Gold continued tumbling from its six month high amid speculation that the Fed will continue tapering and Putin’s words of not wanting to split up Ukraine.

Gold continued tumbling from its six month high amid speculation that the Fed will continue tapering and Putin’s words of not wanting to split up Ukraine. As far as the strike goes at the Platinum mines, well nothing has changed. The strike has been ongoing for over 7 weeks and the AMCU is still demanding higher wages. The union members want wages to be increased to 12,500 RAND within a three year horizon. These demands are unrealistic as per the companies and thus both sides remain at a standstill. Today is Janet Yellen’s first press conference after the FOMC Statement comes out at 2:00 pm. The central bank is expected to continue its reduction stimulus program and give us more information on forward guidance. Investors will be listening carefully for any clues of when the Fed plans to raise interest rates. Since the safe haven buying has been fading, gold’s movement should be driven more by the state of the U.S. economy.