In reaction, gold dropped about one US Dollar, as you can see on the daily 1-minute chart.
The miners had a lot more of a reaction. GDX, the ETF that tracks the senior miners, dropped almost 7% from it’s high of the day. This morning finds both gold and GDX recovering nicely, with GLD slightly above yesterday’s high and GDX about halfway back.
So perhaps the rate hike really was already baked into prices, and what we saw was just human psychological reaction? Or game-playing? Or computer black boxes playing with each other?
Hard to know for sure, but at least in terms of gold, it seems not a lot has changed. Space-normal speed Mr. Sulu…
Signed, The Gold Enthusiast
DISCLAIMER: The author has no positions in the specific securities mentioned in this article. The author is long NUGT and JNUG, in small position sizes that would not affect the market.
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