Fed Not Raising Interest Rates

GOLD

The U.S. Dollar Index is staying above 90, 10-Year Treasuries remains above 1% while Gold is just staying in the $1,850 neighborhood. Federal Reserve Chairman Powell gave an updated statement today. He said the Fed is not raising interest rates and is prepared to allow inflation, later this year to move over 2%. Powell's speech helped Gold rally above $1,850 per ounce. Also, this evening we will hear President-Elect Biden’s comments about the coming stimulus package. At 11am PT today, Gold is trading at $1,854 per ounce, down $2 on average volume.

SILVER

Silver rallied after Chairman Powell’s statement. Remember Silver is the ultimate inflation hedge, and it wasn’t surprising to see Silver out-perform Gold on the Powell news today. Silver has spent most of the trading day between $25.50 to $26 today, building a firm base for the next move above $26. At 11am PT today, Silver is up $0.23 per ounce, trading at $25.70 on good volume.