In after hours trading last night, gold prices hit new highs and were briefly trading for $2,080 an ounce.
Gold just hit an all time high after hours.
It was trading above $2,080 briefly. #gold
Currently back down a bit below the high … but you can see it getting ready to move on to $2,100+ 🔥 pic.twitter.com/J0URjZFgYL
— Wall Street Silver (@WallStreetSilv) May 3, 2023
This came after the Federal Reserve announced a .25 interest rate hike and indicated that they might pause and not do more hikes for awhile.
Hike and pause
*FED RAISES BENCHMARK RATE 25 BPS TO 5%-5.25% TARGET RANGE
*FED OMITS PRIOR LANGUAGE THAT SIGNALED MORE HIKES AHEAD
— zerohedge (@zerohedge) May 3, 2023
Gold has come down a bit from these highs, but it is another indication that the Fed has done nothing to prevent inflation with all these hikes. All they have done is destroy the economy with the hikes.
While they are hiking rates, they continue to keep the printing presses going behind the scenes. You also have the out of control spending by Washington DC bureaucrats. The whole thing is a disaster and it is why people are flocking to gold and silver.
I expect to see the gold price to go much higher considering all the economic problems we have. The people in charge have no desire or ability to fix any of this and they could be doing all of this intentionally to consolidate the banking system and implement their crazy digital currency scheme.
