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Los Angeles CA, Apr 29 (Tangible Investments) - by James O’Dell - Gold and silver prices retreated on Monday with gold easing $6.34 or 0.49 percent to close at $1,295.78 an ounce, as investors remain cautious ahead of the two day Federal Open Market Committee (FOMC) meeting that begins later on Tuesday, and the non-farm payrolls report for April, scheduled for release on Friday. The price of Silver slid $0.12 or 0.61 percent to close at $19.57 an ounce.
 
The Fed is expected on Wednesday to announce, for the fourth time in a row, a reduction of its massive quantitative easing (QE) program by yet another $10 billion in monthly bond purchases, while continuing to provide forward guidance on rate increases. Peter Schiff, however, of Euro Pacific Capital believes the Fed will be unable to continue tapering its bond buying program sometime this year, and it will send the gold price soaring, ultimately, to $5,000 an ounce.

Gold will rally, "When the Fed has to admit that its forecast of a sustained recovery is wrong," says Schiff. "...the consensus expectation that the U.S. recovery is real and that the Fed will end its [QE] program and normalize interest rates is wrong," said Schiff. "Most likely prices have bottomed, as too many speculators are looking for lower prices," Schiff added. "The fundamental case for gold has also never been stronger. From a gold short seller's perspective, this will prove to be the equivalent of a perfect storm. Their losses will be severe."
 
Meanwhile, after Russia failed to take action to de-escalate the growing unrest in Ukraine, members of the G7 agreed on Monday to impose additional sanctions against several powerful and politically connected Russian citizens. The move, said President Obama, was meant to motivate Russia's President Putin to “walk the walk not just talk the talk,” and resolve the Ukraine crisis.
 
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