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Investor Focus Shifts To FOMC Meeting After Crimea Vote
Posted March 17th, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices were mixed on Monday with Gold easing to $1,368.51 an ounce, after hitting its highest in six months at $1,391.76 an ounce, while silver rose to $21.26 an ounce. Many investors remain cautious and on the sidelines after Crimea's referendum to split from Ukraine was approved by more than 90 percent of the voters.

“There is no sign whatsoever of market players panicking after the weekend’s Crimean referendum,” wrote Eugen Weinberg and Daniel Briesemann of Commerzbank AG, in a report. “They are clearly waiting to see how the EU and the U.S. will react. If further-reaching sanctions were to be imposed, gold would doubtless remain attractive as a safe haven.” Investors will now shift focus to the two day Federal Open Market Committee (FOMC) meeting which starts Tuesday, when the central bank is expected to slash another $10 billion from its massive quantitative easing (QE) program.
 
The Fed's QE program ended last year at $85 billion in monthly bond purchases, a continuation this month would reduce its monthly target to $55 billion each month, but a pause in cuts would likely benefit gold. Should the Fed be successful in winding down its bond buying later this year, it will still be stimulating the economy, but there are currently no plans to begin selling its massive portfolio of bonds.

"The (Fed's) March policy statement on Wednesday will steal the market's attention, but until then gold will trade on risk sentiment still watching Ukraine," said VTB Capital. Fed Chair Janet Yellen will deliver her first post-meeting press conference following the conclusion of the FOMC meeting on Wednesday her next press conference isn't scheduled until June.
 
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