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Gold Attempts To Regain $1700

by Peter A. Grant

Jan 17, AM
(from USAGOLD.com) --

Gold sold off in early New York trading after better than expected initial jobless claims and housing starts where seen as a threat to ongoing super-accommodative Fed policy. We've seen this 'good news is bad news' nonsense play-out time and time again in recent years. On the bright side, these retreats in gold provide nice buying opportunities.

Any notion that the Fed is going to retreat from its current guidance because of a one-off drop in weekly jobless claims is sorely misplaced. The Fed has been quite adamant that they will keep their foot on the monetary gas pedal until the jobless rates drops to 6.5%, and even if the economy shows signs of improvement.

Well at least the market is consistent in its lunacy: A short time later, a much worse than expected Philly Fed Index sparked a rebound to new 2-week highs in gold. If good news is bad news, then bad news must be good news, right? Gold surged more than $30 off the intraday low and threatened to push back above $1700.

The midpoint of the year+ long range is at 1721.61. A rebound into the upper half of the nearly $400 range that has dominated since late-2011 would be an encouraging signal.

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Gold Attempts To Regain $1700