Fed cuts; metals explode until now; gold, silver, platinum lower

London (mar 16)  What a night after the Fed pukes all over themselves with an emergency rate cut and new QE program. The equities never bought in, opening limit down overnight. The metals opened up big and have slowly melted down all night. The first to break was silver, then platinum, and now gold is lower.

The trading price action was wild. At one point, gold was up over $50, silver was up big, and platinum was up over $30. Now not so much, with silver down $1.61, gold down $17.40 and platinum the worst of all – down by $118. Today could get really ugly.

Last night the Twitter battle was on and the gold bugs thought that gold was going to $1,700. It may get there some day, but $1,500 is here now. The market and price action are ugly. As we have stated over and over again, gold is not a safe-haven play to equities; today it’s not a safety play for anything. We remain short across the board and will not be buying anytime soon.

KitcoNews