Gold was down another $16 today as speculators pounced on the Federal Reserve’s upcoming rate hike as sufficient reason to run down prices. It finished at $1247 on the day. Silver also took a hit, down 23¢ on the day to finish at $15.69. Decembers have not been kind to the metals in recent years and Federal Reserve policy has been a defining issue in each instance. Prices, though, tended to level out by Christmas-time and by January the metals were trending higher – in some years significantly higher. To learn more we invite you to read the post immediately above this one.
Quote of the Day
“The changing of the guard at the US Federal Reserve raises questions over future policy and casts a shadow over the dollar in 2018. With the departure of prominent Fed members Stanley Fischer and Daniel Tarullo earlier this year, and the announcement that chair Janet Yellen will step down in February, analysts say the US is poised for its least experienced board of governors in three decades. The sweeping changes at board level might discount what analysts at Danske Bank are calling the ‘Fed experience premium’ baked into the dollar since 1973.” – Emma Dunkley, Financial Times