The chief fundamental driver in the gold market today was the nuclear accords the West has almost signed with Iran. There is a subplot on the international military diplomacy stage, as well: China and Japan.
The settlement that is almost done with Iran will open a release valve in the Middle East/South Asia. It will affect everything from oil prices to military budgets and strategies. Today, it gave another reason for bears to sell gold, especially futures. However, there were a lot of bargain hunters afoot and that helped push gold up.
... Read more
Flying in stealth formation with other facets of the FOMC minutes from October's meeting, appeared a few lines that should be at least intriguing to gold investors. They may sketch out Ben Bernanke's parting gift to the economy and perhaps to those who are hoping gold will price higher in the months to come.
It has been no secret that for over a decade Chairman Bernanke favors direct and powerful intervention when the economy seems to be faltering due to issues with credit and cash liquidity.
It is now rippling through the FOMC minutes that, whenever tapering of QE3 finally occurs,... Read more
Without any fresh news, we are left with some odds and ends on fundamentals.
One thing is for certain, since today Senate Democrats went "nuclear" concerning the filibustering of all but Supreme Court nominees, Janet Yellen is a lock to be approved as the next leader of the Fed.
... Read more