Silver prices drag ahead of the FOMC decision Wednesday

January 28, 2014

San Francisco (Jan 28)  The silver price casts the only gloom over this brightening precious metals picture. It lost 28.8 cents (1.5%) today to end at 1948.3c. Remember that on Friday silver's weakness gainsaid gold's strength. Worse, platinum and palladium are falling, too. Copper has fallen back to its 200 DMA.

So the situation is unclear, and will remain so until the FOMC shoots tomorrow. My gut and the trends in place say, regardless what the Fed intones, stocks will continue lower and gold will keep climbing, even pulling silver up.   But if the gold price would drop below $1,210, I would be forced to change my opinion.

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