Gold Daily and Silver Weekly Charts - Two Day Fed Meeting Weighs on Metals

The money-printers will announce their latest decision on Wednesday around 2:15 PM, after their two FOMC meeting.

Gold and silver typically sell off into such meetings so today was no real surpise. The correlation with the equity markets allowed our short stock hedges to function well.

I put out the latest Net Asset Value premiums this afternoon, and PHYS produced a fairly surprising .94% premium to NAV. That, ladies and gentlemen, is not a euphoric number.

SP 500 and NDX Futures Daily Charts

700 million shares had traded on the NYSE at the bell, and that is light, and symptomatic of the lack of broad participation in this market. Shares are getting tossed around like hot potatoes among speculators and trading programs, with little conviction.

The two big pivot points of expected news will be on Wednesday when the Fed reports its FOMC decision and economic outlook, and on Friday when the advance number for US GDP Q1 comes out.

Europe continues to overhang the risk trade.

Net Asset Value Premium of Certain Precious Metal Trusts and Funds

The premium on PHYS is about as low as I can recall seeing.

It is so low that I checked for news of a secondary offering but found none.

Weekly US Economic Calendar

The Fed has a two day meeting and will report their decision and outlook on Wednesday.

The US will report the Advanced GDP number for Q1 on Friday.