After Tuesday's reversal, gold has been treading water in a narrow consolidation. Certainly, it is an exceptional moment that it has challenged the mid-2013 highs. While that's exciting on its own, let's remember that it has failed in keeping gained ground. But it hasn't been really declining much since, one might rightfully object. So, is it taking a breather now? Just take a look at the strong miners' showing of yesterday. It shows that...

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Quite a few journalists wrote about gold's breakout in the previous days even though gold made an attempt to break above the key resistance - the mid-2013 high - only today (and it failed). At the same time, when the gold to silver ratio was breaking out in a clear way, many journalists ignored that and emphasized the importance of the resistance at hand. Either way, the focus was not on what was really going on, but on trying to make the reality fit the bullish case for gold. After all, "gold people" have to be bullish on gold all the time, right? Wrong - those, who want their clients to succeed need to stay focused on what is likely to happen based on objective, cold logic and facts, instead of chasing the emotions of the day. And what do the facts tell us?

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Quite a few journalists wrote about gold's breakout in the previous days even though gold made an attempt to break above the key resistance - the mid-2013 high - only today (and it failed). At the same time, when the gold to silver ratio was breaking out in a clear way, many journalists ignored that and emphasized the importance of the resistance at hand. Either way, the focus was not on what was really going on, but on trying to make the reality fit the bullish case for gold. After all, "gold people" have to be bullish on gold all the time, right? Wrong - those, who want their clients to succeed need to stay focused on what is likely to happen based on objective, cold logic and facts, instead of chasing the emotions of the day. And what do the facts tell us?

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Gold broke above the $1,400 level last week and the volume that corresponded the move was exceptional. The story doesn't end there. The volume for silver was big and the volume for silver stocks was truly epic. Something very, very, very important is happening right now. You knew a part of the story for weeks now... And the last week seems to have written its conclusive verse.

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Gold rallied and it rallied significantly. Most of the move took place overnight, when the Asian markets reacted to the latest monetary news. The Fed delivered a dovish surprise and a decisive end to its rate hike series. They now openly discuss the possibility of rate cuts and how fast they can execute them. Even though the Fed left the rates intact, the markets - being forward-looking - acted as if the rates were already lowered. What does it mean going forward?

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