19 Sep 2013
Gold surges above $1350 as no taper delivered
FXstreet.com (Barcelona) - Gold reacted to the upside few minutes before FOMC announcement in a suspected leaked move ahead the news were out, as Tyler Durden at Zerohedge reports: “Around 4300 contracts changed hands in the Dec Futures - massively more than average volume - before the statement came out and drove prices further up.”
Gold is last trading at fresh weekly highs $1365, up 3% for the week, while Silver is currently trading at $23.03 asks, up +3.6% for the week so far. Copper is trading at $3.31 off recent fresh 3-week highs at $3.33, up 3.11% for the week.
FOMC was expected to cut bond purchases in some way between 5 to $20B in what has been called “taper”, but instead bond purchases have been left unchanged, and even some speculate now that they have been actually increased, thus causing a massive shock move in all risk assets, sending also SP500 indext to all time highs above the 1720 mark.
Gold is last trading at fresh weekly highs $1365, up 3% for the week, while Silver is currently trading at $23.03 asks, up +3.6% for the week so far. Copper is trading at $3.31 off recent fresh 3-week highs at $3.33, up 3.11% for the week.
FOMC was expected to cut bond purchases in some way between 5 to $20B in what has been called “taper”, but instead bond purchases have been left unchanged, and even some speculate now that they have been actually increased, thus causing a massive shock move in all risk assets, sending also SP500 indext to all time highs above the 1720 mark.