Gold/Silver Bugs Enjoy their day in the Sun but what's Next for Precious Metals (GLD) (IAU) (SLV)
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Open-Ended QE3 Spikes Market
September 13, 2012 12:53 PM EDTBen Bernanke and Co. delivered on promises of QE3 Thursday afternoon, announcing a new opened-ended bond buying program and a continuation of 'Operation Twist'.
To spur growth, the FOMC said it will purchase additional agency mortgage-backed securities at a pace of $40 billion per month. This is in effect new money printing. There was no timetable given on when this new bond-buying... More
FOMC Statement; Buying $40B MBS monthly, continue operation twist
September 13, 2012 12:33 PM EDTInformation received since the Federal Open Market Committee met in August suggests that economic activity has continued to expand at a moderate pace in recent months. Growth in employment has been slow, and the unemployment rate remains elevated. Household spending has continued to advance, but growth in business fixed investment appears to have slowed. The housing sector has shown some further signs of improvement, albeit from a depressed level. Inflation has been subdued, although the prices of some key commodities have increased recently. Longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee is concerned that, without further policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions. Furthermore, strains in global financial markets... More
