Energy and commodity prices are cool in trading this morning in the face of some strength by the American dollar. Gold is not up so much as the last few days but holding its own in the face of the dollar's strength and some profit taking by traders, still near historic highs.
The corporate whores at CNBC are calling for a decline in precious metal prices, denying any increase is imminent the rate of inflation. The Fed is in a no win pickle. Continued low interest rates broadcast continuing weakness in the economy. Increased interest rates will be seen as a harbinger of inflation. They are fucked either way and the Treasury is still printing money as fast as they can.
I have no doubt gold will come down some today. The question is, how much and for how long.
We'll just have to watch and see if the central bank backed short sellers come into the gold market big time this morning and if there are enough eager buyers to absorb the deluge. So far there have been.