There is enough in the Fed statement today to stay short Gold.

Image courtesy Luftbildfotograf: http://www.photoxpress.com/search-stock-photos-photographer/Luftbildfotograf/229296Key headlines include: 



  • MOST FED OFFICIALS SEE FIRST RATE RISE IN 2015 IN NEW FORECAST

  • FOMC SEES `SUFFICIENT UNDERLYING STRENGTH' IN ECONOMY

  • MORE FED OFFICIALS SEE AT LEAST 1% FED FUNDS RATE END OF 2015



Looking at spot gold (GLD, quote)  on the chart, $1,300 needs to hold.  

We have been wrong in our call on spot gold in 2014, but it is a view that sees a base case the Fed has just articulated in their release.  

Take profits in miners until we get a trading floor underneath gold.

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