Gold remains on a downside track this morning. It broke the $1300 barrier in Asian overnight trading, continued down in Europe before leveling out, at least temporarily, in early U.S. trading. From noon MT yesterday when the Fed published its announcement, gold is down $22 at $1292.00. Silver over the same time frame is down 40¢ at $16.98. On the day thus far gold is down about $7 and silver 14¢ from yesterday’s closing levels.
The reaction to the Fed’s interest rate and asset reduction program has been tepid across the markets with only short-term U.S. Treasuries a beneficiary.