Yesterday, I wrote of how FOMC minutes publication has become a “Key Attack Event” for those attempting to discredit precious metals. Until early 2012, when February’s Leap Day Violation ushered in a two-year, unfounded market obsession with “exit strategies,” “tapering,” or whatever you want to call it, no one could care less what such “minutes” purported. After all, not only were their conclusions published immediately afterward – replete with Bernanke press conference – but in the ensuing weeks, essentially everything the various Fed governors and presidents believed were espoused in speeches, interviews, and press conferences. Not to mention, political and economic circumstances can change dramatically in a month’s time; in the former case, due to things like government shutdowns, debt ceiling breaches, and war threats – and in the latter, stronger or weaker economic data (assuming it can be trusted), such as the rising interest rates – and subsequently, plunging home sales – caused by the very tapering expectations the Fed itself created.
On the economic front, a perfect case in point is yesterday morning’s news that sales of existing U.S. homes fell to their lowest level since June; i.e., when the Fed first hinted tapering might occur if the economy improved. Heck, yesterday afternoon alone, the blinding propaganda emanating from FOMC minutes depicting nothing incremental caused the benchmark 10-year yield to surge from 2.66% to 2.80%; i.e., just 20 basis points from the September highs that catalyzed the aforementioned dramatic decline in housing demand. That is, the very business sector the BEA admits to accounting for close to half of all U.S. GDP in the first half of the year.
And thus, when you see the below bullet points of the FOMC minutes, ask yourself if they suggest an imminent tapering of monetary stimulus (as if reducing QE from $1 trillion a year to “something less” means a hill of beans; particularly given that Bernanke said it ‘ain’t happening’ Tuesday, and Janet Yellen Monday. Let alone, do they indicate “news” that should have terrorized gold and silver investors, as “proven” by the blatant Cartel attack in the ensuing minutes?
*FOMC SAW `SEVERAL SIGNIFICANT RISKS’ REMAINING FOR ECONOMY
*FED TAPER LIKELY IN COMING MONTHS ON BETTER DATA, MINUTES SHOW
*FOMC SAW DOWNSIDE RISKS TO ECONOMY, LABOR MARKET `DIMINISHED’
*FOMC SAW CONSUMER SENTIMENT REMAINING `UNUSUALLY LOW’
*FOMC SAW RECOVERY IN HOUSING AS HAVING `SLOWED SOMEWHAT’
Remember, it’s all about money printing, market manipulation, and propaganda in these dark economic times; and thus, only you can determine the most likely way to survive and thrive the inevitable, potentially imminent currency collapse. At some point, the Fedspeak will stop working entirely; and when it does, the currency it prints will be replaced by the money mined with blood, sweat, and tears.