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« Canadian Silver Maple Leaf Sales Shatter All Records | Main | Totter on for centuries in steel-ettos: Shoes made out of metal and silver are guaranteed to last for 1,000 years »
Wednesday
Apr302014

Fed Continues To Taper

The Federal Reserve just wrapped up its two-day Federal Open Market Committee (FOMC) meeting.

As expected, the Fed kept its benchmark rate unchanged at low levels (between 0% and 0.25% ), and it tapered quantitative easing (QE) by another $US10 billion.

Under QE, monthly purchases of mortgage-backed securities will be reduced to $US20 billion from $US25 billion and purchases of Treasuries will be reduced to $US25 billion from $US30 billion.

QE has been the Fed’s extraordinary effort to keep interest rates low and lending markets loose by pumping cash into the economy via bond purchases.

“[G]rowth in economic activity has picked up recently, after having slowed sharply during the winter in part because of adverse weather conditions,” they said.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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