All Financial Markets Dip Awaiting Fed Announcement

GOLD

The financial markets are all holding their breath awaiting Federal Reserve Chairman Powell’s announcement tomorrow. Powell should provide information on the size and timing of Fed bond-buying tapering and interest rates. The Dow, Nasdaq, Bitcoin, and precious metals are all lower today. Gold reached a low of $1,766 before seeing short-covering and bargain buying. At 11am PT today, Gold is trading at $1,773 per ounce, down $15 on good volume.

SILVER

Silver tested its recent low of $21.64 in early European trading, but rallied back in the U.S. markets. The Producer Price Index for November was released today, showing an increase 0.8%, which was expected. At 11am PT today, Silver is down $0.40 per ounce, trading at $21.92 on strong volume.