Federal Reverse Raised Fed-Funds Rate To 2.25%

GOLD

Late yesterday the Federal Reserve raised the Fed-Funds rate to 2.25% and signaled it was prepared to increase rates again in December. This news caused the U.S. Dollar Index to move higher and Gold to sell-off to $1,182 per ounce. Additionally, today it was reported that the U.S. durable-goods orders jumped. At 11am PDT today, Gold is trading at $1,185 per ounce, down $10 on excellent volume.

SILVER

Silver initially sold off with Gold, hitting a low of $14.16 per ounce. Silver showed good support at today’s lows, and quickly rallied off of today’s lows. At 11am PDT today, Silver is down $0.06 per ounce, trading at $14.30 on good volume.