Markets React To Fed's Policy

Federal Reserve Chairman Jerome Powell on Wednesday gave a greatly improved economic forecast. He shared a Fed monetary policy decision which indicated that it doesn’t expect to hike interest rates until 2024. This is highly bullish for Gold and it quickly rallied $15 per ounce in late trading yesterday. Gold reached a high last night of $1,752 per ounce before seeing short-term profit take. At 11am PT today, Gold is trading at $1,734 per ounce, up $5 on good volume.

SILVER

Silver should be the biggest beneficiary of low interest rates and increasing inflation of the next couple years. Silver initially reached a high of $26.73 before selling-off with the Gold price. At 11am PT today, Silver is up $0.30 per ounce, trading at $26.32 on excellent volume.