CHART OF THE DAY: The Fed Kills Gold

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Dreams of QE3 continue to fade.

Today the Fed minutes revealed that at the March meeting, there was very little discussion of more easing, or what kind of tools might be available to ease if necessary.

Furthermore, the Fed said that if the recovery continues at its current pace, then that would be satisfactory to avoid more easing.

So that was of course bad news for gold, which lost over $20/oz. in the seconds after the report.

chart of the day, price of gold, april 2012

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