Precious Metals Update – Wednesday, December 20

brass metal frameImage Source:¬†UnsplashLast week’s Federal Reserve meeting minutes have breathed new life into gold and silver, spurred by Fed Chairman Powell’s comments on the potential for up to three interest rate cuts in 2024. Despite backpedaling on those remarks this week, both equities and precious metals markets have responded positively. Gold is currently trading at $2037 per ounce, with silver holding firmly above $24 per ounce.Attacks on cargo ships in the Red Sea by Houthi rebels have put the US military and its allies on high alert. A task force has been established to counter these attacks, causing disruption among shipping companies and adding complexity to the already tense situation in the Middle East. As expected, this unsettling news is contributing to the positive trend for gold.In domestic news, Colorado’s highest court has ruled that Donald Trump is ineligible to run for president in the upcoming elections due to his involvement in the January 6 Capitol Hill insurgency. The decision will now go to the Supreme Court and could potentially reshape US politics if upheld.Lastly, the recent gold rally has spurred renewed interest in gold ETFs in North America and Asia. Early indications suggest that funds in both markets are currently experiencing net inflows.With that, I’d like to wish all our clients and followers here at SWP a wonderful, safe, and joyous holiday season!More By This Author:Precious Metals Update – Monday, Sept. 7Precious Metals Update – Saturday, August 8Precious Metals Update – June 23rd


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