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Closing Gold & Silver Market Report – 1/20/2012

NEXT WEEK’S FED MEETING BRINGS TIMELINE ISSUES

The Federal Reserve’s new communication strategy is all about creating more transparency. But as Wednesday’s meeting approaches, financial markets are preparing to be confused. The biggest part of the confusion is over the timing of the Fed’s announcements. At 12:30 p.m. (EST) Wednesday, the Fed is to release its typical statement about the policy meeting. At 2 p.m. (EST) Wednesday, it is to release its interest rate forecasts and inflation projections. Then at 2:15 p.m. (EST) Wednesday, Fed Chairman Ben Bernanke will hold a news conference. Here are the four concerns of many Fed watchers:

  1. If the Fed is not publishing its interest rate forecast until 2 p.m., then how will it word the 12:30 p.m. policy statement? The markets closely watch these statements, and there will be a great deal of time between the two announcements.
  2. If nothing is mentioned in the 12:30 p.m. policy statement, does that telegraph a hawkish move in monetary policy?
  3. There are one and a half hours of uncertainty between the policy statement and the 2 p.m. forecasts, and markets hate uncertainty.
  4. Will the interest rate forecast match what the Fed believes to be the best policy? In other words, will the projections be moderated to match the direction the Fed wants to go? Are they projections, or are they preferences?

The Federal Reserve meeting should be the No. 1 topic as markets open Monday. Please enjoy your weekend!

At 4 p.m. (EST), the APMEX precious metals spot prices were:

  • Gold - $1,668.50 – up $12.50.
  • Silver - $32.26 – up $1.67.
  • Platinum - $1,539.10 – up $20.10.
  • Palladium - $680.00 – up $0.60.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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