Not that anyone should be in the least bit surprised but the Federal Reserve said absolutely nothing on Wednesday that they have not said for the past six months. They stand ready to support the economy should it fall off the cliff but until that time they will hold interest rates at zero percent to keep the banks solvent while the lack of yield sucks the last bit of wealth from the lower and middle class the world over.
I mean, hey, what else is a central banker for?
In the face of this Gold (AMEX:GLD) gave back over the course of the week so far more than half of last week’s rally into futures expiration of the July contract. Gold for October delivery traded as low as $1593.45 per ounce as Ben Bernanke delivered his statement of mealy-mouthed mush. Silver (AMEX:SLV) didn’t fare much better, getting whacked down below $27 per ounce before recovering to hold near $27.35 during the Globex session.
Not that more money printing is the cure to the economy’s problems, but since we all know that the Fed is going to print to oblivion many of us, including me, just wish they would get the heck on with it and destroy the dollar already so we can get on with our lives, or what’s left of them.
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