1. Its Fed Day. At 2:00 pm ET the Federal Open Market Committee will make their interest rate policy decision for the United States. Obviously they are not going to raise rates, but they are expected to announce a tapering of the $120 billion a month of asset purchases. The rumor is a taper of $15 billion a month going forward. Then a rate hike comes late next year. We shall see soon enough if tapering is tightening. Dow is down. Quiet session. Not a lot happening before the Fed Announcement. Nasaq is up slightly. This is a form tightening.
2. Gold is selling off ahead of the FOMC announcement. Futures down by $26. Silver down as well. Should the Fed not taper as much or even not do it at all then I would think that gold could turn around. Either way, the precious metal is down right now.
