Last week we saw the Fed once again raise rates by .75 basis points. Today, we look back almost one week later to see how precious metals reacted to the rate hike.
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Precious Metals Prices Post September Fed Rate Hike
With the rates being raised higher to stop inflationary trends, the precious metals sector (both stocks and action metals) reacted positively. As we’ve harped on many times in the past, the sectors is viewed as an inflation hedge, and many people like to hold precious metals in an attempt to stave off inflation. Although the sector has been rocky lately, every market sector has been the same – even cryptocurrency.
GLD: (SPDR Gold Trust) ended up .46%.
SLV: (Ishares Silver Trust) ended up even higher, up 1.86%.
We don’t get into technical trading here at Cayman Financial Review, but many technical traders we collaborate with are starting to call the bottom in silver.
GOLD: (Barrick Gold Corp) closed .86% higher. All of these quotes and information were first reported by Yahoo!.
(Note: Invest at your own risk, this is NOT financial advise.)
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We’ll continue to monitor the prices of gold and other precious metals. It will be interested to see if this is indeed the bottom for silver, and it will be interesting to see what the Fed will do in it’s next meeting. A rate hike is certainly once again possible, and if that happens, will we see precious metals take off?