Weekly Gold Report (July 1st through July 5th)
The second quarter of 2013 came to a close with a decent rebound in the US Stock Indexes. A three day up-move was the result of favorable consumer spending, housing, and unemployment numbers. Despite the move up, it was not an easy week to predict market movement, nor was it a week to feel comfortable in a trade for more than a half day. This is because last week’s schedule of economic reports was punctuated daily by FED Members that now have the ability puppeteer global markets with one interview. Even though the FED decided to keep rates unchanged and maintain their Bond buying on a monthly basis (QE), the interviews that followed the decision had the potential to negate the initial response to the rate decision. Last week required the attention of traders each day as one FED Member after the next was asked about their thoughts on whether or not Ben Bernanke and Co. would begin to scale out of QE sooner or later. My opinion is that the scaling back has already begun. Continue reading "Gold Chart of The Week"