{"id":14608,"date":"2012-09-14T04:20:40","date_gmt":"2012-09-14T02:20:40","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/commodities-feds-third-act-propels-gold-others-lag\/"},"modified":"2012-09-14T04:20:40","modified_gmt":"2012-09-14T02:20:40","slug":"commodities-feds-third-act-propels-gold-others-lag","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/commodities-feds-third-act-propels-gold-others-lag\/","title":{"rendered":"COMMODITIES-Fed’s third act propels gold, others lag"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* QE3 gets muted response after weeks of anticipation<\/span><\/p>\n

<\/span><\/p>\n

* Buy the rumor, hold on the fact as oil, copper a little
\nhigher<\/p>\n

<\/span><\/p>\n

* Gold highest since February; oil faces from 4-1\/2 month
\nhigh<\/p>\n

<\/span><\/p>\n

By Jonathan Leff<\/p>\n

<\/span><\/p>\n

NEW YORK, Sept 13 (Reuters) – Major commodity markets,
\nincluding oil and copper, gave an initial tepid response to the
\nFederal Reserve’s third effort to revive the U.S. economy,
\nleaving gold the biggest beneficiary of a plan that has been
\nslowly baked into markets for weeks.<\/p>\n

<\/span><\/p>\n

Prices jumped immediately on Thursday after the Fed said it
\nhad agreed to buy $40 billion of mortgage debt per month and
\ncontinue to purchase assets until the outlook for jobs improves
\nsubstantially, meeting broad expectations for a third set of
\nquantitative easing to get growth back on track.<\/p>\n

<\/span><\/p>\n

But an hour after the news hit, gold had extended gains to
\nmore than 2 percent or $35, reaching its highest since February
\nat $1,765 an ounce, while oil and copper prices were only a bit
\nfirmer, having first lurched higher and then lower. November
\nBrent crude was up 47 cents at $115.80 a barrel.<\/p>\n

<\/span><\/p>\n

As the dust settled and traders awaited Chairman Ben
\nBernanke’s press conference at 2:15 p.m. EDT (1815 GMT), a
\nconsensus emerged that the Fed plan offered no reason for
\ndespair, but likewise little cause for hope of an abrupt
\neconomic turn-around that might boost demand for raw materials.<\/p>\n

<\/span><\/p>\n

“The Fed has taken the middle road with a modest, defined
\ncontribution purchase program and extended rate guidance,” said
\nJoseph Trevisani, chief market strategist at Worldwide Markets
\nin Woodcliff Lake, New Jersey.<\/p>\n

<\/span><\/p>\n

In a plan that offered relatively few surprises, meeting
\nexpectations for more bond buying and an extension of the Fed’s
\nultra-low interest rate pledge to mid-2015, the most significant
\nshift was the committee’s decision to tie the duration of its
\nbond binge to economic conditions, rather than a finite sum.<\/p>\n

<\/span><\/p>\n

U.S. stock markets pushed higher as the news settled in,
\nrising 1 percent. The U.S. dollar index fell 0.35 percent.<\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* QE3 gets muted response after weeks of anticipation * Buy the rumor, hold on the fact as oil, copper a little higher * Gold highest since February; oil faces from 4-1\/2 month high By Jonathan Leff NEW YORK, Sept 13 (Reuters) – Major commodity markets, including oil and copper, gave an initial tepid response […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14608","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14608"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14608\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}