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No customs duty on gold in the GCC?09:38
Khaleej Times - Markets
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Will gold not glitter this Diwali?08:58
Khaleej Times - Markets
1 to 2 hours old --LIVE NEWS--
Gold, Silver, Copper Futures Weekly Outlook: September 25-2908:49
Seeking Alpha - Gold & Precious Metals
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Yellen In A Box And A Retail Bloodbath: Gold Wrap Podcast08:37
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3 Gold Miners To Buy On The Dip In 201805:38
Investing Haven - Super Growth
Here's why gold will not glitter this Diwali04:56
The Economic Times - Commodities
Gold’s Bearish Reversal Marks A Triple Top … For Now04:48
Investing Haven - Trends
$1,300 Has Been A Ceiling For Gold - Will It Become A Floor?04:07
Seeking Alpha - Gold
6 to 8 hours old --LIVE NEWS--
Yellen In A Box And A Retail Bloodbath: SchiffGold Friday Gold Wrap Podcast Sept. 22, 201703:39
Seeking Alpha - All Articles
Earlier Today --LIVE NEWS--
Gold buying in Diwali? Double whammy to make public shun yellow metal, says expert00:55
The Financial Express - Economy
Gold shines on investors’ radar over rupee value speculation00:35
The Express Tribune - Business
Gold will not glitter this Diwali!00:34
The Statesman - Business
Yesterday --LIVE NEWS--
Stonewall Resources opens a share purchase plan to push ahead with South African gold projects18:33
Proactive Investors (Australia)
Gold price retains value on investment interest, hedging13:30
Daily Times - Business
No, bitcoin isn't going to replace gold13:05
USA Today - Markets
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International Supermarket News
Bitcoin “Is A Bubble”…But Gold Is Money Says World’s Biggest Hedge Fund Manager10:18
LAWRIE WILLIAMS: Russia adds still more gold to reserves09:47
Sharps Pixley
Gold's Mini Crash to 4-Week Low Only Means You Should Back Up the Truck and Buy09:07
Why Novavax, Inc. Could Be a Gold Mine for Growth Investors08:51
The Motley Fool
The Pros and Cons of an Investment in Gold08:38
Fox News - Markets
Stocks, Gold, Dollar, Bitcoin Markets Analysis08:07
The Market Oracle - Stock & Financial Markets
The Pros and Cons of an Investment in Gold07:55
Nasdaq - Global Markets
Gold and Bitcoin Surge on North Korea Fears07:37
Fox News - Markets
Gold and Bitcoin Surge on North Korea Fears06:53
Nasdaq - Global Markets
Gold Price Forecast September 25, 2017, Technical Analysis04:53
Nasdaq - Global Markets
Gold forecast for the week of September 25, 2017, Technical Analysis04:53
Nasdaq - Global Markets
Gold prices plunge on shrinking demand; silver falls04:22 - Money
Gold prices turn lower on shrinking demand04:21
The Economic Times - Market
Gold prices turn lower on shrinking demand03:54
The Financial Express - Commodities
Gold Finds Support As U.S.-N.Korea Tensions Escalate02:21
Seeking Alpha - All Articles
Gold spikes on North Korea tensions00:15
India Info Line
Earlier News --LIVE NEWS--
Bullion dealer arrested for buying 285 kg gold post note ban22:42
The Economic Times - Commodities
Gold Prices Plunge as Fed Embarks on QT- Support Targets in View22:36
Daily FX
Pure Gold’s Madsen resurrection21:12
Mining Journal
Tahoe dials up gold guidance as Escobal impasse drags on18:44
Mining Weekly - Gold
Swiss August Gold exports hit lowest level since 201418:31
Scrap Register - Metal News
Bad News For Gold17:17
Seeking Alpha - Forex
Ovoca Gold PLC : Holding(s) in Company17:01
InvestEgate (Company Announcements) - Trade
Superior Gold Inc. Announces it is Now the Opening Presentation at the Denver Gold Forum 201716:30
PR Newswire (Press Release) - Heavy Industry & Manufacturing
When nearly everything's a winner, gold investors get antsy16:07
Japan Today - Business
Update: TSX Little Changed on Friday as Equities Fail to Find Direction; Gold & Oil Post Modest Gains14:36
Nasdaq - Global Markets
Gold Coin Hits 3-Week Low14:32
Financial Tribune - Business & Markets
Why Ambarella, Inc. Could Be a Gold Mine for Growth Investors13:45
The Motley Fool
Perfect Business Solution wins Gold at CNCI Awards 2017 ...13:35
Sri Lanka Daily Mirror - Business

Gold Consolidates as Fed Considers Balance Sheet Normalization

by Peter A. Grant

September 19, AM
(from --

(Pete Grant is taking a few days off. He will be back Monday, September 25, 2017.)

Gold is consolidating near its two-week low with the two-day FOMC meeting now underway. Expect trading to be relatively subdued until the Fed announces policy tomorrow at 2:00ET.

The yellow metal remains calm, despite a rather significant escalation of of the geopolitical rhetoric at the UN General Assembly this morning. "The United States has great strength and patience, but if it is forced to defend itself or its allies, we will have no choice but to totally destroy North Korea," said President Trump. The DPRK will almost assuredly respond in some manner, further escalating an already extremely tense situation.

Jim Rickards was asked what brought gold down yesterday, he responded by tweeting, "Chatter about higher inflation, rate hikes, momentum, etc. None of it will come to pass, but it's the flavor of the month." Someone else asked how many rate hikes he saw for the rest of the year. "Zero" was the reply.

As the Fed ponders policy and whether to start winding-down it's massive $4 trillion balance sheet, a Fed economist raised questions as to whether the build-up of that balance sheet via quantitative easing (QE) did any good at all.

"With respect to QE, there are good reasons to be skeptical that it works as advertised, and some economists have made a good case that QE is actually detrimental." — St. Louis Fed economist Stephen D. Williamson
That assessment begs the question, did global central banks really need to go more than $20 trillion down the QE rabbit-hole in order to reach such a conclusion? I mean the BoJ had been at the QE game for nearly a decade, with little to show for it, before the Fed launched QE1 in late-2008. Perhaps there was a lesson to be learned there.

One thing a world awash in liquidity did accomplish was to inflate asset prices, particularly the stock market. If central banks take the monetary punch-bowl away, is that party about to end?

The ECB is apparently already having doubts about their plan to start tapering asset purchases, particularly with the euro reaching near three-year highs. Some at the central bank are in favor of keeping their options open to expand QE into 2018.

According to Reuters, "Hawks see the currency’s strength as testament to the euro zone’s strong economic growth, while doves fear it reflects weakness in the United States and Britain." If the reality is ultimately revealed to be closer to the latter, easier Fed policy and a weaker dollar will prevail. And that should be bullish for gold.

Opinions expressed in commentary on the 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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For those seeking a deeper understanding of gold's role in the modern investment portfolio

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mkMichael J. Kosares, the author of these articles, has more than 40 years experience in the gold business. He is the founder and executive director of USAGOLD (both the website and gold brokerage service), the author of three books on the gold market, and the editor of "News & Views, Forecasts, Commentary & Analysis on the Economy and Precious Metals," the firm's client letter. He has written numerous magazine and internet essays and is well-known for his ongoing commentary on the gold market and its economic, political and financial underpinnings.


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