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Speaking to MarketWatch Michael Armbruster made this profound and I believe decisively accurate statement. His quote was his sentiment based on the tremendous upside spike in gold prices today.
The catalyst for today’s impressive gains can be traced to the release of two critical economic reports. The Consumer Price Index for August and the Producer Price Index , both issued by the U.S. Bureau of Labor Statistics because they provided the market with crucial insights. While neither report deviated significantly from consensus estimates, their combined impact bolstered trader confidence in the CME's FedWatch tool predictions.
The chart above is a 30-minute Japanese candlestick chart of December gold futures. What is most interesting is that today’s $45 gain occurred throughout the morning session. It began 90 minutes prior to the release of today’s PPI report and gained approximately $10 each half hour from 8:30 AM to 10:30 AM when it reached $2581.60.
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