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Precious metals have begun the week on a quiet note with gold and silver probing lower while platinum and palladium do the opposite, trading above Friday’s settlements. All eyes will be on the FOMC meeting this week which concludes on Wednesday. The subsequent press release is widely expected to confirm the Fed will end QE and will cease the current bond buying program. Any hint of another stimulus program or a delay in curtailing the current program would be a surprise and likely bring a rally to our market. Hawkish comments about interest rates will further support the USD and not be well received by commodity and precious metals traders.
This morning finds U.S. equities continuing on the roller coaster as early indications point to a 75 point decline on the Dow average. The headline though goes to crude oil and energy products which continue their sharp decline this morning as crude oil has fallen below $80.00 and is currently down 1.50 percent from Friday’s close. Keep an eye on the gold / silver ratio which has broken above 70 and is trading at 71.50 this morning. Long term holders of gold may opt for lightening up their gold position in favor of silver which may look “cheap” based on the history of the ratio.
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