by Jan Skoyles, TheRealAsset.co.uk
This morning the gold price has edged up to near one-and-a-half week highs on the back of expectations over tapering expectations. Last week the yellow metal gained 3.7% and silver 3.1%, the best weekly gains in two months.
Back in September commentators felt it was a no-brainer that the FOMC would announce a tapering of QE. When that didn’t come about they then reassured us that tapering would come this side of Christmas. Following last week’s debt deal, this is looking increasingly less likely particularly for October’s meeting due to take place next week.
There appears to be little upside support for gold at the moment, with many believing the outcome of next week’s meeting to have been priced in.
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