So, it will be 100 years on Dec. 23 since the Federal Reserve was born. The purpose in 1913 was to form a regulatory body to help stem the tide of bank failures in the United States of America. How has it done?
Wholesale London gold tumbled more than $20 per ounce in quiet trade Thursday morning, falling with world stock markets after the week's "three-day rally [in gold] prompted some profit-taking" according to one dealing desk.
Later this afternoon the Federal Reserve’s FOMC is widely expected to announce tapering of QE. Many analysts have stated that should QE be tapered then the gold bull market will almost certainly be over.
Safe haven demand has returned due to concerns that military action against Syria could lead to a war in the already very unstable Middle East, which could result in much higher oil prices and impact the already fragile global economy.