Have you ever been to the FOMC web site? Sure they have one: http://www.federalreserve.gov/FOMC/ Just about everything the Fed Flim-Flam men have ever said is on here. Kinda takes the mystery away from them, doesn't it? "Pay no attention to the man behind the curtain." Wizards of Wall Street my ass.
The "great and all powerful" FOMC spoke today. Dorthy is still in OZ.
Did the Fed change anything? http://www.marketwatch.com/news/story/did-bernanke-change-policy-flub/story.aspx?guid=%7B3C17C96F%2D1CBF%2D45CA%2D9A5B%2DB2CC4DBE3FF5%7D&dist=morenews
Read this piece from Marketwatch to find out. I told my broker this morning that the key to the FOMC Statement today in regards to gold would be if they changed their "bias" from tightening to "neutral" . Apparently they have. The stock market loved this news because stock holders hate rising interest rates. The stock market wants a rate cut in the hopes that it will keep their little party going on Wall Street. I don't think they understand what falling interest rates could do to the dollar, and inturn foreign investors desire to own US Stocks. Profits to a foreign holder of US Stocks quickly evaporate in a weak dollar environment. That is unless your foreign currency is pegged to the dollar. If your foreign currency is stronger than the dollar, ie. the Euro, you would lose a substantial portion of your profits in US Dollars when you repatriated your money [brought it back home].
Falling interest rates are great for gold/silver bugs. Falling interest rates and a falling US Dollar are great for gold no matter how you slice it. The FOMC has obviously decided to kick the dollar to the curb here in the near term in an effort to hold together the illusion of a "strong economy". Inflate or die. Is there a better reason to own gold now? There are a lot of reasons to own gold ...but none better than a falling US Dollar. A falling US Dollar is gonna raise energy prices too. Take that to the bank.
If you sold your gold and silver holdings in the most recent bump in the Road to Riches that commenced with the First Trading Day in March, I pity the fool. For the Precious Metals may have come into Spring like a Bear, but they're going to go out riding a Bull.
Bullish Trifecta in silver today...RSI 50+, Stochastics bullish crossover, MACD bullish crossover.
Gap down from 13.54 remains unfilled, holding overhead supply till closed
Silver Resistance: 13.35 / 13.54 / 13.67
Silver Support: 13.25 / 13.16 / 13.10
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Gold Resistance: 662.10 / 668.50 / 670.30
Gold Support: 658.30 / 655.50 / 650.90
Bullish Trifecta in gold today...RSI 50+, Stochastics bullish crossover, MACD bullish crossover. Rat trap poised to pop on dem rat bastids over to da PPT...Two days closed above 655.50.
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