UBG - Fed Delivers More QE 'Light' And Gold Responds

On October 4^th, as I expected would happen, the Fed announced that it was extending its overnight and term repo operations out to November 26^th (the November 12^th two-week term repo matures on the 26^th).

The Fed added 7 more 2-week "term repos, " plus a 6-day "term repo," with the next three operations upped to $45 billion. It extended the overnight repos until at least November 4^th. Well then, I guess the "end of quarter" temporary liquidity issue with corporate tax payments was not the problem.

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