The Phaserl


Fed statement lends support to metals

from Gold Money:

Things have cooled off in the gold and silver markets, with the former trading in a range between $1,450 and $1,480, and silver moving between $23 and $24. Both metals sold off early in New York futures trading yesterday, but rebounded following the release of Fed minutes indicating that the Fed will consider increasing its money printing efforts upon any signs of renewed weakness in the US economy.

Of course, as the last four years have shown, it’s one thing increasing the monetary base (that portion of the money supply that increases as a direct result of Fed asset purchases), but quite another thing to guarantee that this new money will flow into the broader economy. With banks continuing to sit on huge excess reserve holdings at the Fed, Bernanke is not getting much bang for his quantitative easing “buck”.

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