by Keith Weiner
Acting Man
Purveyors of Economic Stability
It’s almost like magic. The Fed can say something, or in the case of this Wednesday it can say nothing, and gold and especially silver get a boost of rocket fuel.
[…] Actually, the Fed said both yes to rate hikes—in the future—and no to a rate hike now. This was good, if not for people, at least for gold. Well, if not for gold, at least the price of the metal.
And especially silver. The price of silver had been up sharply on Monday, it inched up on Tuesday, and shot up another 60 cents on Wednesday, the day of the announcement.
We have expressed our view many times that this is not gold or silver going up, but the dollar going down. Measured in grams of silver, the dollar went down from 1.66 last week to end this week at 1.58, -0.08g or -4.8%.
It’s ironic that last week, we said this: