FOMC Minutes' Drive Gold lower; Immediate Rebound
Wednesday the FOMCdelivered minutes from the last Federal Reserve meeting. The minutes were aboutthe same as usual -- a lot of words that said nothing or confirmed how cluelessthe Fed is. When the minutes were delivered at 2 p.m. EST, markets had a verymuted reaction, but gold found itself under pressure.
For 20 minutes, thesellers were back, and gold fell about $10. However, by the end of the day,gold rallied all the way back as if nothing happened. Gold sold off again overnight,testing Wednesday's low before once again rallying back to near the unchangedline.
The metals nowappear to have put in near-term highs and should be headed lower, with a highprobability of testing the lows that were made three weeks ago. Bitcoin hasstabilized, central banks are in full manipulation mode, and the currency warsare heating up.
By Todd 'Bubba' HorwitzContributing tokitco.com
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Bubba@bubbatrading.com www.bubbatrading.com/ 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.