Today's action is pretty much as expected and I posted my view a few days ago about further continuation of easing/accomadation with I expect more to come in the next meeting. The cartel has done a great job so far containing gold and gold equities as they pounded both as planned right at FED announcement and this was rebuffed when reality set in and both gold and gold equities rose strongly.

They also started selling gold again upon Bernanke press conference starting and this continues right now with a furious pace on the spot market ticks but gold equities haven't reacted too much yet helping to provide some support. Can't have Bernanke look to bad.

BTW, I have been following a live feed of twitter comments on MarketWatch and everyone has been gold bullish so far so this suggests that gold should move back higher after the cartel is done doing what they can to help FED press conference.

I have no doubt that more QE is coming soon after a long extention of Twist today plus a further FED committment to continue investing in Mortgage backed securities as maturity capital comes available (kind of a forgotten QE light program).