Morning News out of Jackson Hole, Wyoming

GOLD

This morning news out of Jackson Hole, Wyoming wasn’t pretty.
Federal Reserve Chairman, Jerome Powell made it clear that the inflationary battle will continue for some time and warns of coming economic pain. All the financial markets reacted negatively on that news and sold-off quickly. The feeling is that interest rates will continue to be moving higher, and the U.S. Dollar will stay strong. Gold’s initial reaction was to fell to $25, reaching today’s low of $1,733 per ounce before seeing serious buying. At 11am PT today, Gold is down $17 per ounce, trading at $1,740 on excellent volume.

SILVER

The Silver price also reacted negatively to the Chairman Powell news. Silver broke below the key $19 level, reaching a low of $18.76 before seeing bargain buying. At 11am PT today, Silver is trading at $18.94 per ounce, down $0.34 on excellent volume.