Gold rose 2% after the Fed’s new monetary policy strategy which suggested that the U.S. central bank’s key overnight interest rate, already near zero, would stay there for potentially years to come.
Gold has gained nearly 30% so far this year, notching an all-time high of $2,075 earlier this month, as investors seek to buy the metal as a hedge against possible inflation and currency debasement due to unprecedented money printing by central banks.
As we head into the final quarter of the year – we’re heading into an event-driven period filled with back-to-back trading opportunities such as Non-farm Payroll, The ECB Meeting, The September & October FOMC Meetings and the U.S Presidential Election, which is going to be the headline event that will drive market sentiment over the next 90 days.
Elsewhere, silver was heading for a fifth straight monthly gain, up more than 14% in August.
Where are prices heading next? Watch The Gold & Silver Club Commodity Report now with Phil Carr for the latest price forecasts and predictions: