The following comments were emailed to Polya Lesova, Financial Writer at Marketwatch.com, at 8:57 AM EDT.
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It seems like the markets have been sloshing around for days in anticipation of today's decision by the FOMC on interest rates. The question is - Will they raise 25 or 50 basis points? 25 is a given but 50 could send ripples through the markets and make for some very volatile trading. There doesn't seem to be anything in the near-term that will move Gold back above the $600 mark so it would seem that the path of least resistance points to lower prices in the Precious metals complex. Although the Dollar has been treading water for days the likelihood of further gains against the major currencies remains favorable, especially if the markets get a 50 point pop in the fed funds rate. Suffice to say that we'll see little in the way of volume or volatility until the announcement comes this afternoon. I guess we'll all need to find a good book to read until then.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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