by David Brady
Sprott Money
When it comes to FOMC meetings, I always say “Don’t trust the first move” immediately after the announcement and the follow-up press conference. Yesterday was no different.
The initial response to the announcement was that the Fed was “uber dovish.” Bond yields eased back from their peaks earlier in the day, the dollar dumped, and Gold rose from the 1720s to 1750s. Silver and the miners followed suit. I didn’t buy it, citing 1760-65 in Gold as resistance and this: