Three weeks ago the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events, Egon von Greyerz, told KWN: “There are so many black swans circling at this point. So there is no chance of a U.S. interest rate hike as I have been saying for a while… All central banks will do whatever they can to hold rates down. The problem is that the bond market is the biggest bubble in the world and at some point there will be a major panic in the bond market.”
So today’s decision by the Fed to leave interest rates unchanged comes as no surprise. It did send gold and silver rallying along with stocks and bonds, while the dollar fell about 1 percent.
This is all part of a longer-term bottoming process in the gold market. It’s impossible to know if the bottom has already been made, but there is no question that when gold enters the next leg higher in this secular bull market, fortunes will be made on the upside in gold, silver, and the high-quality mining shares. [...]
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Gold Broker Editorial Staff
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