Why did stocks fall so sharply? The valuations were so stretched that it took very little to set off the correction. What the Fed did and said today was utterly obvious to anyone watching what is going on, and thinking for themselves.They did their 25 basis point cut, and affirmed their firmer stance on future cuts because of persistent inflation. A geopolitical event will make some obvious Fed related temper tantrum look pale by comparison.More gold left the Hong Kong warehouses yesterday. Gold is flowing from West to East.Have a pleasant evening. 
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