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16 Sep 2013
Ahead of one of the most important meetings in years metals pocket tiny gains
FXstreet.com (Chicago) – In an attempt to boost economic recovery, the US Federal Reserve bank has been buying $85B in mortgage and treasury debt every month. After years of the Lehman’s collapse and ahead of the meeting that will be definitive, at least momentarily, for the bond-buying program, markets participants weigh on the bank’s decision.
Syria – “clear and convincing evidence”
Over the weekend, Russia and the US agreed on a peaceful conflict resolution triggered by the use of chemical weapons by President Assad’s Syrian government. Earlier today, the United Nations reported that there was “clear and convincing evidence” that mass destruction weapons were used against over 1,300 civilians in the Middle Eastern country. Secretary-General Ban Ki-Moon said “this is a war crime and a grave violation of international law”. The inspector’s report concluded that “the environment, chemical and medical samples we have collected provide clear and convincing evidence that surface-to-surface rockets containing the nerve agent sarin were used in the Ghouta area of Damascus”. Regardless of the evidence, two of the Security Council permanent members, the US and Russia agreed there would be no military retaliation against Assad’s government.
Summers withdraws
In the US, Larry Summers said “I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve” before withdrawing his name from the pool of candidates to replace Bernanke. Although rumors favor the dovish Janet Yellen, other names such as Timothy Geithner and Roger Ferguson make headlines.
Metals recap
Days away from one of the most important meetings in years that may determine the performance of the dollar and worldwide equity markets, metals trade low although minimal gains are reported. Gold is offered at $1,317.20/oz with highs at $1,336.00 and lows at $1,307.20 for a 0.66% daily advancement so far. Silver trades at $22/oz printing lows at $21.68 and highs at $22.49 to accumulate 1.29% gains so far. Platinum trades at $1,440.20 and loses 0.30% so far with lows at $1,438.70 and highs at $1,462.90. Copper is up 0.64% and trades at $3.2240 registering lows at $3.1980 and highs at $3.2815. Palladium prints 0.86% gains and trades at $705.10 with lows at $700.50 and highs at $715.05.
Syria – “clear and convincing evidence”
Over the weekend, Russia and the US agreed on a peaceful conflict resolution triggered by the use of chemical weapons by President Assad’s Syrian government. Earlier today, the United Nations reported that there was “clear and convincing evidence” that mass destruction weapons were used against over 1,300 civilians in the Middle Eastern country. Secretary-General Ban Ki-Moon said “this is a war crime and a grave violation of international law”. The inspector’s report concluded that “the environment, chemical and medical samples we have collected provide clear and convincing evidence that surface-to-surface rockets containing the nerve agent sarin were used in the Ghouta area of Damascus”. Regardless of the evidence, two of the Security Council permanent members, the US and Russia agreed there would be no military retaliation against Assad’s government.
Summers withdraws
In the US, Larry Summers said “I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve” before withdrawing his name from the pool of candidates to replace Bernanke. Although rumors favor the dovish Janet Yellen, other names such as Timothy Geithner and Roger Ferguson make headlines.
Metals recap
Days away from one of the most important meetings in years that may determine the performance of the dollar and worldwide equity markets, metals trade low although minimal gains are reported. Gold is offered at $1,317.20/oz with highs at $1,336.00 and lows at $1,307.20 for a 0.66% daily advancement so far. Silver trades at $22/oz printing lows at $21.68 and highs at $22.49 to accumulate 1.29% gains so far. Platinum trades at $1,440.20 and loses 0.30% so far with lows at $1,438.70 and highs at $1,462.90. Copper is up 0.64% and trades at $3.2240 registering lows at $3.1980 and highs at $3.2815. Palladium prints 0.86% gains and trades at $705.10 with lows at $700.50 and highs at $715.05.