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Gold Eases Ahead of FOMC Policy Statement

by Peter A. Grant

October 29, AM
(from USAGOLD.com) --

Gold slipped modestly ahead of today's FOMC statement, but so too did the dollar. The Fed is widely expected to hold steady on policy, while acknowledging the end of QE3.

As we reported yesterday, the Fed is wary of doing anything today that might "unsettle" markets. The market they are most concerned about is probably the stock market, but the Fed will likely parse their words very carefully today.

We saw a couple more good articles on the Swiss gold referendum today, one from The Wall Street Journal, and one from Bloomberg. The general gist of both articles is that investors seem to be positioning for the possibility that the measure passes; essentially buying protection in the options market. "Protection" against a surge in the Swiss franc (and a caving-in of its ceiling against the euro), and a surge in gold.
“The market impact of a yes-vote would likely be quite spectacular.” — UBS strategist Beat Siegenthaler
For the best comprehensive take on the referendum, be sure to read Grant Williams' piece: This Little Piggy Bent The Market

We'll see what impact the Fed has later today, but my guess is that they are hoping the policy statement is a 'non-even'. With no presser and no economic forecasts this month, they are likely to get their wish. The real fun in the gold market could come in the weeks leading up to the Swiss referendum, and certainly if the measure passes.

"I think there is a VERY good chance the motion will get passed; and I think that, when it does, it will spark calls for similar actions in neighbouring countries such as Austria, for example, or maybe the Netherlands," says Williams.

I've always maintained that deflation is the worst nightmare of central bankers. However, the contagion of this notion that currencies should be backed — at least to some degree — by a hard asset such as gold, would have to be right at the top of the list of scary dreams as well.

Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

 

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