28 January 2014

Gold Daily and Silver Weekly Charts - FOMC Tomorrow

"Our government...teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy."

Louis D. Brandeis

Another ten tonnes of eligible gold came out of the JPM Comex warehouse yesterday. I had some commentary on the inventories intraday here.

Gold and silver were under some slight selling pressure much of the day, as the word went out to bounce the equities market higher to restore confidence.

So what next. The FOMC is tomorrow, and I would think that the usual taper of $10 billion will be done. This is Bernanke's swan song meeting, and I do not expect anything otherwise important to be announced.

We might see some monkey business with the metals. The deceptions will continue until confidence returns.

Have a pleasant evening.