The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Gold traders are sitting on a tight rope today, thinking about what could happen to US monetary policy and how much information the Fed chairman will release. It is very much a given that the later part of the day is going to be highly volatile, and if things don't match expectations, we could see some real fireworks today.Investors and traders will closely monitor the FOMC Minutes, set for release at 7 p.m. UK time.
The question is, what could potentially happen if the Fed Minutes indicate that they still want to wait and see? Although this is a very low probability event, one should always be prepared for all scenarios. On the other hand, if the FOMC minutes indicate that the Fed is prepared to lower rates and the market anticipates a rate cut in September, this would be a positive development. However, a significant positive impact would only occur if the FOMC minutes reveal an interest rate cut of more than 25 basis points, as the gold price equation fully incorporates anything close to 25 basis points.I am a former Hedge Fund Trader with over 15 years of experience in investment banking.
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