Low Fed Rates till 2014 Sparks Gold

Here comes the rain again
Raining in my head like a tragedy
Tearing me apart like a new emotion
--Eurhythmics

In today's FOMC announcement, the Fed signaled that they will be keeping rates ultra low thru most of 2014. Wow, that even raised my eyebrow...

This news put some giddy-up into gold, which vaulted about $50 this afternoon on the FOMC news.

I used this leap to sell my GLD position. It's up about 10% from its lows, price is now filling the gap, and stochastics are getting twisty in the overbought zone.

Am also concerned about the re-hypothecation issues surrounding these metal ETFs on the back of the MF Global situation last fall.

Selling this position puts me just about 0% net long (long metal and ag commodities against short equity index). Feels about right given the current field position of various asset classes.

position in commodities, SPX