Good Morning,
The precious complex is under heavy pressure this morning despite a weaker greenback and tension at the world’s #1 platinum producer that just added another layer of complexity. At midnight the U.S. government entered into partial shutdown as the plug was pulled non-essential services due to the congressional stalemate over a continuing resolution to fund the largest employer in the country and the Affordable Care Act. In South Africa, the National Union of Mineworkers (NUM) is heading to court to contest Anglo American Platinum’s planned restructuring that includes eliminating 3,300 jobs. The Association of Mineworkers and Construction Union (AMCU) has been on the picket line since last Friday and will continue the strike action as recent negations have failed to resolve the situation. On the U.S. economic front, data on construction spending and manufacturing are on tap for today as well as September U.S. auto sales figures. Ford sales were up 5.8% last month compared to estimates of 5.0%. Gold closed Monday’s session at $1327 but has since fallen below the $1300 mark and is down nearly 2.5% to $1295. Platinum is down more than 2% to $1387 after closing the previous session at $1408. Have a great day!
Tom Hungerford
Sales and Marketing Representative
Heraeus Metals New York LLC
