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Thursday, September 19, 2013

Gold up around 3% on Fed move
[Editor: This blog has repeatedly suggested to buy GOLD and even a video of Jim Rogers was placed to give  some credibility to the analysis. It was mentioned in yesterday's write up that according to the analysis, the US, Federal Reserve should not go for tapering so early, especially when the US economy is in doldrums. But then MAD investors/ traders, guided by FAULTY ANALYSIS by these Financial Dailies and their counterparts in the US, went in for mass selling of the yellow metal. Even till yesterday, Business Standard was suggesting people not to buy Gold, even fully knowing that during the festive season, the demand and price of Gold normally goes up. Are all these Financial Dailies and Portals linked to some UNHOLY BEAR CARTEL? Only time will tell. Let SEBI do some investigation on the same. 
Meanwhile, those who have shorted the GOLD in huge lots might have to sell their house/s to pay for the debt. Also, those investors, who were accumulating Manappuram Finance Ltd (Rs.14.75) and Muthoot Finance Ltd (Rs.96.80), Balle Balle....!! Also, 5% circuit limit in Manappuram Finance Ltd does not make any sense when Muthoot Finance Ltd  has 20% circuit limit. Therefore, do visit this blog from time to time to get updated on the markets, FREE of charge]
The metal is a traditional hedge against inflation and economic uncertainty brought by central-bank actions.

Gold soared around 3% on Wednesday after the US Federal Reserve said it would continue buying bonds at an $85 billion monthly pace for now, surprising financial markets that were braced for a reduction in the central bank's economic stimulus.

Citing strains in the economy from tight fiscal policy and higher mortgage rates, the Fed decided against the tapering of asset purchases that investors had all but priced into stock and bond markets.

"Gold is rallying as the Fed is not exiting its stimulus programme. We are going to have cheap money and low interest rates for a long time," said Axel Merk, portfolio manager of California-based Merk Funds, which has around $500 million in currency mutual-fund assets.

After the Fed announcement, gold's gains far outpaced other markets, with the S&P 500 equities index around up 1% and the Thomson-Reuters CRB index also up nearly 1%.

The metal is a traditional hedge against inflation and economic uncertainty brought by central-bank actions.

Spot gold was up 2.9% to $1,446.74 an ounce by 2:18 p.m. EDT (1818 GMT). It rebounded about $45 or 3% from a six-week low at $1,291.34 earlier in the session.

US Comex gold futures for December settled down $1.80 an ounce at $1,307.60 prior to the Fed statement, with trading volume at about 20% above its 30-day average, preliminary Reuters data showed.

Among other precious metals, silver rose 3.5% to $22.43 an ounce. Platinum was up 0.9% to $1,429.85 an ounce, while palladium dropped 0.4% to $700.35 an ounce.

Courtesy: Business Standard