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Gold Steadies Ahead of Fed Decision

by Peter A. Grant

Dec 11, AM
(from USAGOLD.com) --

Gold came under modest selling pressure in early New York trading, for no particular reason at all. Perhaps it was just some position squaring in advance of tomorrow's Fed policy statement. Nonetheless, the yellow metal remains above the $1700 level at this point.

The Fed is widely expected to announce additional accommodations in the form of an additional $45 bln a month in outright Treasury purchases according to a Bloomberg survey. That will be in addition to the $40 bln in MBS purchases they're already doing every month. This is expected to push the Fed's balance sheet to a mind-numbing $4 trillion.

The proliferation of über-accommodative monetary policy, not just in the U.S., but throughout the industrialized world has been a major driving force in the gold market for some time now. We anticipate that this is a trend that isn't going to end any time soon. The Bank of England's Mervyn King seems to agree in warning that 2013 may see an escalation of competitive currency devaluations. Of course the best way to undermine a currency is a yield at or close to zero and then heap on additional accommodations to drive the effective return into negative territory.

Our own Mike Kosares just posted a Special Report that illustrates just how well gold has performed on a "real return" basis over the past decade. As for the long-term trend in gold, Mike summarizes by saying, "the odds favor a continuation of the current secular bull market as long as the conditions that created it persist." The policies of the world's major central banks may certainly be considered to be a major one of those "conditions," and the Fed may in fact be on the verge of piling on even more...

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Gold Steadies Ahead of Fed Decision