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| Gold got smacked hard last Thursday. The precious metal dropped $22 an ounce right after the Federal Open Market Committee (FOMC) released its minutes for last month's meeting. It fell another $25 in overnight trading. It seems a few members of the Fed thought that if everything worked out, they might be able to ease off the quantitative easing (QE) gas pedal sometime later this year. Now that's funny… I guess some people can't take a joke. Instead of laughing, some people sold their gold… They're thinking that if the Fed is serious about stopping all the QE, there will be less inflationary pressure and fewer reasons to own gold. But here's the thing… Fed members talking about cutting back on QE is like senators and congresspersons talking about cutting the deficit. It's not going to happen. They can talk about ... |
