Comments from St. Louis Fed President James Bullard that the U.S. Federal Reserve could announce tapering after its next meeting at the end of October led gold to fall three percent today. “Though the Fed didn’t deliver the widely expected tapering, investors are convinced that this move is only postponed,” Alexander Zumpfe, a trader at Heraeus, said. “That obviously weighs on fresh buying interest.”
Gold Falls on Hints of October Tapering
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As we all learned, the Federal Reserve did not taper its $85 billion in stimulus efforts after its Federal Open Market Committee meeting earlier this week. The inaction was quite the surprise, considering the consensus view seemed to be that tapering was about to begin. I differed from the consensus in that I expected a modest initial round of tapering following the disappointing August Employment Report and tepid Federal Reserve Beige Book report. That data showed our economy is still on shaky
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