Gold's selloff today is especially surprising given the Fed statement on inflation, which reads:

"Inflation has been elevated, and some indicators of inflation expectations have risen. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook has increased. It will be necessary to continue to monitor inflation developments carefully."

You would think that the only logical explanantion is that holders of gold felt compelled to sell and rush off to the stores to buy corn chips and gasoline before prices increase yet again...

The fact that there are 2 dissenters on the committee is also significant, in my view.