* All the talk last week in the financial media was the fact that several Federal Reserve officials had given speeches somehow putting April back on the table as a live FOMC meeting, where the Fed might raise rates

* In fact, even earlier this week, even yesterday, an official from the Federal Reserve Bank of San Francisco commented that the Fed should continue with rate hikes because the economy is strong and the data is on target

* I did not buy those comments for one second - my last podcast was titled, "Fed Bankers Bark But Won't Bite", and my commentary was titled, "Two Down and Two to Go" meaning that the Fed had already dispensed with two of the 4 rate hikes telegraphed for 2016 and they would take the other 2 rate hikes away

* So, as everybody else was anticipating rate hikes, I was saying, not only are they not going to raise them in April, they are not going to raise them at all in 2016

* What happened today? Janet Yellen gave a speech to the Economic Club of New York, one of the most dovish speeches, if not the most dovish she has ever given

* As a result of the speech, the price of gold was up about $20 on the day; we closed above $1240

* In fact a couple of days ago, we had gotten nearly down to $1200

* That shows you the strength of this bull market in gold, despite the talk of a rate hike in April, and despite the rally in the dollar, gold held its position above $1200

* To me, that's very bullish, the question when will all the bears throw in the towel?

* Goldman Sachs is still looking for gold to hit $1000 - $900

* They're still looking for a strong dollar and a bunch of rate hikes

* Although Goldman Sachs is not as bearish on gold as Harry Dent

* Harry Dent called for $700 gold when I debated him on Friday's Alex Jones show

* That was a good debate, and you can check it out on my YouTube channel

* The dollar was down across the board today

* The dollar index barely held on to the 95 handle, it closed at 95.15, off not quite a full percentage point on the day

* Aussie dollar very strong on the day, up 1.4%

* New Zealand dollar was the big winner on the day; that currency was up a full 2 percentage points on the day against the U.S. dollar

* The Dow Jones liked the dovish news coming from the Fed; up just under 100 points

* One of the reasons it wasn't up more is because of the financials in the Dow weighing it down

* The NASDAQ was up 79.8 - that's a 1.7% increase

* The NASDAQ was standing still compared to the gold stocks - the GDX up 5.77%

* The GDXJ, the juniors, were up even more - about 6.3% today

* That's where the action was and I think it will continue to be, based on Janet Yellen's Dovish remarks

* I still don't think the conventional wisdom appreciates the extent of these dovish remarks

* Let me go over her remarks; she started with a pretty upbeat assessment on the economy

* She said the labor market is looking good, consumer spending is looking good, the housing recovery continues - she went over all these positives

* She did list some minor negatives: Manufacturing and Net Exports, but she blamed all that on the strong dollar

* She did also mention that capital spending and business investment was lackluster, noting in particular weakness in layoffs in the energy sector

* But overall she was still upbeat on the economy

* In fact, she admitted that the Fed's assessment of economic growth, inflation, and unemployment were exactly the same on December 2015, when they raised rates, and in the March meeting,

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