The Fed made the SURPRISE announcement that nothing has changed. More low interest rates and more purchases of Corporate Debt.
Hey wait a second, when did the Fed Charter change enabling them to buy corporate debt?
I think I need to set up HANDOFZARA, Inc. so I can issue some corporate debt.
Thanks for reminding me George.
Another perfectly conceived business model dashed upon the rocks!
Gold remains range bound, a market just biding its time waiting for something, anything to move one way or another.
I actually listened to Chairman Powell's press conference and two things really stuck in my mind. First, there is NO INFLATION (unless of course you want to eat and then there is plenty of inflation).
And secondly, the Fed is still buying Corporate Debt!
Is someone really worried about a DEFLATIONARY EVENT?
Silver's range is so tight it is like looking through a key hole!
I tell ya when this range breaks it should be HUGE!
The real question, as always, which way it will break!
The miners, GDX, technically are in an uptrend with higher HIGHS and higher LOWS.
The only downside is that they are overbought and right at resistance along the upper Bollinger Band.
Typically this is not the most friendly time of the year for the precious metals. However, we are not in typical times.
With the FED promising unlimited cash, you would have thought GOLD might have taken off. Perhaps, just perhaps, the fact that GOLD remained relatively unchanged is a CLUE, just a CLUE, of which way the market might break.
Caution remains the word of the day until the market gives a clear signal which way the range breaks.
Peace out and stack on!