Flipping back to long August 11, 2009
Posted by Warren in Central Bank, FX, Metals, Strategy.trackback
I had taken profit on PM longs and also shorted some last Friday. Indeed gold and silver have sold off sharply during the past few trading sessions, and I decided to flip back to long this morning. As for tomorrow’s FOMC announcement, it looks like almost everyone in the world is expecting the Fed to shut down QE! My expectation is that the Fed will not raise rates until next year at the earliest. I doubt that Bernanke will pull the trigger on any “exit strategy” before the dust has really settled. So long as the Fed doesn’t explicitly announce an end to QE right now, I think Fed day will be bullish for risk (and bearish for USD).
Silver 1-month: very nice entry point
USD 1-year: don’t fight the trend
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