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horizon, research analyst, REITs, gold & precious metals
Profile| Send Message| (1,723)    Silver (SLV) and Gold (GLD)
must be worthless. That's what the market is telling us. Get rid
of it as fast as you can, for any price. Today (6/27/13) gold
dipped below $1200 an oz for the first time in three years.
Silver trickled a bit lower to touch $18.34. So, was there a
cause to selling today? Well, for most of trading today the
metals were flat. Not so unexpected considering they are down
28.5% and 39.1% on the year. Then Atlanta Federal Reserve
President Dennis Lockhart spoke. As soon as his comments were
publicized, the metals plummeted. The kicker? He didn't say
anything new.  Mr. Lockhart said that the Fed will eventually
reduce its balance sheet. Well yeah obviously. What does it
mean? It means slowing its quantitative easing and monthly bond
buying, pretty much exactly what Ben Bernanke said after the
FOMC meeting last week, which sent metals down