Action in Metals Heats Up Ahead of FOMC Minutes (GLD) (IAU) (SLV) (PPLT)
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After posting fresh highs on Tuesday, the price of spot gold added to those gains in early trading on Wednesday. The price of gold briefly traded at $1645 per ounce, a level not seen since May. Silver is also moving higher today and is now trading comfortably above $29 per ounce. Platinum touched its highest level since early May and is the best performing precious metal in 2012.
Interest in metals comes ahead of the minutes from an August 1st meeting by the FOMC, which will be released later today. Bulls are hoping strong language from the Fed will pave the way for QE3. However, traders say a more hawkish tone than expected will easily wipe out recent gains in precious metals, especially in gold and silver, and traders will surely be paying very close attention to the Fed's language, while doing their best to read the tea leaves.
SPDR Gold Shares ETF (NYSE: GLD) and iShares Gold Trust ETF (NYSE: IAU) are higher by nearly 3.75 percent in the past 30 days. iShares Silver Trust (NYSE: SLV) is higher by 8.24 percent and ETFS Physical Platinum Shares (NYSE: PPLT) has gained 7.5 percent over the same period.
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Interest in metals comes ahead of the minutes from an August 1st meeting by the FOMC, which will be released later today. Bulls are hoping strong language from the Fed will pave the way for QE3. However, traders say a more hawkish tone than expected will easily wipe out recent gains in precious metals, especially in gold and silver, and traders will surely be paying very close attention to the Fed's language, while doing their best to read the tea leaves.
SPDR Gold Shares ETF (NYSE: GLD) and iShares Gold Trust ETF (NYSE: IAU) are higher by nearly 3.75 percent in the past 30 days. iShares Silver Trust (NYSE: SLV) is higher by 8.24 percent and ETFS Physical Platinum Shares (NYSE: PPLT) has gained 7.5 percent over the same period.
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