Gold and Silver Reacting To The Federal Reserve Announcement

GOLD

After yesterday’s announcement from Federal Reserve chairman Powell that interest rates may not be slowing down as original thought, the markets reacted. Interest rates and the U.S. Dollar Index moved higher, and Gold moved lower. Gold dropped $30 from yesterday’s opening price, reaching a low of $1,912 before finding serious buying. At 11am PT today, Gold is trading at $1,920, down $22 per ounce on the day.

SILVER

Silver found serious buying in Asian and European markets, rallying up $0.14 per ounce, above the $23.50 resistance level. With low premiums and at current price levels, we are seeing excellent demand for many of the popular Silver investment coins. At 11am PT today, Silver is up $0.10 per ounce, trading at $23.50 on strong volume.