There are fears that the tapering to happen in Oct 29-30 fed meeting...
Well let me tell you this..
While the central bank meets on Oct. 29-30, policymakers will have received just one new monthly jobs report from the Labor Department. Fed had cut its projection for 2013 economic growth to a 2.0% - 2.3% range from a June estimate of 2.3%-2.6% percent.
In spite of adding 169,000 jobs in August, the jobless rate of US in August was 7.3 percent. Now if they refer to a 6.5% jobless rate until the taper starts to happen, the US would need to add an additional 400,000+ jobs in Sept. which seems highly unlikely. (Surely jobs market cant improve that fast)
So now take ur guess... The next meeting is in Dec after Oct. That would surely allow for an increased Gold retail demand considering festive seasons in major consuming countries like China and India. This implies a short term gold increased price somewhat in Nov-Dec region.
Considering this perspective.. my sentiment at PRU "A BIG HUGE BUY"
why did pru jump up at the auction?, page-29
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Last
$2.59 |
Change
0.040(1.57%) |
Mkt cap ! $3.564B | |||
| Open | High | Low | Value | Volume |
| $2.60 | $2.64 | $2.58 | $12.41M | 4.781M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 3000 | $2.58 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.59 | 13236 | 2 |
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| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| PRU (ASX) Chart |