Gold Jumps on Fed’s Hint of QE3

Today the Federal Open Market Committee published its minutes, and commentators are flurrying about news that this segment of the report may hint at the Fed’s plans for a third round of quantitative easing policy, should the slowing recovery persist. Here’s the passage everyone is talking about, “Some participants noted that if economic growth remained too slow to make satisfactory progress toward reducing the unemployment rate and if inflation returned to relatively low levels after the effects of recent transitory shocks dissipated, it would be appropriate to provide additional monetary policy accommodation.” 

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This is big news for gold (NYSE:GLD) investors that will look to jump at the possibility of further devaluation of US currency. Stock twits reports that gold markets were quick to respond to the QE3 hint, possibly moving on an inside tip with prices that spiked over $10 in the half hour leading up to the release of the FOMC minutes at 2:oo PM eastern time today. Gold prices today are up 1.32% to $15.69.60, with silver (NYSE:SLV) also catching a bounce of 1.23% today, bringing prices to $36.19. Platinum and Palladium join the two moving higher, up .52% and .13% respectively in trades.