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The FOMC minutes at 2 PM NY time set off a sell signal in gold of about 2.25%, and to a lesser extent stocks .90% and silver which was down 1.44%.
All three recovered somewhat into the close.
These are highly manipulated markets, so tread carefully. It is better for most non-professionals to be out of them, and to have their wealth stored in honest assets as far away from the Anglo-American banks as is possible.
Gold seems to be in a rather large symmetrical triangle which is normally a continuation pattern, in this case for the bull market. If it *works* the minimum measuring objective is somewhere north of $2100.
Fed Actions Speak Louder Than Words - Axel Merk
The FOMC minutes precipitated a drop in the markets.
Gold and some of the miners were hit hard, with silver, bonds and stocks down to a lesser extent. The US dollar rallied.
The rationale was that there would be no QE and that perhaps the FED would raise rates. Given the recent data from income tax receipts and wages this appears to be more a fantasy than a sound fiscal policy.
I don't expect this to 'stick' especially in stocks. These moves have the appearance of perception management and the usual trading desk antics.
The spokesmodels were rather eager to twist this into an endorsement by the Fed of 'the recovery' and did the segway to 'buy stocks.'
Bernanke and the Fed have given themselves over to the monied interests. They are no true regulators, and serve only themselves. But the same could be said of those who have taken the oaths of regulators, who sit idly by while the people are cheated and their savings are stolen.
Wall Street is desperate to hand this rally off to the retail buyers. Without volume it cannot continue without becoming increasingly unstable.
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Martin Luther King's Last Speech
3 April 1968, Church of God in Christ, Memphis, Tennessee
On 4 April 1968, Dr. Martin Luther King, Jr. was assassinated.
O Jerusalem, Jerusalem, you who kill the prophets and abuse those whom God has sent as messengers to you, how often I have longed to gather your children together, as a hen gathers her young under her wings, but you would not let me.
As you willed, your house is now yours, but is made desolate. For I tell you, you will not see me again until you rise and say, ‘Blessed is he who comes in the name of the Lord.’”
The FOMC minutes at 2 PM NY time set off a sell signal in gold of about 2.25%, and to a lesser extent stocks .90% and silver which was down 1.44%.
