cartel taken to kneesGold and silver have just been absolutely hammered on the Fed minutes release in which Fed MOPE claimed a taper is likely in the coming months.
Gold has plunged through $1250 to $1240, and silver has just broken support at $20 and now has a $19 handle plunging to $19.73!

  • Source: Banzai7

    Source: Banzai7

    MOPE taper threats continue

  • FOMC MINUTES SHOW BROAD SUPPORT FOR BERNANKE TAPERING TIMELINE
  • Silver instantly plunges below $23, gold plunging towards $1350 
    *Update: Silver has already retraced its entire knee-jerk smash, and after pausing again at $23, is now spiking vertically to the upside

  • Full Fed Minutes are below:

The FOMC has just released their minutes early (scheduled release was 2pm EST) due to a leak of the minutes.
The MOPE continues, with the FOMC members reportedly stating that the pace of QE will slow mid-year, with QE ending altogether by the end of the year:

In light of the current review of benefits and costs, one member judged that the pace of purchases should ideally be slowed immediately. A few members felt that the risks and costs of purchases, along with the improved outlook since last fall, would likely make a reduction in the pace of purchases appropriate around midyear, with purchases ending later this year. Several others thought that if the outlook for labor market conditions improved as anticipated, it would probably be appropriate to slow purchases later in the year and to stop them by year-end. Two members indicated that purchases might well continue at the current pace at least through the end of the year.

gold bear market cnbcSubmitted by Deepcaster:

All Investment Cognoscenti know that The Fed’s “Communication Policy” is aimed at Financial and Market Ends, not at Truth. (Here, should we rely on The Fed’s earlier expressed “Guidance,” or this week’s “Scaling Back” Hint? They can not both be True.)  Indeed that Policy could well be paraphrased “Tell whatever Lie you need to, to achieve your Goals.”

Those recently released Minutes, for example, achieved a Primary Fed Goal of blowing the Gold and Silver Prices down through Major Resistance, and a Secondary one of cooling somewhat inflated Equities and Commodities Prices.   As leader of The Cartel (Note 1) a Cornerstone of The Fed’s Policy is, and has long been, to suppress Gold and Silver Prices, lest they further devalue their Fiat Currencies and Treasury Securities, and so they will not alarm the Hoi Polloi about the intensifying Price Inflation (e.g., 9.24% in the U.S. – Note 2) which their Ongoing Monetary Inflation is increasingly producing.

As expected here at SD, the latest Fed minutes are pure propaganda claiming the Fed may end QE soon as the economy is recovering more quickly than expected. This is as even Walmart’s sales are crashing.

Cue the anticipated smash in gold and silver.

and….Gold & silver dropping vertically as expected.  Unbelievable.

Full Fed Minutes release is below: