In what has become one of the most absurd rituals on Wall Street - and is really a sign of just how broken our system is - the entire financial media and all the Wall Street "Einsteins" are debating whether or not the Fed will begin to slow down its money printing when it announces its latest fatuously palaverous policy statement in September.
The golden truth is that gold doesn't care. In fact, not only does gold not care, but either decision will be bullish for the world's oldest currency.
If the Fed were to announce a small "taper," it is likely that the metals will get hit hard, initially. It is this smack-down that you need to buy with both hands, as the market will soon realize that the Fed is going to have to reverse itself and increase QE in subsequent months.
My personal feeling is that the Fed will hold off on any decision and, ultimately, be forced to increase QE at some point. In fact, in line with what I was thinking about Syria situation, others have come to the same conclusion as me.
Also, please note - and although I think it's a ridiculous report - the National Association of Realtors' Pending Homes Sales report for July showed a decline in "pending" home sales from June to July. Given that the index is "seasonally adjusted," it should be registering a nice gain from June to July, unless contracts on new homes are seriously slowing down. They are and the housing market is back in its bear tracks.