Huge GDP miss complicates Yellen's taper decision

Washington (Apr 30)  GDP came in at a desultory 0.1% for the first quarter. It was a the worst GDP print since the fourth quarter of 2012 and a dramatic slowdown compared to the 2.6% growth rate of Q4 2013. Economists had been expecting 1.2% growth but estimates were being cut right into the print, suggesting a shortfall didn’t come as a huge shock.

Spot gold reacted to the news in yo-yo volatility:  From a low of $1287 it jumped to $1297, then fell to $1286, only to spike again to $1294.

Today's unexpected surprising news caused consternation among traders, speculators and investors alike.