It took less than 24 hours for investors to negotiate through the Fed language from yesterday's meeting and determine that the statements did not lean as much towards curbing inflation as predicted, and as a result, the dollar has plummeted and commodities have rocketed upwards as Blanchard expected.
Gold has catapulted past the $900 level and is currently trading around $910, up more than $20 from yesterday's levels.
Oil is up more than $3.50 to around $138. The president of Opec, Chakib Khelil, predicted Thursday that oil prices would rise to $150 to $170 dollars a barrel during the summer months.
These are usually very slow months for the metals, but current economic conditions are so unstable that gold has become the surefire store of value commodity.
Donald W. Doyle, Jr.,
Chairman and CEO
David Beahm,
Vice Pres. and Director of Marketing and Economic Research
