Silver and gold prices are higher and hit daily highs in afternoon U.S. dealings Wednesday, in the immediate aftermath of an interest rate increase from the Federal Reserve that was widely expected. June gold was last up $14.00 at $2,037.50 and July silver was up $0.126 at $25.76.
The just concluded U.S. Federal Reserve Open Market Committee (FOMC) meeting saw the Fed raise the Fed funds rate range by 0.25%, to 5.00 to 5.25%, as expected. The FOMC statement signaled the committee will likely pause in its rate-hiking cycle. The rate hike move was unanimously agreed upon by the committee. The statement said the U.S. economy continues to grow modestly, but the tighter bank credit conditions are likely to weigh on the economy. Some market watchers are calling todays’ FOMC statement “a hawkish pause.” Traders now await the press conference from Fed Chairman Jerome Powell.
Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.
