by Gerardo Del Real
To the surprise of absolutely no one, Federal Reserve Chair Janet Yellen kept rates unchanged… but did signal that instead of the four rate hikes planned for 2016, there would be perhaps two more this year.
The combination of dovish monetary policy from the European Central Bank (ECB) and the Bank of Japan (BoJ) combined with meager wage growth here in the U.S. is forcing the Fed to tread carefully.
Gold reacted positively on the news and was up a strong 2.8% on Wednesday at $1,266 per ounce. Gold is now up 20% for the year.
Silver moved as well — a robust 5% since the announcement — and is flirting with $16.00 per ounce again.