FEDERAL RESERVE BIDING TIME BEFORE DECISION ON QE
Gold prices are down slightly from this morning, though still up approximately 0.6 percent. Relatively decent news of stability in Europe has caused the euro to increase in value, pushing the dollar down, so investors are looking again toward gold. Silver has also come down from early-morning highs, currently sitting at 0.7 percent higher.
Regarding another round of quantitative easing from the Federal Open Market Committee, Robert Brusca of FAO Economics said, “I don’t see them doing anything. There are too many questions and no answers.” Robert DiClemente of Citigroup believes the FOMC is just biding its time. “Some recent gains may have been overstated and poised for some correction and we think policymakers will want to see how this plays out in the next few months. We think there are risks on both sides,” he said.
The recently agreed upon ceasefire in Syria is even shakier now, after a car bomb wounded at least three people in Damascus. Tensions are high in the Middle East as Western powers and the United Nations have become involved in the civil issue in Syria. It appears to many that the West has sided with the uprising, while Syria’s government has a powerful ally in Iran, a country with its own issues with the West.
At 1:09 p.m. (EDT), the APMEX precious metals spot prices were:
- Gold - $1,642.80 – Up $9.70.
- Silver - $30.82 – Up $0.22.
- Platinum - $1,548.40 – Down $6.90.
- Palladium - $668.90 – Down $3.00.