SNORT CITY!
WE DON'T NEED NO STINKIN STOPS!
Kitco News) - Gold and silver prices aare solidly higher and hit new daily highs in the aftermath of the Fed's FOMC meeting conclusion. The FOMC statement was surprisingly dovish on U.S. monetary policy, which pushed the precious metals markets sharply up. February gold was last up $26.60 at $2,020.10. March silver was last up $0.434 at $23.425.
On the front burner of the marketplace is the just-concluded two-day Federal Open Market Committee (FOMC) monetary policy meeting of the Federal Reserve. The FOMC statement said U.S. economic growth has moderated but inflation remains elevated. Most FOMC officials now see rate cuts coming in 2024. 2025 and 2026. The marketplace is reading the FOMC statement as being surprisingly dovish on U.S. monetary policy. Now the marketplace awaits the press conference from Fed Chairman Jerome Powell. It's still expected Powell may lean at least a bit hawkish by saying the inflation fight is not yet finished.
This week's U.S. inflation data in the form of the consumer price and producer price indexes for November came in close to market expectations and suggest U.S. inflation continues to cool. The data somewhat assuaged the marketplace, at least for the moment, as the U.S. stock indexes this week hit new for-the-move highs amid a seasonal Santa Claus rally.
Edited by Rogerdodger, 13 December 2023 - 03:55 PM.
