Gold is hovering unchanged ahead of the US FOMC policy statement that takes place at 1730 GMT and Ben Bernanke’s news conference is at 1915 GMT. Investors believe that the Fed will reveal more bond purchases and a continued loose monetary stance.
Gold inched up to its highest level in five months after poor manufacturing data from across the globe increased speculation that central banks will again vainly employ quantitative easing measures in order to prevent recessions and or depressions.
The “Liebor” scandal is the latest scandal to befall Wall Street and City of London banks and official regulators and central banks. It is creating further mistrust of our already wounded financial and monetary system.
Turkey and Azerbaijan signed a long-awaited agreement to allow the transit of some 10 billion cubic meters of Azeri natural gas to Europe on October, resolving one of the final obstacles preventing the opening of a corridor from the Caspian to the EU.