The schizophrenic views of the Fed and its inability to stay steady on advisement can summed up as follows. Today this was also compounded by flat-lining consumer prices in July.

The week started off on a positive note for gold. It rose $3.00 per ounce (at 4PM Eastern Time) with a tangible assist from a weaker dollar.

In spite of early-day trading optimism, gold turned negative after noontime, even as a weaker U.S. dollar gave it some underpinning and is off about $4.00 at 4PM in New York.