Federal Reserve Chairman Jerome Powell Presents Dovish Monetary Policy

GOLD

Currently, Gold is down slightly from yesterday given the Federal Reserve Chairman Jerome Powell made a dovish monetary policy presentation to the Senate this morning. This also made the US Dollar Index go down a little bit, despite Powell stating that the Fed would remain “patient” on any U.S Monetary policy adjustments. The presentation was not full of any surprises, but given that Gold has only moved in a $7 range this morning, that’s understandable. I do like seeing Gold continue to build a strong base well over the $1300 level as we continue to watch its run this year. At 11am Gold is trading at $1327.50 per oune, down slightly by $0.50 on healthy volume.

SILVER

We saw Silver trading go down to $15.72 in London this morning, as that market was closing, but once New York opened Silver started coming right back up, getting near the $16 level again. I want to see the profit taking clear out and allow Silver to hold above the $16.00 level, especially given what Gold has done recently. That’s not a question of “if”, but instead a question of “when”. At 11am Silver is trading at $15.93 per ounce, down $0.05 on above average volumes.