Fed Rate Cut Causes Precious Metals Markets To Sell Off

GOLD

As the markets awaited a final decision about interest rates from the Federal Reserve, the Gold and Silver markets were selling off. At 11am the Federal Reserve announced a ¼ point cut in the Fed Funds rate causing precious metals and financial markets to sell off. The Gold price immediately dropped $10 per ounce, to $1,418. At 11:10am PT today, Gold is trading at $1,420 per ounce, down $11 on excellent volume.

SILVER

Silver did reach a low of $16.31 earlier this morning before bargain buyers stepped in. Silver was trading at $16.45 when the Fed announcement came out, and immediately dropped $0.12 per ounce. At 11:10am PT today, Silver is down $0.06 per ounce, trading at $16.35 on excellent volume.