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Metal Plays Weak With Gold

Gold is seeing some rare selling today as the market awaits words from the Federal Reserve at 2:00pm ET.  The Dollar is flat to weaker which tells educated investors that some profits are being taken ahead of the FOMC minutes.  The SPDR Gold Trust (ETF) (NYSE:GLD) is lower, trading at $131.59, -0.70 (-0.53%).  In addition, most metal stocks are also selling off. These stocks, just like gold have been on a meteoric rise and due for a small pull back.  Southern Copper Corporation (NYSE:USA) (NYSE:SCCO) is trading at $38.43, -0.31 (-0.80%) while United States Steel Corporation (NYSE:X) is trading at $44.61, -1.01 (-2.21%).

Gareth Soloway
Chief Market Strategist