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Gold Stabilizes Ahead of FOMC Meeting

by Peter A. Grant

Oct 22, AM
(from USAGOLD.com) --

Gold has stabilized somewhat in the wake of last week's retreat, as market focus shifts to the FOMC meeting that commences tomorrow. Some better than expected economic news was a contributing factor to the yellow metal's drop last week, amid speculation that the Fed might be able to ease-up on accommodations.

However, the Fed was quite adamant after the last FOMC meeting that they would keep their foot on the monetary gas-pedal, even if there were encouraging data, suggestive of a recovery. In fact, a Bloomberg News survey last week revealed that all 21 primary dealers believe that QE3 will be expanded to include renewed direct Fed buying of Treasurys. While that may not be announced on Wednesday, many believe such a move is inevitable before year-end, to provide some kind of cushion against the tax hikes and spending cuts that are collectively known as the 'fiscal cliff'.

There has also been some speculation about a less-dovish Fed if Republican Presidential candidate Mitt Romney were to win the November election. Romney has pledged to replace Fed chairman Bernanke, whose term ends in January 2014. Interestingly, Romney himself provides a pretty compelling offset to the possibility of a more centrist Fed chairman, in his seeming interest in escalating the global currency war by naming China a currency manipulator as one of the first orders of business for a Romney presidency.

If the Fed itself is less inclined to employ the extraordinary measures that have become synonymous with the Bernanke Fed, and China retaliates against being named a currency manipulator by reducing US bond purchases (or worse yet, selling Treasurys), the US could see interest rates start to rise. Higher rates would be a drag on any potential economic recovery. Romney should think long and hard about how to balance these realities if he is successful in his bid to be the President.

Peter Grant is USAGOLD's resident economist and a well-known analyst globally in the forex and precious metals markets.

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Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

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Gold Stabilizes Ahead of FOMC Meeting