by Avi Gilburt
Back in April, the Fed made it clear that they want to hike interest rates several times this year. And, when the metals complex began to rise after that announcement, many were certain that the Fed was the catalyst that made the complex rise. This past week, the Fed released the minutes from its last meeting, which contained no surprises, and restated their plans. Yet, instead of the market reacting in the same way as its last statement of raising rates this year, the metals went in the exact opposite direction.
I have written about this ad nauseam through the years, and many still do not believe me. But, the Fed does not control the metals complex, nor does the direction of interest rates control the metals complex. It has been, and will always be, sentiment driven.