Groundhog Day.....Skol starts to dance a jig, some sycophants show up to sing his praises, in due course the phoney euphoria induced by Fed jawboning fades away, order is restored, Gold goes back up.
Seems to be the pattern around here.
Fed dithers between 'dovish' and 'hawkish' constantly, as inflation flat-lines. This latest 'hawkish' stance will last about as long as it takes for the next batch of negative data to show up.
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- "Don't be left behind" by Egon von Greyerz
"Don't be left behind" by Egon von Greyerz, page-211
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