Fleckenstein - Fed Announcement Shows They Are Trapped

``Today is truly shocking to the people who have had it dead wrong.  This is shocking because the Fed had been laying the groundwork for tapering for so long.  But, remember, in 2009 the Fed was talking about ‘exit strategies.'  Now we are just talking about cutting back on a part of the stimulus and they can't even do that.  So, one of these days people are going to realize that they are totally trapped.  I just can't tell you when the crowd is going to change its mind. This should be a major turning point for gold because so many people have hated it for the wrong reasons.  Since gold peaked in the fall of 2011, the Fed has printed another $1 trillion.  So gold has a lot of catching up to do.  This ought to be gold's moment, right here, right now.  Gold should start a huge leg higher.  Certainly the gold stocks have a pretty good setup from a risk/reward standpoint, from where they are today.  You certainly can't find a more hated group on the planet."''