* The official probability of a December rate hike continues to diminish over the last several days * The markets had the rate hike at about a 70% probability; now we're down to about 60% * Personally, I think the odds are closer to zero, and over time, as we get closer and closer to that December meeting, the odds will steadily move down * Just like the Atlanta Fed keeps moving down its estimates for Q3 GDP; most recently down to 1.9% * I expect the Atlanta Fed to move lower again this week on more weak economic data * As the potential for a rate hike diminishes, gold's appeal improving, gold prices now back above $1260 today * We've had a couple of back to back strong days in the gold sector * Maybe the catalyst for the recent correction in the price of gold was the renewed expectation of a November and now December rate hike * As those expectations are realistically dialed back, you'll see more money moving into the metals * The dollar, though, continues to trade firm * It's not moving higher, but it's not really surrendering much of its gains * Maybe some of this has to do with weakness particularly in the pound * Why is the pound so weak? * The Bank of England was very forthright, they wasted no time in warning voters not to vote for Brexit as it would be a disaster for the British economy * Well, sure enough, the people voted for Brexit, and so now, it is a self-fulfilling prophecy * The central bankers in Britain had convinced themselves that the economy would require stimulus, and therefore announced an increase in their QE programOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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