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Today's Commentary
 
Saturday, July 30, 2016


Yesterday, the Federal Reserve released its latest monetary-policy decision...

As expected, the Fed decided to leave short-term interest rates unchanged again this month. But it was also notably more upbeat than in recent months.

It said "near-term risks to the economic outlook have diminished," and, "on balance," the U.S. job market is strengthening. It also still expects to raise rates at least one more time this year.

But it appears the market like us remains skeptical that the Fed will raise rates again anytime soon. In fact, the market reacted as though the Fed had said it was planning to cut rates instead...

Following the news, the U.S. dollar plunged nearly 1%... stocks rallied... and precious metals shot higher. Gold ended the day up 2%... Silver rallied more than 4%... And mining stocks as tracked by the VanEck Vectors Gold Miners Fund (GDX) soared more than 6%.

 
  


 
 
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