US gold traders appear to be hanging back in the face of an almost-certain Fed rate hike next week. Gold prices dropped the past two weeks as investors and traders fled so-called “paper gold” like ETFs, options and futures. But that wave of selling appears to be mostly past, and we may have seen the floor under prices. Retail demand in the rest of the world for physical gold seems to be very strong, yet this strength isn’t reflected in the London or NY market prices. This article looks at the recent price drop in light of the rally in US equities markets. You can count on The Gold Enthusiast to report on market conditions early next week into the Fed announcement.
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