Yesterday’s FOMCPosted: August 2, 2012
Interesting news from the Fed yesterday. If you didn’t catch it, it was the Bernanke and friends’ promise to do something.
” The Committee will closely monitor incoming information on economic and financial developments and will (my emphasis) provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability”
In the June release, they just used the term “is prepared.” Now we all know that they got together and said “let’s change up the words.”
As for gold’s reaction, I’m not really sure. I guess it was waiting for Draghi to do something and we also have the monthly jobs report that always makes gold very volatile. So we’ll see. Gold miners, however, are showing signs of strength.
Stick with the winners for the quarters to come: Agnico Eagle Mines (AEM), Pretium (PVG), Randgold (GOLD), New Gold (NGD).
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