Gold & Silver Continues Their Downward Direction

GOLD

Federal Reserve Chairman Powell testified to Congress today. During his presentation, he indicated that the Fed is likely to raise the Fed Funds rate at least one time or more during the balance of 2023. He also made it clear that controlling Inflation “has a long way to go”. Both these statements put pressure on the precious metal markets, driving down the price of Gold and Silver. Gold reached a low of $1,918 before seeing serious buying. At 11am PT today, Gold is trading at $1,935 per ounce, down $2 on average volume.

SILVER

Silver followed Gold lower, reaching $22.46 before seeing bargain buyers. Today, the Gold-to-Silver ratio has reached 85-to-1, an extraordinary number. At 11am PT today, Silver is down $0.40 per ounce, trading at $22.78 on heavy volume.