They both say the same thing. They opened higher, added a few ticks a little after 10AM EST, cruised for a bit, sold off a touch and then....the FOMC minutes came out and wham. The inflation statement -- which came out at 2 EST -- was a clear selling catalyst for both markets.
These are 5-minute bar charts and the inflation paragraph in the FOMC statement is near the end -- about 10-minutes into the statement. There has been some speculation about when and if the Fed will lower rates. However, the Fed's statement was pretty clear -- inflation is still on their radar screen so rates aren't coming down for a bit. Not what the markets wanted to hear.
Going forward you have to wonder if this statement will provide a psychological trading ceiling on the market.
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Hey, Bonddad, just heard something disquieting from an acquaintance in from Europe for the holidays - within the past few days there was some massive gold purchase in Europe. No one knew who it was, and then it came out that it was the Central Bank of Italy, shifting some of the dollars to gold.
This news is probably garbled, in that neither my friend nor I are professionals, but I would be interested if you knew anything about it.
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