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What the Heck Just Happened to Gold and Precious Metals?

Friday, June 20, 2014 8:46

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Mr. Market rediscovered gold and other precious metals on Thursday, resulting in the metal’s biggest one-day rise in more than half a year. It was the 14th biggest single-day move in the price of the most popular gold ETF and a day that one trader termed ”frantic” for repositioning and short covering.

Okay, then. Why? Strategists are pointing to the Federal Reserve and its decision this week to stand pat on monetary policy. Not convinced? Neither are these strategists very convinced — except when a few of them are declaring that the market is growing increasingly skeptical of the Fed. If skepticism’s the driver, then the turn toward anti-Fed assets like gold would make more sense.

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Source: http://classicvalueinvestors.com/i/2014/06/what-the-heck-just-happened-to-gold-and-precious-metals/

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