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Following the FOMC announcement Wednesday, Jim Wyckoff talked to Kitco News about what it all means for the gold and silver market. Although the statement did not imply any major changes to the U.S. monetary policy, Wyckoff does point out a minor bearish tone for the raw commodities sector. “The one thing that the raw commodities sector saw in the statement that was a bit bearish was the fact that the FOMC said the headwinds for U.S. economic growth may not be as stiff as a few months ago,” he says. “This can be extrapolated that the tapering of monthly bond purchases could come just a bit sooner than what the marketplace had reckoned prior to the FOMC announcement.” Wyckoff also shares his thoughts on inflation and whether or not it is still an eminent threat to the economy. “I think that at some point down the road inflationary problems will probably pick up, at least a little bit,” he says. “So you can’t rule out that inflation will creep into the picture in the coming months — or later — and that would auger in a bullish fashion for the raw commodities sector.” Watch now to hear Wyckoff’s key support and resistance levels for gold and silver. Kitco News, October 30, 2013.
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As well as the most accurate precious metal prices online, Kitco also provides up-to-the-minute news with usable market information. Videos provided by and ©
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