The Phaserl


Daily Pfennig: No Tapering Clues, But Lots Of Singing From The Same Song Sheet

by Chuck Butler, Casey Research:

Good day. And a Tub Thumpin’ Thursday to you! Well. I was bang on with my thought that the FOMC Meeting Minutes would NOT contain any clues as to when the tapering of QE3 might start. But there wasn’t even a Cupie doll as my prize. And the markets’ reaction to the revelation that there were no clues, was also bang on. But what happened next was not on my agenda, and thus surprised me. So, I guess I’ll spend all morning, explaining what happened next. Or. I could just touch on it briefly and move along to other things. OK, twist my arm, I’ll take what’s behind door number 2.

So, as I just said, there were no clues, and the initial reaction of assets like Gold was one of “go into rally gear”. Gold ripped higher from yesterday morning’s $1,367 to reach $1,379.38, and looked like $1,400 would be taken out in a New York Minute. The euro, which is the offset currency to the dollar, jumped too, but then a funny thing happened on the way to the forum. OK, not really funny as in funny-HAHA.

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