Fed Action Will Decide Next Major Move For Gold
As our regular readers will know, we view US real interest rates as the key determinant of gold prices over the medium term. Six weeks ago we updated the situation with U.S. real rates (discussion of the theory behind the relationship can be found in that article) and since then, we have observed the gap between gold and real rates closing.
At the time of writing in our December update, gold had bottomed from its biggest correction since September. Since then the precious metal has regained some ground, especially in the last few days on the back of the latest Federal Open Market Committee (FOMC) announcement.
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