Gold Daily And Silver Weekly Charts - Gold Target Price Reached Intraday

See the intrady commentary on the metals here.

See comments on the Fed's minutes, which shook the equity markets here.

I think those remarks and the subsequent price declines were more indicative of the overbought condition of stocks than any serious convictions on the part of the Fed to actually prematurely end their QE before the conditions in the real economy which they have cited are met.

If they taper the QE purchases, it will because they choose to do something else to stimulate the economy, rather than just prop up the banking sector's bad debts.

I am beginning to consider adding to long term metals positions since the price has hit the targets I set out last week.  I will give it another day to think about it. 

Copper took a pounding today on rumours that a fund was liquidating longs.

The precious metals, both gold and silver, are rather oversold, and the managed funds are holding what appear to be untenably large short position.