Fed Chairman Powell Didn’t Disappoint Gold And Silver

GOLD

We waited the entire week for Chairman Powell’s speech at the Jackson Hole financial conference. Well, he didn’t disappoint us, because he stated that the current environment "may warrant" a rate cut. After that statement, the financial markets went wild, stocks, bonds, and precious metals all moved higher. Gold jumped $44 to a high of $3,379 before seeing light profit-taking.

At 11am PT today, Gold is trading at $3,372 per ounce, up $38 on good volume.

SILVER

Silver moved higher on Powell’s statement, breaking above the $39 resistance level. Silver reached a high today of $39.13 before seeing selling.

At 11am PT today, Silver is trading at $39.01 per ounce, up $0.91 on strong volume.