by Ed Steer
Ed Steer’s Gold & Silver Daily
To no one’s surprise, the precious metals didn’t do much in front of the FOMC meeting. There was a quick sell off around 12:15 p.m…followed by a recovery…and then the blast off at 12:30 p.m.
By the time the rally was done…just a minute before the 1:30 p.m. Eastern time Comex close…the gold price was north of $1,770 spot. From there it more or less traded sideways into the close of electronic trading. Gold’s low tick was $1,717.00 spot…and the high tick near the Comex close was $1,773.80 spot.
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