September 16, 2019
– Gold, and especially silver, prices tumbled last week as the rout in the bond market continued. Yields moved sharply higher, despite broad anticipation that the FOMC will be cutting the Funds rate again this week.
A bit of weakness in the U.S. dollar helped copper and palladium but not gold and silver prices.
The precious metals did, however, get a boost in Asian trading Sunday night as the effects of weekend drone attacks on Saudi oil fields began to be felt.
The carnage is expected to seriously impact world supply, and oil prices surged higher.
Markets will become even more uneasy if the drone attacks push the U.S. and Saudi Arabia closer to war with Iran.
Jerome Powell will announce the latest FOMC decision on rates Wednesday. Another quarter percent cut appears baked in the cake. If accompanied by a dovish policy statement, it should support gold and silver prices – especially if oil market turmoil has already started the ball rolling.
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Originally Posted Here: $GLD and $SLV Prices as of September 16 2019 @moneymetals