Gold & Silver Sold Off Due To Expected Increases In Fed Funds
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GOLD
As we approach a Federal Reserve meeting which is expected to increase the fed funds rate by ¼ point, Gold and Silver has sold-off. An increase in fed funds has been expected for over a month and the 10-year Treasury has already rallied to 3.07% due to that expectation. Gold has hit a low of $1,193.40 in early trading, and let’s see what happens after the Fed Chairman’s news conference. At 11am PDT today, Gold is trading at $1,195 per ounce, down $7 on normal volume.
SILVER
Silver declined with Gold and reached a low of $14.32, which was surprisingly higher than I expected. Physical demand has heated up for Silver investment products, and the U.S. mint has announced they have temporarily sold out of Silver Eagles. At 11am PDT today, Silver is down $0.12 per ounce, trading at $14.36 on average volume.
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