Kitco News speaks with Jim Wyckoff as gold hit a three-week low after
jobless claims data showed a drop Thursday. "I think we're seeing
technical selling pressure ahead of next week's FOMC meeting," Wyckoff
says. Is tapering in the cards? According to Wyckoff, the marketplace
has come to believe that tapering will begin with a $10 billion per
month reduction on bond purchases and the real surprise in the
marketplace would be if the Fed announces no intention on cutting back
its bond-buying program next week. With regards to silver, Wyckoff says
the metal is fickle. "Sometimes it acts like a safe-haven asset and
follows gold; sometimes it acts like a risk asset and follows the raw
commodities sector. Today the silver market is following gold." Tune in
now to hear Wyckoff's market ratings for gold & silver as well as
key support & resistance levels. Kitco News, September 12, 2013.
