Good Morning,
We could be in for a rather uneventful day in the precious metals complex as market participants await the conclusion of the FOMC meeting tomorrow. At this point, it seems the consensus isn’t if the Fed will begin tapering the $85 billion-a-month asset purchase program but by how much. A $10 billion reduction in the program may have already been priced into the market so any deviation could make Wednesday afternoon very interesting. Until then it’s a wait and see atmosphere as the metals hover at or slightly below yesterday’s closing levels. Gold closed the previous session at $1317.80 and touched as low as $1307 in overnight trading. The yellow metal now trades $1312.60. Silver ended Monday’s session at $22.009 and now trades nearly .75% lower at $21.850 after reaching as high as $22.14 overnight. Platinum trades about .5% lower at $1434 while palladium trades relatively flat to yesterday’s close and continues to hold above the $700 mark at $705. In economic news, The Labor Department released its consumer price index which rose .1% last month compared to a .2% increase in July. Have a great day!
Tom Hungerford
Heraeus Metals New York LLC
