It is important to review the minutes released recently by the Fed, since they may well signal a turning point in monetary policy. The programs of active purchasing of government debt and commercial assets may be curtailed. Yet, as we have often discussed at length, it is not the most important element. There are other factors of monetary policy to be considered: interest rates for one, and the Federal Open Market Committee suggested they may start to discuss interest rate hikes.

This, and one more factor seem to be what gold investors really need to focus on, instead of following everyone else that talk about the fading away QE program. Will gold still be a good investment when (and if) Fed does what it gently mentions? You'll find our take on the situation in the August Market Overview report.