Gold is seeing some rare selling today as the market awaits words from the Federal Reserve at 2:00pm ET. The Dollar is flat to weaker which tells educated investors that some profits are being taken ahead of the FOMC minutes. The SPDR Gold Trust (ETF) (NYSE:GLD) is lower, trading at $131.59, -0.70 (-0.53%). In addition, most metal stocks are also selling off. These stocks, just like gold have been on a meteoric rise and due for a small pull back. Southern Copper Corporation (USA) (NYSE:SCCO) is trading at $38.43, -0.31 (-0.80%) while United States Steel Corporation (NYSE:X) is trading at $44.61, -1.01 (-2.21%).
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
