Gold Jumps Nearly $50 as Market Digests Non-News From Fed; Gold Correction Over?

By: Mike Shedlock | Thu, Jul 11, 2013
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Inquiring minds note the interesting action in gold today following the non-news from the FOMC minutes from June 18 that the Bernanke Fed is not quite ready to tighten.

(See FOMC Minutes and Economic Projections: Dissent in Both Directions; Confused?)

Gold 15 Minute Chart

Gold 15-Minute Chart

Gold Correction Over?

I wonder why anyone thought the Fed was really going to tighten in the first place. Regardless, here's the key question: Does the non-news that the Fed is not really serious about tightening mark the end of the gold correction?

Unfortunately, I cannot answer that (and no one else can either).

However, I do expect extremely negative sentiment regarding gold to bottom at any time, and perhaps this is the time.



Mike Shedlock

Author: Mike Shedlock

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Mike Shedlock

Michael "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Visit to learn more about wealth management for investors seeking strong performance with low volatility.

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