How Precious Metals Prices Reacted to the FED Announcement
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?
About Arthur Karter
Hi, I’m Arthur, and nobody wants to wake up in their 50s like me that they are in serious debt with minimal assets. This wake-up call forced me to reevaluate everything. After going through the school of Hard Knocks, I’m ready to help you by sharing the best retirement choices and how they differ from all the same-old, same-old options that financial advisors sell. These alternatives will help you build and protect your wealth.
