Fed Non-Taper Converts Gold Bears to Bulls
After yesterday’s announcement of the Fed’s decision to not taper QE, CNBC published a commentary about how the news is affecting the views of stock traders and market analysts. Many are waking up to the fact that the economy is a long way off from true recovery and believe that gold may have kicked its bearish streak.
But traders believe that the fundamental picture has changed. In fact, Wednesday’s Fed decision changed Anthony Grisanti from a gold bear to a gold bull, but not for the reasons Boockvar outlined.
‘It’s not so much the fact the the Fed is continuing QE,’ said Grisanti, who is the founder of GRZ Energy and a CNBC contributor. ‘It’s the message that’s being sent, which is that the underlying economy is so bad that we can’t taper $10 billion. That means that you want to own gold to protect yourself—and that’s why I’m changing my opinion on gold.'”
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