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Andy Pfaff - MitonOptimal South AfricaThe gold market has gone quiet before the Federal Reserve meeting. Volume was about 47 percent below the 100-day average for this time of day, and Monday saw the lightest trading all year, according to Comex data compiled by Bloomberg. Gold futures for December delivery slipped 0.3 percent to $1,104.70 an ounce at 10:26 a.m. on the Comex in New York.

A lot of guys are taking the view that discretion is the better part of valor,”Andy Pfaff, the chief investment officer for commodities at
MitonOptimal Group, said by phone from Cape Town. “It’s been a tough few weeks for commodities traders, and I think there are a lot of guys out there with red paint all over their numbers, so it’s no surprise they prefer to err on the side of caution.”

[Source: Bloomberg News – September 2015 – By Eddie van der Walt and Luzi Ann Javier]

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