Today is the day we hear from the Federal Reserve on what their policies will be going forward. For the last 10 days the metals have indicated a major news event based on this meeting. Whatever they decide to do it will not be good for the dollar or for the free market system, the cluelessness of the FED never changes.

In the meantime, gold continues to push higher, recovering beautifully on Tuesday from some early selling pressure. During the overnight session, Monday night into Tuesday morning, December gold futures printed $2000 an ounce. Our expectations are to see gold’s rally continue, making new highs.

Silver and platinum continue to rally as well, all signs point to higher prices. The action and direction can change at any time, however the path of least resistance remains higher. We are long all of the metals and will continue to buy pullbacks with our expectation for higher prices.

The only real question for today, has the market priced in what the Fed is going to do? The key to watch today is how the markets react to the news that is delivered 2 PM Eastern time. No matter what happens after the report we will have a better idea if the rallies will continue or have reached a near term top.

Todd Horwitz Chief Strategist
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