Looks like FOMC is still moving the market.
But seriously folks, do you think they have any choice but to print and print more, until some event forces them to stop printing.
They are talking about $50 B in increased "revenue", but the slow motion train wreck is accumulating at $1000 B per year.
They will "re-purpose" government pension funds, then they will go after private retirement accounts and IRAs. They will call it the "Patriot Retirement Act", they will force these retirement accounts to ramp up to 20% of the assets held in Gov debt. After all....you got those monies "tax free" in those accounts, so only a traitor wouldn't rush to help the Gov in its time of need.
I prefer owning oil and gas wells, rather than adding to IRAs.
What if the size and scope of government was cut 40%, that would go a long way towards solving the cost overruns. What is that chance of that happening? About zero. They will print.
This drop in PMs is a gift today, a predicatable shakeout move.
Classic deception.....make a big fast move up....that retail doesnt get on until it is high, then retrace to wipe out their stops and scare them. Scare them enough that they don't go long again.
Now the market can continue upward, backing and filling as Gold is now a first class asset for banks and it thus more valuable than ever.