So the Fed disappointed on Friday.

I know that everyone in the mainstream financial media along with much of the blogosphere believe that the Fed left the door “wide open” for QE 3 or some other large scale monetary program at its September 12-13 FOMC meeting. But, the reality is that Bernanke used the same tired “we’re ready to act if needed” mantra he’s been running for over a year now.

Regardless of the Fed’s verbage, the two key charts for determining whether or not more QE or some other program is coming are Gold and Silver. Both have just staged breakouts, the question now is whether these moves are a headfake or the real deal.

Given that hedge funds are notorious for pushing Gold and Silver higher at the end of the month for performance gaming, this really is a toss-up.

Here’s Gold:

 

And here’s Silver:

It’s a tough call here. And things are no clearer in the currency markets where the US Dollar is on the cusp of breaking its uptrend:

What happens next will determine the true state of affairs for the financial system. Keep these three charts on your radar.

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Best regards,

Graham Summers
Chief Market Strategist
Phoenix Capital Research