3.14.2017 The markets, from equities to commodities, are quiet today ahead of tomorrow’s much anticipated FOMC statement. While it is widely expected that the Fed will increase the benchmark rate by .25%, participants are still sidelined today ahead of the decision. Volume in Comex April gold stands at only 155,000 lots so far today, the lightest it has been since April became the active contract month at the end of January. Speculative Comex longs fell from three month highs in the week to March 7th and dropped by 2.7 million ounces. Since gold failed multiple times at its 200 day moving average a few weeks ago, the selling pressure on the yellow metal has accelerated. For now and until the FOMC tomorrow, gold is gravitating towards $1,200 though. Silver has fallen nearly 10% in the span of two weeks and has moved below all major moving averages. Physical demand has, somewhat surprisingly, not picked up on this move lower. It appears that investors are still waiting for a further move south in silver before entering into new positions.