The biggest news of the day may well have been technical, insofar as the 1300 support level did not hold in afternoon trading today. More on that in our other areas below and on today's video.
In fundamentals news, Philadelphia Fed president Charles Plosser told CNBC that the Fed's stance had not changed, regardless of what the market has said. He believes Yellen's statement was clear. Any course changes will indeed be data driven.
Plosser is one of our favorite Fed annoyances, speaking not only out of turn but out of both sides of his mouth. He is a fiscal hawk and sometimes forgets... Read more
News was slim today and so it was cause to say "meh."
Unless you're around young hipsters or old Yiddish-speakers, you'll need a definition. It's a verbal shrug of the shoulders used when nothing about a particular event or experience makes much of an impression.
Short-covering was tepid, unenthusiastic, although strong enough to stop the previous few days' slide. (A good thing for gold bulls.)
Gold was swimming against a strong current today. U.S. consumer sentiment hit a six-year high.
The Conference Board's index of U.S. consumer confidence jumped to 82.3 in March, up... Read more
There are many experts out there today explaining that the reason gold took a hit today is because they have read some special meaning into Janet Yellen's post-FOMC press conference last week. That's pure hogwash.
Uncertainty? Maybe. Perhaps not the clearest message ever sent by the new "more transparent" Fed, but is that group pointed toward a rate hike? It would come as a major league surprise if unemployment stays above 6.5% and inflation somehow sticks below the ridiculous 2% threshold.
However, we will grant the experts one thing: right now, the unemployment numbers can't be... Read more
Kitco News gets Gary Wagner's take on gold prices last week and where he sees the yellow metal headed. Wagner says that gold's price movements following Wednesday's Fed announcement was simply a corrective action in the market. "We've seen a $200 move [in the gold market], and when you see that kind of move, corrections or rounds of profit taking are not only to be expected but I believe they are very healthy for the market," he adds. Looking over at silver, Wagner says the metal has been struggling to keep up with gold's movements and says that the metal's next move is anybody's guess. He also... Read more