Make Kitco Your Homepage

Gold's 2% Rally Beats The Bears Back... For Now

Commentaries & Views

What a day for the bears on Wednesday. CPI came out at 8:30 EST, and the equities fell 500 points, gold fell $15 and the dollar spiked. By the end of the day, gold reversed by $50, the Dow by 600 and the dollar got pounded, another beating for the bears.

The action looked more like short covering as the bears got squeezed again. The excitement is back, and buyers are everywhere, because this time is different. This action looks like a great selling opportunity in equities and gold but a buy in the dollar. The price action suggests selling into these rallies; the tops are in and markets should be sold.

The Fed Ponzi scheme is starting to fail. Their last hope is to keep pressure on the dollar. History tells us the Fed will fail. They are clueless and lost while trying to borrow their way out of debt. As with all Ponzi schemes and manipulation attempts, this one will fail, because this time is not different.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News

PAMP Suisse Fortuna Bars