Even though gold has lost 20 percent of its value in 2013, the barbarous relic reached a five-week highs today based on investors’ faith in the U.S. Federal Reserve maintaining its stimulus program into the New Year. However, much of that five-week gain has occurred in the last two weeks, with gold rising 6 percent in that time alone. This mini-rally, if you will, has been fueled by weak U.S. data and budget battles in Washington — leaving investors to assume that the Fed will be unable to ease its stimulus program any time soon. According to Brian Lan, managing director of GoldSilver Pte Ltd., “We believe the tapering will definitely be delayed and that it’s positive for precious metals.” Do you agree with Lan enough to get back into gold yet?
Amazon and Microsoft rallied after beating earnings estimates, propelling the S&P 500 to a new record high. In addition, falling consumer confidence numbers caused investors to speculate that the Federal Reserve will continue to delay its stimulus tapering.
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