Gold up 4% today
Gold is up $60 today to $1558 in the second day of gains after making a stand at $1450 last week.
Importantly, volatility has fallen for three days in a row. The Fed has also pledged to buy just about everything and Congress is about to tack on another $2 trillion to the deficit. This kind of stuff is a gold bug's dream.
The early part of this rout has included mass liquidation of everything as the whole world went to cash. Now we're seeing money spread around and gold is shining.
Technically, the break above the 38.2% retracement is a good start but it will need to get above $1607 to really generate any momentum.
