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Gold is up strongly today, the day after the Fed's widely anticipated rate hike. To understand why, a little history.... In December 2015, the market expected the Fed to hike at its mid-month meeting. I made a pretty bold call that this would mark the bottom for the price, as the expected event that was the basis for so many gold short trades would become a fait accompli, and the traders would move on. At that point in time, Western traders were making the gold price, and few were taking it. Gold soared after that initial Fed hike, and through the subsequent ones, and many of our junior mining recommendations jumped 4x-5x over the next six months. Today we find a similar, but not identical, situation. Western traders have also leaned on gold in recent weeks in anticipation of a Fed rate hike, but with a lesser effect than in the previous example. That's because while the West is again making the gold price, others are now gleefully taking it. So the short gold trade is over after the Fed's move yesterday...and the powerful underlying demand is taking control once again. Buckle up.