Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Takes out Downtrend after FOMC Statement
March 17, 2021 - (Gold Market Wire) - A dove-ish Fed statement that re-affirmed massive Treasury purchases has pushed Silver over the persistent downtrend line we have been charting for days. The March FOMC (Open Market Committee) said it saw no rate hikes through to 2023 and expected inflation to move above its 2% target. It was music to Silver's ears.
As Fed statements come, the don;t come much more bullish for precious metals The indicated $80 billion a month in Treasury purchases and $40 billion a month in Mortgage backed securities are added fuel to the fire of inflation, which now looks ready to take hold. It has been a long time coming for the Fed...is it finally here?
Needless to say, the US Dollar took the announcement on the chin.