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Gold Eases Post-Fed

by Peter A. Grant

Jan 31, AM
(from USAGOLD.com) --

Gold is easier after yesterday's FOMC statement was pretty much in line with expectations. The Fed kept rates pegged near zero and pledged to continue buying $85 bln in assets each month until the labor market shows meaningful improvement.

On the heals of yesterday's big miss on the first read of Q4 GDP, the Fed did specifically note that economic activity "paused in recent months." Apparently we shouldn't be too concerned though, as the Fed sees the reasons for the pause as "transitory."

New FOMC member Esther George, of the KC Fed replaced Richmond's Jeffrey Lacker as the lone dissenter, citing concerns that persistent easy policy would lead the future imbalances. Rumblings in the December meeting that were interpreted as a developing hawkish bias not withstanding, the Fed is likely to continue on its über-accommodative path through 2014.

Those rumblings however may be reflective of some developing concerns as QE stretches into its sixth year. With the Fed's balance sheet now in excess of $3 trillion, there isn't really much to show for that massive investment. The economy remains moribund and unemployment remains quite high. How long does the Fed continue with a policy that has arguably been ineffective?

For the likely answer, look to Japan. The BoJ has been engaged ZIRP and other extraordinary measures for more than twenty years. Now in their third lost decade, the central bank has doubled down again, pledging unlimited asset purchases as it tries to generate 2% inflation.

Is this now our destiny as well? If it is, you're going to want some gold as a means to protect your wealth from a seemingly unending spiral of currency devaluation.

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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 Eases Post-Fed