Gold Daily and Silver Weekly Charts - Flight to Nowhere - Bravo Masters, Shall We Dance

The Fed did what was expected, announcing Operation Twist which will buy Treasuries in the 6 to 30 year range to pull down rates. They will also continue to roll over their balance sheet assets.

The unexpected perhaps was the strong language in describing the economy in terms of 'significant downside risk.' This language, coupled with the bank downgrades in Italy and the US, had trading