Federal Reserve Likely To Taper Purchases By 2022

GOLD

The Federal Reserve gave economists an update on the likelihood of their tapering yesterday and that news affected the U.S. Dollar and precious metals. The Fed's message shows they are going to scale back their purchases by year-end 2021. The U.S. Dollar Index soared over 93.50 and Gold sold off, reaching a low of $1,745 in overnight trading. At 11am PT today, Gold is trading at $1,756, down $24 on average volume.

SILVER

Silver followed Gold lower in overnight Asian and European trading, reaching a low of $22.52 per ounce. Considering the $25 correction in Gold today, Silver is showing more price support. At 11am PT today, Silver is down $0.12 per ounce, trading at $22.82 on normal volume.