Fed launches QE5 sending gold and silver higher and the dollar lower.
December 10 (King World News) – James Turk: The FOMC meeting has concluded, Eric, ending a lot of near-term uncertainty. As expected, they lowered their target rate by 0.25%.
They also said that they would be buying T-bills, which is another way of saying ‘quantitive easing’. It means loose money conditions are on the way at least in the near-term, which is positive news for the precious metals.
Nevertheless, initially gold and silver were hesitant after the announcement, trading in a range and looking for direction. They got that when Powell began speaking. Easy money is coming out of the Fed.
The S&P 500 and the precious metals started heading higher, with silver making a new record high. Good news for the precious metals is bad news for the dollar, which tumbled lower.
It will be interesting to see how the week ends, after all the smoke clears. My guess is today’s trends will continue to the end of the week, concluding another good week for gold and silver.
I know that gold and silver have come a long way over the past few months, but it reminds me a lot of 1979, which was a good year and a lot like what we’ve experienced this year. The metals back then just kept going higher, like now. You would think that the precious metals need a rest.
But I remember December 1979. They didn’t stop for a rest. I looked up the numbers to see how good that month was, which was even better than I remembered.
In December 1979, gold rose 27.2% in that one month. Silver soared 83.0%, while the gold/silver ratio dropped 30.5%.
I’m not saying that gold and silver are going to repeat this month what they did 46 years ago. The month is not even half over, and anything can happen. I am just saying that we should be focusing on the upside potential from here even though 2025 has been a banner year for the precious metals.
The late 1970s were driven by currency destruction, which sent the precious metals higher. We are seeing currency destruction again, with the ongoing erosion of purchasing power of every fiat currency as the debts of governments around the world soar. So we should keep open minded about what lies ahead.
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