Owning Gold for the Right Reasons

What’s in Today’s Report:

  • Owning Gold for the Right Reasons
  • What About Silver?
  • Fed Day

Futures are marginally higher ahead of the Fed as markets bounce from Tuesday’s declines thanks to decent earnings.

Earnings after the bell were decent as AMD and SBUX both rallied, although Visa (V) made cautious comments on consumer spending late in Q2, which again implies we’re seeing a potential stall in the economic recovery.

Economically there were no notable reports overnight.

Today the key event is the FOMC Decision (E:  No Change to Rates or QE) and Fed Chair Press Conference at 2:30 p.m. ET.  Again, if there’s going to be a surprise from the Fed today (which is unlikely) it’s going to come from the press conference – so we’ll be watching.