Gold and gold miners have sold off significantly over the past six weeks.
With the Bank of Japan and FOMC decisions immient, we need to prepare for the next move.
A dovish BOJ may embolden the Fed to raise rates this month. This is a secondary premise.
The primary one is the BOJ does very little and the Fed puts off a rate hike for another few months.
Our estimate of market reaction is a relief rally for miners followed by more choppy price action once the announcement is made.
Any strong pullback in gold or miners is likely to be bought and is a buying opportunity in our view.