As mentioned yesterday and again mid-day today with an update on gold posted, we saw some volatility in the precious metal pre-Fed announcement. There was a spread between the high and the low of $10 and a bounce higher only to settle just above the lows of the day as gold maintained its -100 score. Silver was a bit more buoyed as its score improved to -85.
The miners had a nice bump mid-day but settled down in afternoon trading.
Tomorrow’s announcement will give us some insight into what will happen next with the metals. I’m not really looking for big change in what the Fed has to say and I will repeat, I am not expecting any moves higher in rates. This doesn’t mean that market makers, like they did today, will not try and shake investors out of their longs or shorts in an attempt to profit. That’s what they do best.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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