“The market is coming around to the view that the Fed will taper quantitative easing,” Societe Generale analyst Robin Bhar said in a Reuters report. “The fact that the economy seems to be creating jobs, as we saw with the payrolls report on Friday, makes Fed tapering more likely than not. The Bank of Japan’s reluctance to further stimulate is just another reason to at least be cautious on gold.”
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Full disclosure: Tom Lydon’s clients own GLD.