Richard Rittorno: Gold prices are basically flat as gold bugs begin their two day Fed watch. Market participants are anticipating the Federal Reserve to announce the start of its unwinding process to its monthly $85 billion bond buying program at the conclusion of the two day meeting.
The Federal Reserve U.S. Treasury Department building in Washington D.C.
Analysts’ reports continue to vary after recent mixed economic data ahead of the meeting ranging from 10 billion to 30 billion reduction in stimulus. However, this morning growing expectations for a $10 billion cut in Treasuries to $45 billion and no cut in the $40 billion mortgage bond buying program.
SPDR Gold Trust ETF (NYSEARCA:GLD) also found support this week when Larry Summers took his name of the short list to succeed Fed Chairman Ben Bernanke as the next Chairman. Mr. Summers is thought as being a hawk and in turn would look to exit central bank’s bond buying program more rapidity.(...)Click here to continue reading the original ETFDailyNews.com article: SPDR Gold Trust ETF (GLD) In Holding Pattern Ahead Of FOMC MeetingYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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