Gold hits 3-Week Low, Will FOMC Be Game Changer?

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Kitco News speaks with Jim Wyckoff as gold hit a three-week low after jobless claims data showed a drop Thursday. “I think we’re seeing technical selling pressure ahead of next week’s FOMC meeting,” Wyckoff says. Is tapering in the cards? According to Wyckoff, the marketplace has come to believe that tapering will begin with a $10 billion per month reduction on bond purchases and the real surprise in the marketplace would be if the Fed announces no intention on cutting back its bond-buying program next week. With regards to silver, Wyckoff says the metal is fickle. “Sometimes it acts like a safe-haven asset and follows gold; sometimes it acts like a risk asset and follows the raw commodities sector. Today the silver market is following gold.” Tune in now to hear Wyckoff’s market ratings for gold & silver as well as key support & resistance levels. Kitco News, September 12, 2013.

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