The initial ramp-and-revert in gold (and silver) prices gave way to a $20 price collapse once Draghi began speaking - as if someone decided that Draghi's speech was somehow 'credibility-providing' for the status quo... we assume this move is reflective of Draghi's 'dis-inflationary' warnings (though th einitial move seemed sparked by the better-than-expected GDP print - so Taper on?) What the un-reflexive jerk in precious metals fails to see - it would seem - is the need for the European central bank to reflate by whatever means possible that deflationary trend...(even if the Fed slows, it will be back soon enough). Gold futures saw volume explode as he began speaking (and US GDP pronted) but price plunged and volume legged even higher as Draghi mentioned the 'd' word...
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