While spot gold and silver ended nearly unchanged Friday, futures inched up slightly as the dollar dropped for the first time in four days. “Today’s upward move is all about the dollar reacting to Ebola fears in New York,” according to a market strategist quoted by Bloomberg, who added that the metals’ “long-term price direction will be all about what the Fed does next,” with the next FOMC meeting set for October 28-29.
Despite being “stopped in their tracks” on Friday, “as the price dominant Comex continues to exert its inordinate influence over the real world economies,” Jesse’s Café Américain counsels that “the most fruitful perspective for the precious metals is that of a long-term investor. Short term traders may find little to interest them here. And when they do, it may be too late to climb on board. So we must take the markets as they are. There is no sense to criticize a lifeboat for not being a motorcycle. Do we need lifeboats? Do you trust the central banks and the politicians to safeguard your wealth and the integrity of the money and the financial system?”
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