The Shanghai Composite managed a marginal gain overnight, but volume was low and hopes for fresh stimulus were not upgraded significantly. Similarly European shares were able to claw out some minor gains, perhaps in anticipation of the US Fed testimony later today. US equities were in an early positive track, with some players thinking another muted inflation reading (from CPI) could increased the expectation of easing hints from the Fed testimony.

The markets will also be confronted with US industrial Production and Capacity utilization readings, which could be countervailing. The market will also see an NAHB housing index release that is expected to post a minor gain and that report could provide a slight lift to the risk-on crowd.

Testimony from the US Fed Chairman is scheduled to begin at 9:00 am cst and that will be backed up by a speech from the Bank of Cleveland President at mid session.

Clearly, October platinum prices overnight have seen less positive action than either gold or silver prices. In fact, October platinum has barely managed to climb above the mid point of the Monday US trading range. Like gold and silver, platinum has seen another analyst move to reduce platinum price forecasts for 2012, and that is clearly the result of downwardly revised global growth forecasts and the slack forward views on the remainder of 2012.

Obviously platinum will catch a lift today in the lead up to the Fed testimony but to avoid a buy the rumor, sell the fact reaction; prices will probably require a definitive easing statement or a specific promise from the Fed Chairman.

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