"Horrible" PMI, no problem; just add it to the list of macro data that has missed significantly in recent weeks. Bloomberg's US Macro index has utterly collapse in recent weeks - now at its worst level in 7 months but apparently if good is good, bad is better, and totally shitty is absolutely awesome. It would appear the world of nominal equity index chasers is now fully cognizant that the reality of their lemming like herding is based on one simple thing (no matter how much they kick and scream and proclaim wisdom about earnings cycles, growth, margins, transformative energy, or new AAPL products) - and that is... Central Bank promises.
And just to timestamp this, both the closing print, or right around it, and the all time nominal intraday high, coincide.
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If the Fed needed any ammo for tomorrow to hint that there is a time frame longer than infinite and that there is a size of imprudence larger than infinity, then they have it... of course, there is, once gain, very weak volume on this uptick (but like everything else, that doesn't matter either.)
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So what does more CB exuberance mean for Gold?
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