Well just shortly after Ben Bernanke had finished speaking the precious metals market felt a cold draft as both gold and silver prices were taken to the wood shed.
The Fed Chair announced another round of quantitative easing, QE4, to replace the Twist as it expires this month, thus continuing to purchase $45 billion per month of long-dated Treasury bonds.
QE4 was not a surprise, it was widely anticipated by most economists and financial observers, however, it looks not to have been the driver that many investors in the gold and silver sector had wished for.
We don’t expect this downward pressure to remain in place as this hit comes when the main trading session for the day had already ended. We do now need to watch carefully for indications of just which direction the precious metals will take in the short term, so tread carefully.
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