It made no difference that a weakening U.S. dollar against the euro lent some serious upside movement to gold. In the end, traders were selling, selling, selling and that has dragged gold down.

Apparently no one likes good news any longer.

Housing starts in the U.S. totaled 1.16 million in May, above a consensus estimate of 1.15 million. Yet, down went the Dow, S&P and NASDAQ.

It’s hard to believe that the CMOE’s VIX volatility index rose only 1.20% today and fell dramatically yesterday by over 7.00%.

If anything characterizes todays movements in almost all markets, it is inarguably volatility.

The relatively dovish statement delivered by Fed chairwoman Janet Yellen confirmed what most of us knew beforehand. That is, that given economic conditions in the U.S. and the rest of the world, the Fed would leave rates as they were.

The euro was up over a half percent against the dollar. The Brexit-troubled British pound was up almost as much.

The headline says it all. At 3:45PM we are waiting to see if regular trading can maintain a modest little up-move – around $1.30 an ounce – in the face of a very healthy greenback. Dollar strength is dragging gold down over $7.00 at this juncture. Silver, however, can’t compensate enough to push into the green zone.

In case anyone was wondering what the big-dog currency on the block in Asia is, ask no more questions. As the yen goes, so goes all of Asia’s economic momentum.

The Japanese currency surged about 0.70% against the U.S. dollar, which has been weakening due to the general consensus that the Federal Reserve will not raise rates at this week’s policy meeting.

There’s always at least one in every crowd that cuts across the grain. Today, we have a number of equities traders across the globe who are concerned the Fed is going to surprise markets.

Yawn… and if the Fed does surprise? U.S. rates go to 0.75, scarcely a game changer. Never mind, though, because it won’t be happening.

Gold showed its potency as an investment of independent value today. Regular trading took more than $11.00 higher. Unfortunately for bulls, a stronger dollar knock gold down around $7.00. The yellow precious metal is looking at a $7.00 up-move on the day, or about 0.50%.

Percentage-wise, silver did even better, rising 1.30% on the session.

Coming under the influence of strong outside bullish forces, gold rose over 1.40% today. Little sister silver is up around 4.00%.

We are not looking at safe haven plays today, surely, but rather at a general sense that gold and silver have been trading too low for too long and now are fulfilling their potential as strong investments with the upside looking very positive.

Only a few days after it became clear that an interest-rate hike by the United States Federal Reserve in June is very unlikely it isn’t terribly surprising that gold is looking for a wide hole in the line to run through.

Even with a solid, if modest, assist from a softer U.S. dollar, gold in mid-afternoon is up only 40 cents. Silver is off a quarter of a percent.