Gold Soars To Seven-Week High
- Did Medley Advisors get another leak from the Fed? Ahead of a 2-day FOMC policy meeting starting tomorrow, gold has one of its biggest moves (higher) in recent memory – up about $16 per ounce over the past hour to $1,201 per ounce.
- GLD +2%
- One could look at the dollar (UUP, UDN), but it’s off only marginally (though down a full 1% vs. the aussie as rate cut expectations Down Under get scaled back).
- Turning back to the Fed, it’s got to account for a long recent string of weaker-than-expected economic reports and Q1 GDP growth that’s likely going to come in at less than 1%. Source:
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