明天Jackson Hole对黄金走向挺重要的 This is a pretty binary event. Either Jay Powell gives a very clear nod that he intends to taper this year, or he doesn’t. Because if there’s one thing the Fed hates in these days of forward guidance, it’s surprising the market. And to have any chance of a taper by December, the flares would really have to go up now. If they don’t, and then we DO get a taper this year, things could get a little hectic. And for once, there’s money riding on both the dovish and hawkish outcomes. That could be seen on Aug. 4, when the ADP jobs report disappointed, briefly undermining the case for a taper -- only to minutes later be superseded by hawkish comments from Federal Reserve Vice Chairman Richard Clarida. Gold spiked on the initial data, then dropped below the open on the comments. Which shows there’s clear bi-directional interest.