The money-printers will announce their latest decision on Wednesday around 2:15 PM, after their two FOMC meeting.
Gold and silver typically sell off into such meetings so today was no real surpise. The correlation with the equity markets allowed our short stock hedges to function well.
I put out the latest Net Asset Value premiums this afternoon, and PHYS produced a fairly surprising .94% premium to NAV. That, ladies and gentlemen, is not a euphoric number.