To quote @SunTrader, indeed, “Think macro.” Certainly, as the world’s largest economy’s central bank, the U.S. Federal Reserve and its bankers, the Federal Open Market Committee, are worth tracking. Why? Potential yields on debt – a typical safe haven – are compared to the potential price of gold. The less attractive yields get, the stronger the case can be made for higher gold prices. Of course the converse applies. But, back to SunTrader’s advice, it’s not just the FOMC’s thinking that should be monitored. Interest rate settings and economic forecasts globally (think Asia, China, the Eurozone, the International Monetary Fund) can provide clues to which safe haven assets like gold would be worthy of your risk capital. It goes without saying that tensions centered in the Middle East have ratcheted up in recent days and with it, gold prices. To the tune of a ±$100 per ounce upward move since Christmas / the first days of Hanukkah, gold touched $1590 per ounce Sunday night – to 7-year highs.
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