Gold touched a 5-month low, falling below $1200 as the market digests the taper.
Metals fell yesterday but not as much as a surprise taper would indicate.The gold bugs ‘table’ had three legs:
- Fed money printing
- Inflation
- Deficits
The ‘table’ is now flat on the floor after the final leg was cut out yesterday. Soon, gold prices will be on the floor as well as the July 1 low is challenged following today’s break of the recent range, the mid-July low and $1200.
Gold nearing the July 1 low
