Everyone was waiting to see how long it would take the market to punish the U.S. dollar and reward gold and silver investors, and it happened today, as prices have soared to over $1,380 an ounce, another new record.
Gold prices before the anticipated announcement had been more benign than expected, and even though no one believed there wouldn't be another round of quantitative easing by the Federal Reserve, they seemed to pause for a day or two to see how far the Fed was going to go and how they were going to implement it.
That has been found out now and the market has responded to gold in the way it always does in situations like these, pushing it ever higher.
One slight surprise was the market was looking for the Fed to inflate by $500 billion, but the $600 billion made the pent up uncertainty explode today, and that momentum should continue on relatively unabated in reference to gold prices for a little while.
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