There is enough in the Fed statement today to stay short Gold.
Key headlines include:
- MOST FED OFFICIALS SEE FIRST RATE RISE IN 2015 IN NEW FORECAST
- FOMC SEES `SUFFICIENT UNDERLYING STRENGTH’ IN ECONOMY
- MORE FED OFFICIALS SEE AT LEAST 1% FED FUNDS RATE END OF 2015
Looking at spot gold (GLD, quote) on the chart, $1,300 needs to hold.
We have been wrong in our call on spot gold in 2014, but it is a view that sees a base case the Fed has just articulated in their release.
Take profits in miners until we get a trading floor underneath gold.
