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On Wednesday, the Federal Open Market Committee (FOMC) had their monetary policy announcement. They voted to keep the target benchmark Fed Funds Rate at 4 ¼- 4 1/2 percent. With the potential for two interest rate cuts later this year.
All this means is that it is even more imperative to hedge and diversify with gold and/or silver like Ray Dalio, hedge fund manager says to do and be the smart money. The 50-day and 200-day moving averages for precious metals are pointing upwards and prices are above those averages.
Plus, I am hearing the word Stagflation being bandied about again. The stock market in turn is declining and precious metals are increasing.
FED Chair Jerome Powell said that the FED has not reached their 2 percent inflation target yet and then, and then, and then, he said that the current inflation is transitory. Oopsie! Where and when have we heard that before?! From former Treasury Secretary Janet Yellen who has never made a correct prediction ever. And we know what happened after she said that.
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