Wednesday, July 31, 2019 1:14:24 PM
Precious metals such as gold and silver have been very strong since breaking out in June 2019. As we all know, the major stock indexes rolled over in May, then they reversed course and surged higher after the Federal Reserve backstopped the stock market. Gold, silver and the mining stocks have been a direct beneficiary of the recent central bank's action.
This afternoon, the FOMC (Federal Open Market Committee) is expected to cut the fed funds rate by 25 basis points. This news is already priced into the market, but the language from the central bank is not baked in yet. If the Federal Reserve is extremely dovish then gold, silver gold miners should see more upside in the near term. Should the central bank come out and sound hawkish then the precious metals are likely to pull back and decline in the near term. Either way, the precious metals will be in play this afternoon.
Nicholas Santiago
InTheMoneyStocks
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