Gold continues south, Fed week happy campers few and far between
Gold continued the southerly trek begun this morning finishing at a two-month low of $1305 and down $11 on the day. Silver did not fare much better ending down 20¢ on the day at $16.17. As reported earlier today, tomorrow’s Fed meeting figures largely into gold’s performance the past two days.
Gold was not alone today in feeling the pain. Oil also took a hit today as did the rest of the commodities complex, and it has not been a good two days in the stock market either. In short, Fed Week happy campers have been few and far between. Only the dollar has a smile on its face – up over 3% the past two days.
Most likely, we will get a feel as to where gold sentiment truly lies after the Fed publishes its announcement tomorrow afternoon – for better or worse, but hopefully for better. My guess is we could see some short covering as early as tonight during Asian market hours.
Quote of the Day
“Fed speakers have done little to push back against this expectation … we expect no fireworks.” – Michael Feroli, JP Morgan (in a note to clients today)
“A customer of mine who is 55 years old recently asked if it was not too late for him to get into precious metals. The answer is no—it is not too late to invest in gold and make a profit at any age. Quite the contrary, with the market showing the early signs of a correction, it is, in my humble opinion, a perfect time to invest in precious metals.” – Oliver Garret, Forbes
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