The 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.
The commodities rout that’s pushed prices to a 13-year low pulled some of the biggest mining and energy companies below levels seen during the financial crisis. The FTSE 350 Mining Index plunged as much as 4.9 percent to the lowest since 2009 on Wednesday, with BHP Billiton Ltd. and Anglo American Plc leading declines. Gold and copper
Apparently, everyone is presently nervous of the markets and is raising cash, although it would seem that Chinese investors “didn’t receive that memo” until yesterday, with the main exchange indices down 6%. The chart (Fig: 1) highlights how amazing a run the Shanghai index has had over the past 12 months, prior to Thursday’s volatility.
