Gold futures are higher this morning after bouncing off support at $1,625 yesterday. Prices gained 0.5% to $1,651.10 per ounce. Silver futures are also higher, rising 1.3% to $30.76. Yields on the 30-year bonds are down slightly to 3.12%, while the 5-year note is yielding 1.96%. Natural Gas, which caught a bid in the afternoon yesterday, is down slightly to $2.059. Today, inventory figures will be released at 10:30 a.m. ET.
At 8:30 a.m. ET, the Labor Department will release figures for Initial Jobless Claims. Weekly Claims are expected to fall 11,000 to 375,000. At 10 a.m., data on Pending Home Sales will be released as well. Data will continue to play a large role in the long-term macroeconomic picture, which ultimately will point to where (or if) the Fed moves with interest rates.
With Bernanke “prepared to do more,” as he mentioned yesterday and earnings on the whole suprising to the upside, ultimately equity markets will be a beneficiary.