The Fed apparently needs more evidence that progress will "be sustained" and, as such, no tapering. Anyone wanna take a guess at the next chairman?
Markets have responded well, gold up $50 on the day. The funny thing is, is what would a couple of billions actually have done. I'm by no means an expert, but what was the fuss about? It would have been a 'modest' reduction at most. So...everything is pretty much back the where it was before the tapering fears really took off.
Give me a tin-foil hat, but it almost makes me believe that it as never really a big consideration. Just announce the news, watch the sheep drive down gold and other PMs, and pick up a nice trade. Probably not.....but thinking in grand conspiracy's gets me off. Big question is, after 3 years of QE are we seeing any notable progress. It has been noticed that the American economy is stabilizing but not growing. Is that just not the affect of QE as temporary crutch?
I'm starting to feel alot less secure about the testing of the $1250 level. But...with that being said...we have seen how easily it has been to heard the POG down, so I'll keep my mouth shut and spend my time analyzing some charts after this big upswing.
And......Peter Schiff was right