Today, gold dropped 5%. There have been 30 previous occasions when gold has dropped by more than 5% since 1974. Most of the day, it was curious to see the market essentially flat while gold was down big. Eventually, the market found it’s legs and the Dow Jones Industrial Avg. rose by 140 points. Friday will be interesting to watch the market’s reaction to the events at Jackson Hole. Perhaps more interesting will be the presence the new IMF chief, Largarde and Trichet, the president of the European Central Bank.

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