Rookie Fed Chairman Bernanke ’s biggest test came early in the fall when the Fed decided to cut rates by a big percentage point. But half of September’s trading days came happened previous to the FOMC’s meeting. To best understand Bernanke’s impact on gold and the dollar, first consider their impact gold and silvers previous behaviours. Between the ugliness of August 16th and the end of that month, gold had already rallied 3 % to $ 673. This strength continued into September. Gold closed higher for the first six days in a row which left it at $ 715 a week before the rate cut. It traded sideways for the next week staying above $ 700 and closed on Monday before the fed acted at $ 716. With $ 700 + gold witnessed for seven trading days in a row, the metal was making history even before the Fed acted.
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