By one account, gold and silver prices “seem determined to hold on here,” as they continued to trade in a narrow range on Wednesday, with spot silver up 0.2% and gold off 0.4%. Reuters attributes the drop in gold to gains in the dollar, “on economic optimism after the minutes of the Federal Reserve’s latest meeting showed the U.S. central bank has seen progress in the U.S. labor market.” But MarketWatch, describing “a growing division within the Fed” over the health of the labor market, reports that “a majority still don’t believe there’s been enough progress to consider altering interest rates soon.” The July minutes were also dismissed as “a market diversion until Jackson Hole.”
See also:
Zero Hedge: Jackson Hole – ‘Tremendous’ downside risks if Yellen doesn’t go full-dovish
Street Talk Live: The illusion of strength; Alternative measures suggest weaker economy
Reuters/Seeking Alpha: Fading volatility promises long period of gold stagnation; Silver prices will remain rangebound
Got Gold Report: Heckle if you want, but be prepared for anything in gold and silver
Hard Assets Investor/Casey Research: Gold/silver ratio says silver is cheap, but it can get cheaper; Silver – As close to a no-brainer investment as it gets
Business Insider: Ten countries hoarding enormous piles of gold