Precious metals such as gold and silver have been very strong since breaking out in June 2019. As we all know, the major stock indexes rolled over in May, then they reversed course and surged higher after the Federal Reserve backstopped the stock market. Gold, silver and the mining stocks have been a direct beneficiary of the recent central bank's action.
On Wednesday, the FOMC (Federal Open Market Committee) cut the fed funds rate by 25 basis points. That news was already priced in to the market and a dovish Powell should drive gold, silver the gold miners to the upside in the near term. Either way, the precious metals are in play.
