Price Alert: Gold Up 1.5% – Breaks $1200
The price of gold shot up about 1.5% today, breaking through the technically significant barrier of $1200. Gold closed around $1185 on Wednesday, and rallied today to a peak of $1206. It now hovers around $1202.
The jump in price comes on the news that the Federal Reserve is likely to keep the federal funds interest rate at zero for some time. In a press conference yesterday, Janet Yellen hinted at rate hikes later in the year, but ultimately reaffirmed that any rise in rates is entirely data dependent.
In case you missed it earlier, here’s Peter Schiff’s analysis of the FOMC’s meeting and Yellen’s statements:
Get Peter Schiff’s latest gold market analysis – click here – for a free subscription to his exclusive weekly email updates.
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I would say the price will continue small rises until contract expiration at the end of the month, then a smackdown on the price. This happens every month and the manipulation is so evident yet the CFTC who is supposed to monotor this does absolutely nothing. The only way to stop the corruption is to cancel etf’s and go back to a supply and demand market