Gold sniffs $1,300 after FOMC meeting


Now up about $30 per ounce since the FOMC announcement, updated Fed economic projections, and Yellen press conference yesterday, gold is just cents away from $1,300.

Peter Boockvar notes the Fed may be ignoring recent warming inflation data (when pressed on the fast numbers, Yellen called them "noisy"), but gold may not be. In any case - with just 3 FOMC meetings to go until QE is over and rate hike discussions start in earnest - markets will have to keep a close watch on inflation figures in addition to labor market indicators.

GLD +1.8%, SLV +2.3%

ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, DGLD, AGOL, OUNZ, TBAR, USV, UBG, GYEN, GLDE, GLDS, GLDL, GEUR, GGBP

Earlier coverage of FOMC/Yellen

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Comments (9)
  • minecanary
    , contributor
    Comments (1209) | Send Message
     
    Metals taking off. No recession.
    19 Jun 2014, 11:23 AM Reply Like
  • Transcripts&10-K's
    , contributor
    Comments (1214) | Send Message
     
    "Now up about $30 per ounce since the FOMC announcement, updated Fed economic projections, and Yellen press conference yesterday, gold is just cents away from $1,300."

     

    Peter Schiff must be pretty excited - only another $3700 to go to reach $5000; at $30 a pop that might take a while...
    19 Jun 2014, 11:25 AM Reply Like
  • David at Imperial Beach
    , contributor
    Comments (4382) | Send Message
     
    $1300 is where the shorts make their last stand, and then it's off to the races!
    19 Jun 2014, 11:37 AM Reply Like
  • Transcripts&10-K's
    , contributor
    Comments (1214) | Send Message
     
    "$1300 is where the shorts make their last stand, and then it's off to the races!"

     

    That sounds like another comment you once made David:

     

    "When I look at the past performance of gold versus any other asset, over a time-frame of 5 years or longer, gold always wins. Yes, it got overbought last year and it hasn't performed up to par for the last six months. Any asset can have a pricing bubble from time to time. That's not a risk you can avoid, except to recognize when you're overpaying for something.

     

    That said, I think we're back on track for another upswing."

     

    Of course that one was from more than 2 years ago (April 2012), when gold was around $1600 per oz...
    19 Jun 2014, 12:02 PM Reply Like
  • permanent
    , contributor
    Comments (448) | Send Message
     
    Silver is the real star of the last few days. Record short positions need to be covered now.
    That in itself could drive the Price higher.
    19 Jun 2014, 11:40 AM Reply Like
  • rubber duck
    , contributor
    Comments (194) | Send Message
     
    Six years into the "recovery" and all most talk about is how much paper money the Fed will print every month. Carry on.
    19 Jun 2014, 01:00 PM Reply Like
  • permanent
    , contributor
    Comments (448) | Send Message
     
    Even good numbers have a Problem build in: Prices paid go up fast

     

    http://seekingalpha.co...
    19 Jun 2014, 01:18 PM Reply Like
  • Doc's Trading
    , contributor
    Comments (1847) | Send Message
     
    ....GLD........ Re long position taken at average price of 120.22... raise your protective sell stop from 119.89 to 123.90. This trade will now guarantee that this will be our 52 trading profit in a row... NO LOSSES..since we began on this forum mid Feb....
    our target of 126.75 has been reached so those who wish to exit half their position here may do so.
    We are going to let the market stop us out eventually and hopefully at much higher prices...
    more later....
    19 Jun 2014, 01:40 PM Reply Like
  • Ray_Rich
    , contributor
    Comments (55) | Send Message
     
    Lets see if this sticks this time. I would like to see this hold for and increase to see some long term momentum for gold.

     

    When QE3 started gold took a turn down, most thought it was going to go up to infinity, now QE is ending and I believe you may see the opposite start to happen... Many would see this being bad for gold, but I would argue that this will be a big move up for gold as it is starting to signal the end of the risk free ride in the markets.

     

    This was a very bold move for gold, the question for long term holders is will this keep going or is it another dead cat bounce? My bet is on it continuing the ride up for a while, but I have been wrong in the past, and will likely be wrong again in the future (just dont tell my wife that)
    19 Jun 2014, 02:34 PM Reply Like
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