By: John Fisher
What should you do regarding the recent Fed announcement? Nothing!! The broad market, indices, commodities (including oil) are all going crazy. This is a knee jerk reaction. Can you imagine benchmark oil rising $2.65 or 2.5% on a “non announcement” (no tapering – no change in bond purchases).
Gold hit a low today at $1290. After the announcement it is up 4.31% to $1366 at present. Silver hit a low of $21.23 this morning. It is now up 6.57% at $23.21. That’s essentially two dollars.
My advice – don’t do anything. Just watch. Wait for this to shake out over the next couple of days.
Since when does one person have the power to step up to a microphone, essentially say he is not going to do anything different, step away, and leave the world financial markets in chaos? Fortunes have been made and lost in the last two hours.
