Gold has remained robust despite the potentially negative short term implications for safe haven demand due to Bin Laden's murder, suggesting that market participants realize the global economy faces greater challenges.
Well, the Fed "giveth" less than some had hoped for, but it also "giveth" a roughly two-month reprieve to the dollar-carry/commodity-betting crowd. The parade on "Easy Street" thus continues amid noisy revelry.
Lingering selling pressure persisted in silver overnight and the white metal sank very near to the $45 per ounce bid quote as the US dollar rebounded from fresh lows ahead of today's Fed meeting and Bernanke press conference.
The gold price recovered an overnight dip below $1,500 per ounce in London on Tuesday, trading less than 1% shy of the new all-time high at $1,518 as stock markets rose together with major government bonds and energy prices.
The diminutive Englishman is brilliant, one of a few who possess a truly global view, rich as Croesus, but keeps at it for the shear love of mastering the three dimensional chess game that is international finance. In other words, he's a lot like me.
The ongoing decline in the precious metals complex continued overnight as a stronger dollar and a slightly lower euro coupled with losses in the Nikkei index conspired to keep sellers active and buyers less so.