Denial remains in place…along with gratuitous profit
Denial and dogged resistance remained the orders of the day at 17:15 GMT today (Wednesday) as the clipped Federal Monetary Committee press release predictably talked up the recovery, while talking down inflationary pressures. So it looks like Ben is going down with the ship, on the bridge, in the freezing Atlantic waters, and on the wings of a prayer called ‘America is Titanic, and thus unsinkable’.
As I’ve posted in the past, ‘no change’ was always likely to be today’s message. June 22nd (Ben’s next appearance before the media) is the one to focus on.
Meanwhile, take a look at this graph from today’s live gold price at the NYSE opening:
This was quite high-volume trading….and gold fell eight bucks in 22 minutes. Words like ‘leak’ and ‘directionalising’ spring to mind. Now, with that second word in mind, look at the chart some time later:
Fascinating, eh? Profit-takers drove the market down the hill….and then they marched it up again. Thus taking and making a nice whopping profit twice in just under four hours.
Insider trading or what? Nice work if you can get it.