Currency Wars: “I Am very Worried” – Jim Wyckoff

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Kitco News speaks with Jim Wyckoff to get his thoughts on Wednesday’s Federal Open Market Committee (FOMC) statement and the much anticipated growth data due for release in the U.S. on Friday. Commenting on gold’s reaction to the Fed meeting, Jim says, “the gold market just traded sideways at first, did not change much from levels just before the FOMC statement, but then, about an hour later, we saw the gold market start to selloff.” He adds that the current downtrend in gold prices on Thursday is simply “follow-through selling pressure” spilled over from the day before. “What we’re seeing on Thursday can be characterized also as just a profit-taking pullback,” he says. Wyckoff also notes that the near-term price uptrend is still in place for gold. “Just barely, but it’s still in place…the bulls still do have a slight near-term technical advantage.” Tune in now to see why currency wars are a real concern for Jim and how he sees it affecting the gold market this year. Kitco News, January 29, 2015.

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