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June 4, 2008


For anyone interested, Fed Funds futures are implying a 96% chance of no change in the Fed Funds rate coming out of the FOMC meeting at the end of this month and a 4% chance of a 25bp cut. If these expectations do not change, I imagine precious metals will continue to meet upside resistance for a bit. Should the tape receive any surprises that substantially changes these expectations, the metals will likely zoom higher.


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