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Cryptic Mole

The Fed Just Sparked Gold's Next Leg Higher

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The Fed Just Sparked Gold's Next Leg Higher:

It’s the least shocking news you’ll hear all week: the Fed has decided to keep rates unchanged!

We were treated to the usual mumbo jumbo at yesterday’s presser. Household spending is up. But job gains have been soft. Auntie Janet even said next week’s Brexit vote was one of the reasons the Fed decided to back off…

To be clear, no one was expecting a rate hike this month. Fed fund futures gave 2% odds of a hike yesterday before the announcement. Anyone shocked that the Fed held steady needs his head examined.

But that didn’t stop the markets from pitching a temper tantrum…

Stocks fell off a cliff with about a half an hour to go in yesterday’s session. The S&P 500 finished lower for the fifth day in a row.

It was a different story for gold and other precious metals. Gold futures have steadily...

Read More: http://dailyreckoning.com/fed-just-sparked-golds-next-leg-higher/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+dailyreckoning+(The+Daily+Reckoning)

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