Gold Collapses as QE Targeted to Slow Later this Year, End Mid-2014
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Gold is getting taken to the woodshed Thursday as traders react to news yesterday from Fed Chairman Ben Bernanke that QE will likely be tapered down later this year and ended by mid-2014.
Spot gold is down $47 to $1304.04, after breaching the $1300 earlier in the session. ETF SPDR Gold Shares (NYSE: GLD) is down 3.4% to $126.13.
In prepared conference call remarks yesterday Bernanke said, "If the incoming data are broadly consistent with this forecast, the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year; and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear."
Spot gold is down $47 to $1304.04, after breaching the $1300 earlier in the session. ETF SPDR Gold Shares (NYSE: GLD) is down 3.4% to $126.13.
In prepared conference call remarks yesterday Bernanke said, "If the incoming data are broadly consistent with this forecast, the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year; and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear."
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