Metals Drop on Fed ‘Exit’ a Buying ‘Gift’

Following Thursday’s drop in gold and silver, which was attributed to FOMC minutes suggesting a split among Fed officials concerning future QE, Eric Sprott declares that the Fed has “no exit plan. There never was an exit plan, and there is no exit.” He contends that “this statement was meant to keep a lid on the inflation indicators.  Of course the inflation indicators are oil, gold, and silver, particularly gold and silver.  And they have a hell of a fight on their hands.” It’s also argued that Thursday’s “plunge in precious metals can be seen seen as a true gift from the markets by anyone who takes advantage of it.”

News & Views

MarketWatch/GoldSeek:  Gold ends 1.5% lower in extended fallout from Fed, silver off 3.2%; Gold and silver end near unchanged on week

SafeHaven:  Were the FOMC minutes really that hawkish?

Reuters/LA Times:  Mediocre job growth points to slow grind for U.S. economy; Unemployment rate unchanged, ditto for economic uncertainty

Jesse’s Café Américain:  The usual jobs report shenanigans

Silver Investing News/P. Radomski: Silver leads relief rally, then declines; Gold price in January 2013

Jeffrey Lewis:  Silver prices in the event of a Comex default; Buying silver in the age of transitory inflation & other political delusions

GoldSeek/Zero Hedge:  U.S. Mint bullion coin sales; US Mint sells 50,000 ounces of gold on first day of year

Gary North:  Are most Americans utterly blind about gold?

Reuters/Mineweb:  HSBC:  India’s gold consumption likely to recover; Indian Reserve Bank panel looks favourably at gold loan companies

Telegraph:  Europe’s dream of toppling dollar fades as Asian Tigers dump euro; Japan plans ‘nationalisation‘ of factories to save industry

Spiegel:  The Greece of AsiaJapan’s growing sovereign debt time bomb; Golden arches & broken dreams:  American cities drown in debt

Simon Johnson/ABC News:  The Supreme Court and the debt ceiling; Trillion dollar coins: The ultimate debt ceiling end-around?

Zero Hedge:  Art Cashin on the trillion dollar coin alchemy; Putting a trillion dollars of platinum in perspective

Bruce Krasting:  A trillion dollar coin challenge to Business Insider and Huffington Post

This entry was posted on Friday, January 4th, 2013 at 10:06 pm and is filed under CFTC, Federal Reserve, General Economy, Gold, India, Media, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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