Stock Market Dive To End Fed Rate Hikes, Whack Dollar

New York (Oct 28)  Coming up, Greg Weldon of Weldon Financial joins me and you won't want to miss our conversation. Greg breaks down the recent volatility in the equities markets, tells us why he thinks the Fed will soon be back-peddling on further interest rate hikes and tells us what that means for the dollar and gold. Stick around for my interview with Greg Weldon, coming up after this week's market update.

As stock market gyrations continue to rattle Wall Street, gold continues to provide a measure of stability in well diversified investment portfolios. This week the Dow Jones Industrials swung more than 1,000 points from high to low. Gold prices, meanwhile, are holding relatively firm.

As of this Friday morning recording, the yellow metal checks in at $1,241 per ounce. It now posts a 1.1% gain for the week.

Turning to silver, prices are oscillating around unchanged for the third week in a row. The silver market now shows a slight 0.6% gain for the week to bring spot prices to $16.78 an ounce.

Platinum is unchanged since last Friday's close to trade at $837.

And finally, palladium nearly broke out to a new all-time high on Wednesday before sellers came in to knock it down mid-day. Palladium is still up 1.1% for the week and is now valued at $1,100 per ounce as of this Friday morning recording.

Precious metals bulls are hoping gold and silver will soon follow in palladium's footsteps. But the money metals haven't yet found the catalyst they need to spark a powerful and sustained rally.

That may not come until the monetary overlords at the Federal Reserve give some indication of backing off on rate hikes. If President Trump's opposition doesn't sway the Fed, and if a stock market correction doesn't deter the central bank… then perhaps a deteriorating housing market will.

Fed chairman Jay Powell may enjoy being in the public spotlight, but he likely doesn't want to be at the center of another mortgage meltdown like the one that landed on Ben Bernanke's desk 10 years ago.

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