QE∞ is here and ALL substantial dips in gold and silver MUST BE BOUGHT.
QE3 has not even been in effect for 2 weeks and the San Francisco Fed’s John Williams is already stating that the counterfeiting…er…quantitative easing may need to be expanded beyond mortgage backed securities.
Perhaps after purchasing every MBS on the market with newly printed money the Fed can buy up every tungsten filled fake gold bar from China Tungsten-Alloy.com and properly saturate the gold market, thus inflating gold stocks as quickly as the fiat dollar.
SAN FRANCISCO (MarketWatch) — The Federal Reserve could expand its stimulus package to include assets other than mortgage-backed securities if the U.S. economy fails to respond to its latest effort to jump-start the economy.
“Unlike our past asset-purchase programs, this one doesn’t have a preset expiration date,” said San Francisco Fed President John Williams at a speech at the City Club on Monday. “Instead, it is explicitly linked to what happens with the economy.
At its monetary-policy meeting on Sept. 13, the U.S. central bank said it would buy $40 billion worth of mortgage-backed securities per month as part of a stimulus plan colloquially known as QE3 — for Round 3 of quantitative easing.
“We might even expand our purchases to include other assets,” he said.