Everyone was clearly convinced the Fed was going to provide, with absolute clarity, what they were thinking in regard to tapering. This is despite them failing to do so every other time markets thought they might do just this.Obviously the FOMC minutes did not provide any further clues as to when the bond buying program might be scaled back. The general sentiment of the board was that more data was required and, for some, that it might be too soon to begin tapering. Despite this many believe the minutes indicated that the Fed ‘remained on track’ to scale back purchases should conditions remain the same.
The gold price didn’t really care, before or after the release. In the run-up to the minutes it fluctuated between gains and losses and post-release it originally gained in the first few minutes but then fell very slightly. The SPDR Gold Trust gained 0.5%, despite seeing outflows.
Prior to the FOMC minutes, volumes of the Shanghai Gold Exchange climbed to 10,926kg for gold of 99.99 percent purity, their highest level since August 2nd.
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