Gold and silver are both strong this morning ahead of the December FOMC statement release at 12:30pm EST.
Silver is up .40 to $33.50, and gold nearly $10 to $1720. If the Fed does indeed announce an expansion of QE to infinity at 12:30, look for a sudden raid in gold and silver just prior to the release, much like the flash crash in the metals 5 minutes prior to the announcement of QE∞ in September.
Silver strong ahead of FOMC statement but still capped at $33.50:
Gold is trading at it’s highest level of the week, but still capped below the crucial $1730:
Regardless of the Fed’s announcement, expect extreme volatility in both gold and silver today upon the FOMC release, as well as during Bernanke’s 2:15pm press conference.