Go Ahead, Figure Out The Fed
“Fed Says Economy EXPANDING MODERATELY.”
“What planet are you guys living on?”
Seriously, from missing on about 90% of all economic data in the last few months, I wonder with my mouth wide open which economy they are talking about. That these guys live in the bubble of Chalkyville [Washington, D.C.] there can be no doubt.
Moving on to gold, complete confusion always takes center stage when Weimar Ben opens his mouth and waxes eloquent about the economy. Not to disappoint, gold gapped lower $10 on the Fed release, thus raping stops below the earlier day low of about 1635. Central Planners I’m sure had a lot do to do with that move, and a few seconds later backed away and let the hedge fund community do its schtick.
But once people with brains gave it some thought, gold rallied sharply in seconds. Out the window on the way down; up elevator on the way up. Take stops out on the downside then go back and get the buy stops from the old high; move back a few bucks from that and now you have in 3…. 2…. 1…. zzzzzzzzzzzzzzzz into the close.
For cryin’ out loud, [as I write] we still don’t have but about a $20 range!
“Hey anybody still want to trade? C’mon guys, you can still make those losses back.
Think anybody got hurt today in this Fed induced trading mess? Exactly as planned.
Think for a minute about what I said in an earlier post about the 3 main goals of market manipulation; 1) keep gold out of the news [especially on news days], 2) hurt all speculators as many times as possible [long and/or short], and 3) make other market participants do your bidding so the real fingerprints of manipulation are absent.
Again today, they did it in spades.
Have a good day everyone.