The Phaserl


Gold shows its muscle in Russia

by Lawrence Williams,

With the Fed meeting for the next two days, the market is once again trying to discount a rise in interest rates or at least a statement that implies one is coming very soon. If this does happen tomorrow then it will test the underlying strength of global financial markets. We have no doubt the Fed has factored in the impact of such a move not just inside the U.S. but across the globe. We are led to believe the Fed, like Treasury, does not want a stronger dollar, either.

There was another attack on gold yesterday as the gold price rose above what Asian buyers are happy to pay at the moment. The price has pulled back to current levels, but we suspect it is at levels now that Asia is happy to pay.

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