Metals

Reuters – Gold falls to lowest since July ahead of Fed meeting

Posted 12/13/2017 12:19PM CTJoshua Graves

Higher equity prices and an increased interest in crypto currencies, including bitcoin, have likely stolen the shine from gold lately, causing prices to break below the most recent trading range, said Josh Graves, senior commodities strategist at RJO Futures in Chicago.

Between mid-October and early-December, gold prices had stayed between $1,265 and $1,300 an ounce.

“The path of least resistance is down on the FOMC meeting,” Graves said of the metal’s response to outgoing Fed Chair Janet Yellen’s last meeting in charge. “We will likely see continued selling down to a psychological $1,200 area before you see any recovery.”

To read the full article with Josh’s comments, please visit www.reuters.com.

Joshua Graves

Josh began his career in May of 2013 after graduating from Purdue University, West Lafayette. He received a degree in Agricultural Economics, with a Certificate in Entrepreneurship. He started at Paragon Investments in Kansas, the heart of wheat country. While working there he developed long term relationships with corn, soybean, and wheat producers, speaking with them on a weekly basis. His goal was to market their physical production more effectively through tracking basis, as well as hedge their exposure in the grain and cattle markets through a variety of futures and option strategies. He then moved to Florida to work for PFL Petroleum, a physical biofuels brokerage, and gained significant exposure to OTC and physical energy markets. Trading has been a passion from day one of his career. In his free time he stays active in downtown Chicago, attends sporting events, and holds an FAA Private Pilot’s License and flies Cirrus and Cessna aircraft regularly.