by David Brady
Sprott Money
We are still in no man’s land right now with regard to the precious metals and miners. Powell disappointed the markets Thursday with little detail on the timing and tools to be used in relation to the Fed’s not-so-new policy of allowing inflation and employment to run hot over the coming years. In other words, he provided nothing we didn’t know already and was presumably priced into the markets. Yet, instead of being a ‘buy the rumor, sell the fact’ event, the Fed’s announcement overcame the initial plunge in markets, and stocks and precious metals rebounded higher. The key question is whether these latest rallies have just begun or are more short-term in nature until the Fed provides more concrete details on their plans.