by Chris Powell, Gold Seek:
The U.S. dollar index, our friend Dave Kranzler of Investment Research Dynamics writes today, “is back to where it was right before Federal Reserve Chairman Jerome Powell’s press conference yesterday. When Powell said ‘maybe in November we’ll have a taper schedule,’ the dollar shot up and paper gold was slammed. With the dollar back down to its pre-presser level today, gold is still down $36.”
Indeed, yesterday the Fed essentially said that it isn’t “tapering” its bond purchases yet, though it might (or might not) do so soon, nor is it raising interest rates, though it might (or might not) do so some time next year.
That is, the Fed offered only a lot of temporizing for the umpteeth time.