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Gold and Silver Fighting Strong Dollar

Gold and silver are down due to another strong surge in the U.S. dollar, due to the aggressive rate-raising regimen Federal Reserve Chairman Jerome Powell announced after this past week’s meeting of the Federal Open Market Committee (FOMC).  In essence, he said the Fed would raise rates again (probably by 0.75%) just a week before the mid-term election in November, and then raise rates another 0.50% before Christmas in order to match current short-term (two-year) Treasury rates of 4.4%. (In the last week, 2-year rates rose from 3.9% to 4.4% and 10-year rates rose from 3.5% to almost 4.0%)


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