IN THE NEWS
US gold prices traded higher on Wednesday, but not until after minutes from the U.S. central bank's August meeting were released which were interpreted as bullish for gold.
‘Parsing’ is the analysis of words for implications and deeper meaning and that’s what Eric Rosenbaum has been doing with the Fed’s latest notes – like this crunch sentence:
"Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery.”
Despite uncovering the secret to parsing Fed speak, by the end of this tongue-in-cheek article he’s no more than “fairly" sure "many" Fed printing presses are in the process of warming up!
Full story: The Street
The price of platinum is at its highest in four months as labour unrest affects mines in South Africa, which hold around 80% of the world's reserves.
Gold futures for December delivery settled at US$1,640.50 an ounce prior to the release of the Federal Open Committee minutes. Silver rose 13 cents, or 0.4%, to US$29.56 an ounce. Platinum added US$18.70, or 1.2%, to US$1,526.50 an ounce, the metal’s highest settlement since May.
Full story: MarketWatch