Gold’s cac volume is making its annual five-month leap from August to December with 60 points of fresh premium; whilst marginally material, we bear in mind that Gold’s EDTR (see Market Ranges) is 83 points, (i.e. the premium is less than one day’s trading range). Presently, we’ve Gold, Silver and Oil above their respective Neutral Zones for today, the balance of the BEGOS Markets being within same, and session volatility is moderate. Yesterday, all three elements of the Metals Triumvirate moved beneath their Market Magnets, suggestive of further near-term selling even as Gold and Silver are getting a bid thus far today, (Copper is mildly lower). The economic event of the day is the FOMC’s Policy Statement (18:00 GMT): we expect no change in the Funds rate as recently inflation has cooled such as to give the Fed some breathing room, even as 12-month summations remain above target; of note, June’s PCE data is not due until tomorrow, (i.e. post-Fed).