Federal Reserve Reports Household Net Worth Decline

GOLD

The quote of the day yesterday came from Fed Chairman Powell, “We’re not even thinking about, thinking about raising rates”. Powell clearly said the Fed will keep stimulus coming for years. Today, the Federal Reserve reported the Household net worth declined a record $6.5 Trillion in the first 4 months of the year. Many market analysts are feeling that the Fed’s concerns indicate more trouble ahead and the DJIA dropped over 1,400 points. The Gold price is showing excellent support, over $1,720 per ounce, as buyers think about what form the additional stimulus will be. At 11am PT today, Gold is trading at $1,735 per ounce, up $20 on excellent volume.

SILVER

Silver reached a high of $18.23 per ounce in Asian trading, before seeing heavy selling, driving it down to $17.50. Silver found excellent demand at the $17.50 and quickly rallied back. At 11am PT today, Silver is up $0.07 per ounce, trading at $17.72 on good volume.