Daily Market Report 5/19/16

GOLD

In late trading yesterday, the Federal Reserve released their latest minutes. The minutes left an opening for a possible interest rate increase in June. This news caused Gold/Silver to decline sharply, and the U.S. Dollar to rally. After the Fed’s news, Gold dropped to a low of $1,246 per ounce in Asian trading before finding bargain buying. The Fed announcement doesn’t represent any serious concerns, as they are committed to a long term low interest rate policy. It does represent a great buying opportunity. At 11am PDT today, Gold is down $9, trading at $1,255 on heavy volume.

SILVER

After the Fed announcement Silver reached a low of $16.40 per ounce. At 11am PDT today, Silver is down $0.53 per ounce, trading at $16.49.