Gold & Silver Prices Soar On Bullish Fed News

GOLD

After Yesterday’s press release and news conference from the Federal Chairman, Gold & Silver prices soared. To understand why precious metal prices soared, here are a few quotes that came from Chairman Powell:
“We understand the risk of interest rates remaining high too long.”
“The Fed sees real progress in core inflation coming down.”
“The Fed needs to reduce restriction on the economy well before we reach 2% inflation.”

Gold started rallying after the press release and during Chairman Powell's news conference, reaching as high as $2,025 yesterday. Gold continued its rally through U.S. trading in on Asian markets, reaching a high of $2.047 per ounce, rally $65 in just over 24 hours.

This Fed news caused both the U.S. Dollar and 10-Year Treasures to sharply sell-off. The Dollar moved under 102 and 10-Year Treasures fell under 4%.

At 11am PT Today, Gold is trading at $2,031 per ounce, up $18 on excellent volume.

SILVER

On the Federal Reserve news, the Silver price moved sharply higher. When the Fed press release came out, Silver was trading at $22.80 per ounce. Silver immediately moved above $23 per ounce, then in later trading rallied to over $23.50 per ounce. By the time Asian trading opened, Silver was approaching $24 per ounce. In Asian trading Silver reached $24.31, before seeing short-term profit-taking.

At 11am PT today, silver is up $0.86 per ounce, trading at $24.01 on good volume.