After the Fed initially made its announcement, gold spiked.
But the effect is fading. It only took a couple of hours until the spike ended, and tonight gold is tanking some more in early Asian trading.
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Wednesday, December 12, 2012
The Nightmare Continues — Gold Plunges Below US$ 1,700
New York, Dec.13, stock advice .- Today was a very disturbing day for gold bugs. And tonight it's turning into a nightmare. It used to be that when the Fed did a new easing move, buying gold was the reliable move. And today the Fed took two new steps: It announced new QE, and a new "Evans Rule" which said that the Fed would wait until -- at a minimum -- unemployment fell to 6.5% or inflation hit 2.5%.
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