The U.S. dollar index weakened on Wednesday afternoon’s FOMC/Powell statements. U.S. Treasury yields dipped a bit. However, gold prices soared to record highs, with April Comex gold hitting a record high of $2,225.30 an ounce. The much stronger move in gold is puzzling to many long-time gold watchers, given the more modest price moves in the U.S. dollar index and U.S. Treasuries. It makes one wonder if a big player, like a bank, put on a huge long-side trade in gold futures in the afternoon after-hours market, when volume may have been thinner. Gold bulls are in solid command to suggest still more price upside in the near term. Stay tuned!—Jim Wyckoff