From Komfie Manalo, Opalesque Asia – Commodities traders are expecting a rise in gold and silver prices as U.S. Federal Reserve Chairman Ben Bernanke is scheduled to deliver his annual speech in Jackson Hole, Wyoming.
According to Hard Assets Investor, investors are awaiting if Bernanke would make a crucial announcement during his speech, particularly whether the Feds would unveil a third round of quantitative easing (QE3).
Investors expect gold prices to move up past $1,700 per troy ounce and silver to breach $32 per troy ounce should Bernanke announce a fresh central bank action.
Gold is also vulnerable to a selloff if the Friday speech turns out to be a disappointment, Reuters reported, after the U.S. economy fared slightly better than initially thought in the second quarter and the Fed Beige Book report showed the economy continued to grow gradually in July and early August.
A Bloomberg survey recently found that gold traders – including George Soros and John Paulson - were very......................
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