Gold and silver finished the day pretty much where they started at $1319 and $16.42 respectively. The big news of the day was the stock market's waterfall drop in the last hour and a half of trading – an event that took many by surprise and set the stage for an interesting day tomorrow. Fed chairman Powell will return to Congress tomorrow likely with both the stock market drop and a lukewarm GDP number on his mind. A Reuters' survey of analysts concludes that "Elevated U.S. debt levels and volatility in stocks could boost gold prices above $1,400 longer-term." Overnight trading is quiet as we put a wrap on the day.
Quote of the Day "To suppose that the value of a common stock is determined purely by a corporation's earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defense of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed." – James Grant, Interest Rate Observer
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