The Federal Reserve made clear that it was now on a dovish path and the markets responded strongly, including the gold market. This was hardly the first signal that the Fed had finished its “tightening cycle” and that the next move in rates would be down; that had been clear since December. But markets can be like that. The shift, particularly for gold, came suddenly and swiftly. There is, however, a contradiction between the markets and the economy. The reason for the shift in Fed policy that the markets are celebrating is itself a reflection of growing weakness in the economy. Finish reading here: Portfolio Review 2019 2Q