Gold & Silver Falls After Powell Gets Renominated

GOLD

This morning the White House announced that President Biden has decided to renominate Fed chair Jerome Powell to head the Federal Reserve. This announcement caused the U.S. Dollar and interest rates to rally and Gold quickly headed south. Gold reached a low of $1,804 before finding bargain buying. At 11am PT today, Gold is trading at $1,808 per ounce, down $44 on heavy volume.

SILVER

After the Powell announcement, Silver dropped with Gold, quickly reaching $24.14 per ounce. Silver showed more price support than Gold, as it rallied back above $24.40 as buyers got aggressive. At 11am PT today, Silver is down $0.50, trading at $24.24 on heavy volume.