The FOMC members will gather today for a two-day meeting. It will be the most important event this week, since Powell will chair the meeting for the first time. Gold investors want to get to know him better as the uncertainty makes them a bit nervous.
As our loyal readers know, at U.S. Global Investors we carefully monitor the price of gold. We pay close attention to the macro drivers moving the yellow metal, like government policy and cultural affinity spurring demand globally.
Gold has now recovered from being negative to close the day higher on three occasions in as many days since Friday. The bulls’ resilience is noteworthy, but not exactly remarkable as there has not been much follow-through yet. Indeed, the metal was trading lower again at the time of this writing.