A few minutes ago news wires carried the information that Obama will speak at 1:30 pm ET. The momo crowd immediately aggressively started buying gold and silver. They ran up gold as much as $18 at its peak.
The speculation is that Obama will announce significant progress on fiscal cliff. If such an announcement were to occur, it would be good news for the economy. As is momo crowd’s pattern, they buy on good news even though the traditional role of gold is a hedge against bad news.
There is also one report that Obama will simply reiterate his viewpoint with a back drop of middle class people to pressure Republicans.
It is difficult to ascertain what the reality is. There is no change in our short-term, medium-term, long-term, and very long-term ratings previously reported on the Real Time Feed.