No Fed Rate Hike As Brexit Looms

The Market Gage - Dillon Gage's Precious Metals Newsletter

As expected, the Fed left interest rates alone during their scheduled meeting this week.

Citing an unexpectedly weak May jobs report and the looming Brexit referendum vote for England, Fed Chair Janet Yellen stated, “It is a decision that could have consequences for economic and financial conditions in global financial markets. If it does so, it could have consequences in turn for the U.S. economic outlook that would be a factor in deciding on the appropriate path of policy.”

Predictably, gold rose on this news, even cracking the $1,300 per ounce ceiling after facing resistance in the past. How high can it go? Many financial analysts are quite optimistic, though it isn’t just the Brexit referendum driving the charge to a precious metals safe haven. Looming sovereign debt, immigration and even terrorism are keeping global markets a tad jittery these days.

The Market Snapshot of trends since yesterday’s Market Gage:

  • Gold: Slightly trended up currently hovering around $1,290
  • Silver: Also tiptoed up about a .10 over the last 24 hours
  • Platinum: After a slight climb, down around $970
  • Palladium: Lost about $10 since our last Gage.

We’ll have much more to say leading up to the June 23rd Brexit referendum vote in England in the coming week, so stay tuned and have a wonderful weekend.

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