Silver Plunges, Fed's Hawkish Stance Blamed
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Feds Rate Stance: Silvers Worst Drop Ever, Now Trading at $75-$80 per Ounce
The Federal Reserves decision to keep interest rates steady and signal only one rate cut for 2023 has hit silver hard, with the precious metal now trading between $75 and $80 per ounce. This drop is due to a combination of factors, including a hawkish Fed outlook, a strong dollar, and manufacturers pausing purchases amid volatility. Silvers industrial demand, which accounts for about 60% of its usage, is also a concern as solar and EV makers hold back. Despite the short-term challenges, silvers long-term story remains solid with ongoing supply shortages and booming green tech needs.
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