Chairman Powell Comments on the Federal Reserve

GOLD

Chairman Powell made two comments regarding the Federal Reserve that dramatically changed the financial markets. First, was that interest rates are ‘just below' levels where they won’t stimulate the economy. Second, is that interest rates are not on a pre-set path of increasing three to four times next year as projected in the past. The markets reacted to this dovish statement with Gold, Silver and the equity markets moving up sharply, while interest rates and the U.S. Dollar Index dropped.

At 11am PT today, Gold is trading at $1,223 per ounce, up $8 on active volume.

SILVER

Silver jumped 1% ($0.15) on Chairman Powell’s comments this morning. Trading volume picked up on the CME and prices held in that area.

At 11am PT today, Silver is up $0.18 per ounce, trading at $14.35 on excellent volume.