales figures released throughout Wednesday’s session. Palladium has fallen another 1.5% to $687.90 after closing yesterday at $698.25. Gold is a bit lower from Wednesdays close with prospects of a full blown war in the middle east dissipating as the Obama administration continues to emphasize the limited nature of any strike against Syrian targets. The yellow metal closed the previous session at $1390 and now trades roughly $10 lower to start the day. Platinum failed to hold the $1500 level yesterday but the potential for a spill-over of labor tensions in the South African gold sector, into the platinum sector, should cushion the white metals retreat. Have a great day!
Tom Hungerford
Heraeus Metals New York LLC
