Fed Chairman Powell's Statement Causes Precious Metals Sell-Off

GOLD

Yesterday’s statement of “Double tightening refers to monetary policy where the balance sheet run-off occurs at the same time as hiking interest rates” by Fed Chairman Powell caused a sell-off in precious metals. Today, as the market is down, Gold just broke below the $1800 level. However, it’s seeing good support at this time. At 11am PT today, Gold is trading at $1,798 per ounce, down $35 on strong volume.

SILVER

Silver followed Gold lower on the Fed Chairman’s statements, reaching below the $23 level, but buyers are stepping up. At 11am PT today, Silver is down $1.10 trading at $22.80 per ounce on above average volume.