The Phaserl


The Ultimate Key Attack Event

by Andy Hoffman, Miles Franklin:

Yesterday, I wrote of how FOMC minutes publication has become a “Key Attack Event” for those attempting to discredit precious metals.  Until early 2012, when February’s Leap Day Violation ushered in a two-year, unfounded market obsession with “exit strategies,” “tapering,” or whatever you want to call it, no one could care less what such “minutes” purported.  After all, not only were their conclusions published immediately afterward – replete with Bernanke press conference – but in the ensuing weeks, essentially everything the various Fed governors and presidents believed were espoused in speeches, interviews, and press conferences.  Not to mention, political and economic circumstances can change dramatically in a month’s time; in the former case, due to things like government shutdowns, debt ceiling breaches, and war threats – and in the latter, stronger or weaker economic data (assuming it can be trusted), such as the rising interest rates – and subsequently, plunging home sales – caused by the very tapering expectations the Fed itself created.

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