{"id":17194,"date":"2014-10-31T08:34:30","date_gmt":"2014-10-31T15:34:30","guid":{"rendered":"http:\/\/www.itmtrading.com\/?p=17194"},"modified":"2014-11-06T10:38:32","modified_gmt":"2014-11-06T17:38:32","slug":"a-marks-bullion-update-6","status":"publish","type":"post","link":"https:\/\/www.itmtrading.com\/blog\/a-marks-bullion-update-6\/","title":{"rendered":"A-Mark’s Bullion Update"},"content":{"rendered":"

\"A-Mark-Precious-Metals-Inc\"<\/a>Yesterday\u00e2\u20ac\u2122s Federal Open Market Committee did not do many favors for the precious metals.\u00c2\u00a0 The hawkish commentary by the Federal Reserve included the declaration that asset purchases and quantitative easing will cease at the end of October.\u00c2\u00a0 While this wasn\u00e2\u20ac\u2122t a surprise, it was strong enough wording to rattle the markets and open the doorway for new policy moving forward.\u00c2\u00a0\u00c2\u00a0 The Fed upgraded its assessment of the job market\u00e2\u20ac\u2122s performance while indicating that short-term interest rates will remain near zero for a \u00e2\u20ac\u0153considerable time\u00e2\u20ac\u009d.\u00c2\u00a0 The end of QE and the prospect of a shorter timeline for the first interest rate rise since the financial crisis sent gold and silver plunging lower in yesterday\u00e2\u20ac\u2122s afternoon session.\u00c2\u00a0\u00c2\u00a0 Gold will struggle to make new highs in an environment where it has to compete with yield-bearing financial instruments.<\/p>\n

Data this morning showed that the US economy grew by 3.5% in the third quarter, beating the estimates of 3.0%.\u00c2\u00a0 The USD and stocks rallied while gold and silver succumbed to further liquidation.\u00c2\u00a0 Evidence of the US economy improving tarnishes the safe haven appeal of gold.<\/p>\n

Gold has now traded lower in six of the last seven trading sessions.\u00c2\u00a0 It closed below $1,200 today and looks poised to test the next major support of $1,180, a triple bottom and the low from the last four plus years.\u00c2\u00a0 Silver collapsed nearly 5% today and had its lowest close in over four and a half years.\u00c2\u00a0 The momentum is clearly down right now and there is really no major support until the psychological figure of $15.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yesterday\u00e2\u20ac\u2122s Federal Open Market Committee did not do many favors for the precious metals.\u00c2\u00a0 The hawkish commentary by the Federal Reserve […]<\/p>\n","protected":false},"author":6,"featured_media":17083,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1207],"tags":[],"class_list":["post-17194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/17194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/comments?post=17194"}],"version-history":[{"count":1,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/17194\/revisions"}],"predecessor-version":[{"id":17195,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/17194\/revisions\/17195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media\/17083"}],"wp:attachment":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media?parent=17194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/categories?post=17194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/tags?post=17194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}