Powell Attributes Lower Inflation To "Transitory" Elements

GOLD

After the Fed released its report yesterday at 11am, and the trading computers read the report, some Federal Reserve members were worried that inflation is too low. At that point it was understood that the Fed was dovish on monetary policy. Thirty minutes later, when Chairman Powell held his press conference, that changed. It happened when Powell stated that the elements causing present lower inflation are “transitory”. This caused the market to turn directions, feeling it was less of a possibility that the Fed would cut interest rates anytime in the near future. From there Gold came down, as the US Dollar index is a little higher. At 11am PT today, Gold is trading at $1272 down by $11.5 on normal volume.

SILVER

It seems the factors listed above are affecting Silver as well. I should also add that this seems to be happening all around the U.S. Stock Market, since they are down too. At 11am PT today, Silver is trading at $14.66 down by $0.12 on normal volume.