FED Fuels Reversal in Gold
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Wednesday Janet Yellen and the FED delivered their decision on interest rates, which was the worst kept secret and raised rates 0.25%. The shock was not the hike but the way bonds, gold and other interest sensitive products were trading before the announcement. They were all significantly higher, which was illogical based on expectations.
Gold is back to support, oil is getting clobbered, the dollar is higher and the loonie is on support. There is trouble brewing and the markets are indicating a move into the correction phase. The biggest message being sent is manipulated markets always fail and these will not be different.