Well, they rolled over. Unbelievable the lengths they will go to to have us believe they are stewards of a supposedly sound economy. I have my doubts they ever planned to do anything and that Huey, Dooey and Louie (Fisher, Bullard, and whoever Louie is) were just media jawbones after all. The nerve of these people.
Well, the precious metals seem to like it. I remain 33% committed to various precious metals stocks in the speculative portfolio and gritted my teeth and held on to GDX and GLD calls in a trading account (per a post at the site last week) and also added calls on ANV. In the regular brokerage I hold SLW and RGLD, as noted.
So I am covered if the bullishness ramps up and assuming the next leg of the rally is getting under way I’d like to add on pullbacks. Short of that I’ll wait for momentum to ease and watch for buying opp’s on individual items.
It is not today’s FOMC that is important to the bull case. What is important is that gold bug sentiment became bleak once again with formerly bullish advisers jumping the gun and calling ‘SELL’ recently. What is also important is that our macro fundamentals continue to repair themselves with respect to the precious metals’ case. We’ll get back to our normal mode going forward and keep tabs on these things.