7am: Stocks getting pummeled after the Fed raises rates again???!!! The Dow currently about 800 points off its day’s high. Gold stocks being dragged down also.
Price of gold down about $15 off its nightly highs but offset by very weak Australian dollar. Australian Dollar POG actually up.
Hard to fathom the rate rise in the current environment. My gut feel is the USD is being supported because if it were to correct, the impact on the US economy would be huge, manifesting in GDP growth a couple of percentage points higher than what we have now and a big instant impact on inflation.
The Fed now trying to massage expectations lower for further rate rises.
Not over for Gold by any means. We have the protection of the Aussie dollar response to further rate rises AND when the USD turns, that’s going to be big for us Goldies.
Exciting times by any measure.
7am: Stocks getting pummeled after the Fed raises rates...
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