Loading ...“Gold’s 25 percent first-half rally appears to have petered out, with the metal climbing less than 2 percent since the end of June as the market prices the possibility of a sooner U.S. rate increase. New York Fed President William Dudley warned investors they are underestimating the likelihood of increases, and Atlanta Fed chief Dennis Lockhart said he’s confident growth is accelerating, setting the stage for one or two rises this year. The comments boosted the probability of a hike in December to 51 percent.”
Comment: I think this Dudley Dude is full of it but his remarks yesterday did seem to slow down the PM traders. Why anyone listens to these Fed Heads is a mystery to me. Gold may be taking a pause, a breather, for the moment, but I predict shortly a nice rise beginning in a couple weeks. Or sooner. The next Headline could spark a new rally. The world’s markets and banks are that precarious. Meanwhile, the markets wait for the 2;00pm release of the Fed minutes. I gots laundry to do in the meantime. I miss Greenspan and his gobblygook speak, at least he made it interesting to try and figure out what the heck he said.