Gold

As the current FOMC meeting kicks off today we have investors waiting to hear if the Federal Reserve will be staying its course and continue its current round of tapering. It is our current belief that the FOMC meeting will be a nonevent it terms of the overall effect it has on the markets

The unrest in Iraq seems not to be enough of a motivator for gold traders to grow more bullish.

However, it is not irrational. The U.S. manufacturing report rose a very solid 0.6% in May, and the New York region's (Empire State) index of manufacturing rose to a very impressive 19.3 beating all estimates, which range from the 12 to 15 range.

Six weeks ago, the crisis in Ukraine was driving gold higher until cooler heads prevailed. The last few days, Iraq has been the driving force behind a dramatic price in gold, with some analysts predicting a price of $1300 in the near to middle term.

Six weeks ago, the crisis in Ukraine was driving gold higher until cooler heads prevailed. The last few days, Iraq has been the driving force behind a dramatic price in gold, with some analysts predicting a price of $1300 in the near to middle term.

The sweep across northern Iraq by radical Islamists seems to have caught Iraq, the U.S. and its allies off guard and has thrown an element of uncertainty into world affairs.

Gold took advantage of the conditions and zoomed up more than 1%, although it has since fallen back.