FOMC Minutes Confirm Fed Rate Hike Rocket Not Ready for September Liftoff – Ep. 103

* Today the FOMC minutes were released at 2:00 today and this is the last look inside the head of the FOMC members before September * Now expectations are being pushed back to December * Gold and silver prices were up today in spite of expected hawkish Fed comments * We are at more than a one-month high in the gold price now above 1130 against a backdrop of extreme bearishness suggests we've seen the low in this cycle * Silver was down yesterday and recovered dramatically today which suggests an upward trend * There is no more upside in the "Fed is raising rates" trade * The Fed may not raise rates at all, or say they might not raise rates again * Is the Fed raising rates just so they can cut them? Raising rates will accelerate the recession * Whether the Fed raises rates or does not raise them, this may be the end of the dollar rally and the end of the gold and silver decline * The FOMC minutes do not indicate a plan for a rate hike in the future * The Fed does not want to admit we're not progressing in the direction the Fed wants; we're moving the other way. * Case in point: the Empire State Manufacturing Index came out on Monday * Last month, in July the Index was 3.86% - a low number * The consensus for August was a slight improvement to 4.75% * We actually got -14.92% * This is the lowest number since April of 2009 and the biggest miss since 2010 * The Fed is worried that there is not enough inflation * There's not enough growth and the job market is not there yet * If the Fed is further away from their goal than they have been in this ridiculous monetary experiment of zero percent interest rates and quantitative easing * Walmart earnings are down - blaming weak earnings on the strong dollar * How much weaker will their earnings be with a weak dollar? * Americans are spending more money on food - inflation that is not being measured * The Stock Market is still selling off, because a rate hike is not priced in, as it is in the currency markets * This would be the first Fed rate hike in a decelerating economy * This is not a normal period, so don't expect the stock market to behave normally * Now, people are now starting to figure out that the Fed's process is not so smooth * The stock market will trend down until the Fed comes clean and admits that it cannot raise rates * This is just a lag between QE3 AND QE4 * Anything that can go wrong, will go wrong and when it comes to this Fed and this monetary policy, Murphy is going to look like an optimist Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy