http://www.kitco.com/reports/KitcoNews20130614DeC_metalsOutlook.htmlFederal Open Market Committee is meeting this Tuesday and Wednesday.
http://www.investopedia.com/terms/f/fomc.asp ...Definition of 'Federal Open Market Committee - FOMC'
The branch of the Federal Reserve Board that determines the direction of monetary policy. The FOMC is composed of the board of governors, which has seven members, and five reserve bank presidents. The president of the Federal Reserve Bank of New York serves continuously, while the presidents of the other reserve banks rotate their service of one-year terms.
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The FOMC meets eight times per year to set key interest rates, such as the discount rate, and to decide whether to increase or decrease the money supply, which the Fed does by buying and selling government securities. For example, to tighten the money supply, or decrease the amount of money available in the banking system, the Fed sells government securities. The meetings of the committee, which are secret, are the subject of much speculation on Wall Street, as analysts try to guess whether the Fed will tighten or loosen the money supply, thereby causing interest rates to rise or fall.
http://en.wikipedia.org/wiki/Federal_Open_Market_Committee ...Membership
The Federal Open Market Committee was formed by the
Banking Act of 1933 (codified at 12 U.S.C. § 263), and did not include voting rights for the Board of Governors. The
Banking Act of 1935 revised these protocols to include the Board of Governors and to closely resemble the present-day FOMC, and was
amended in 1942 to give the current structure of twelve voting members:[3] the seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank presidents.
The Federal Reserve Bank of New York president always sits on the Committee, and the other presidents serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of banks, one bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco.
All of the Reserve Bank presidents, even those who are not currently voting members of the FOMC, attend Committee meetings, participate in discussions, and contribute to the Committee's assessment of the economy and policy options. The Committee meets eight times a year, approximately once every six weeks.
I like the part about it being a New Deal, Collectivist ram job on capitalism, on our free Republic.
