What the FOMC Minutes Mean to Gold and the Next Catalyst to Watch

Gold has made quite a rebound from the key $1,150 level of support. From the trading floor of the NYMEX, Mahir Dange, independent metals trader, tells TheStreet’s Jill Malandrino this was mostly short covering relative to new inflows, and now traders will listen for clues regarding interest rates and the impact on the economy in the FOMC Minutes. Dinge believes asset managers will be looking to add to asset classes that are undervalued or down on the year to capture some last minute returns and this potentially bodes well for gold. The next major catalyst is the Swiss referendum on November 30, which will decide if the country will keep 20% of its assets in gold. Dinge is looking for gold to settle over $1,250 for the year, and if it does, he thinks it will set up nicely for 2015.