So, the FOMC accidentally released the March minutes early yesterday but did not bother to inform the markets until after 9:00 am, timed perfectly to push Gold down on the supposedly hawkish sentiments of a number of members who have no power to set policy.  Gold was sold with extreme prejudice back to $1558 per ounce on the notion that quantitative easing will likely be abandoned by year end.  In other news water is wet.  The Fed is still at war with Gold.

Silver sold off mildly to $27.60 but is still far higher than its recent lows.  At some point the narrative that a rising stock market can lift only itself while everything else falls in price will break down.  The S&P 500 continues to rally on pure liquidity and some strong flows into previous laggards like Microsoft and Intel.  For now, momentum is the order of the day and it will continue until it doesn’t.

Gold continues to uncover huge buying in the $1550-1560 band, but the chart looks very heavy and the lack of upside follow-through has even the staunchest bulls worried at this point.  This was the point of this shambolic exercise.  The timing of these ‘mistakes’ are designed to reward the connected and fleece everyone else.  In the end nothing has changed.  Europe will be saved by having the ECB roll the sovereign gold of their vassal states onto its balance sheet, the NY investment banks want all the gold for themselves and will use their position with the Fed to facilitate this transfer via the paper markets.