Possible Fed Funds Rate Hike Is Negatively Impacting Gold & Silver

GOLD

The U.S. Treasury 10-Year interest rate moving towards 3% and the belief that the Fed will raise the fed funds rate ½ percent on May 3rd is having a negative effect on Gold. Today, Gold has been selling off. Gold futures, options, equities, ETF, and funds have all seen selling as Gold dropped to $1,935 per ounce. This is the point in the past we have seen a major buyer step into the market, hopefully we will see that again. At 11am PT today, Gold is trading at $1,947, down just $7 per ounce on excellent volume.

SILVER

Silver got hit with Gold and dropped below the key $25 per ounce support level. Silver saw sizeable selling today, reaching a low of $24.38 before bouncing back. At 11am PT today, Silver is down $0.60, trading at $24.58 on excellent volume.