Loading ...The economic data this morning was very soft on the GDP and labor force area.
This provided more fuel for the dovishness of the Fed.
The Dollar declined, giving up the 92 handle.
Gold and silver rallied strongly, recovering significant ground from the recent price suppression in observantce of their option expiration.
A fair chunk of physical gold departed from the Comex Hong Kong warehouses.
Stocks rode the wave of easy money expectations higher, but gave up quite a bit of their gains in the afternoon, with the NDX finishing unchanged, and the SP 500 only a minor gain.
When a pricing pool collapses, especially in the case of a commodity, the resulting price increases required to clear the market can be quite impressive.
As the old rock song goes, ‘you ain’t seen nothing yet.’
Have a pleasant evening.