Gold Back Over $2,500 – Silver Nearing $30

GOLD

Fed Chairman Jerome Powell spoke today at the central bank’s annual conference in Jackson Hole, Wyoming. Gold quickly rallied $38 on the positive comments, signaling that the long-expect cuts in U.S. interest rates will start next month and that we will see multiple rate cuts over the next calendar year. Gold saw some Friday selling after reaching the highs and dropped back down $10 per ounce, but remained over the key $2,500 level.
At 11am PT today, Gold is up $28, trading at $2,510 per ounce on strong volume.

SILVER

Silver followed Gold higher after Powell’s comments, reaching $29.94 per ounce. Then, we saw some light weekend selling and the price dropped $0.14 per ounce.
At 11am PT today, Silver is trading at $29.80 per ounce, up $0.75 on good volume.