quote Ross Norman, chief executive officer of Sharps Pixley, said the debate over the Fed's quantitative easing program and short covering are doing more to light a fire under gold than the Syrian conflict. "A lot has been made on Syria, but it (Syria) is just a good coat-hanger to ascribe why gold prices are higher," he said. Norman said QE has a much bigger influence on gold right now and since the Fed hasn't said much definitively about whether or not policymakers will taper in September, the gold market is trying to pin down an answer. "The gold market is trying to call the Fed's bluff. It's asking 'so when, so when, so when?'" Norman said. He also said he believes short covering, which is buying back of previously sold positions, is behind the rapid jump in prices. He also noted that until recently speculators held a record short position in gold, which has only started to be reduced. Sentiment may be turning "mildly" positive in gold, he added, as no www.kitco.com
