Precious metals rallied sharply in the immediate aftermath of a surprising “no-tapering” announcement from the U.S. Federal Reserve’s Open Market Committee Wednesday afternoon. GOLD +5% SILVER +7% A majority of analysts and market watchers had reckoned the Fed on Wednesday would lay out the specific timing of a scaling back of its $85 billion-a-month bond-buying program, which is also called quantitative easing—and “taper” its monthly bond purchases by around $10 billion or $15 billion. However, the FOMC members said they are still not convinced the U.S. economy is healthy enough to begin winding down QE. The Fed members are worried about the recent rise in U.S. interest rates choking off the fledgling economic recovery.
Posted on: Wed, 18 Sep 2013 21:23:49 +0000
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