22-Aug (Kitco News) – Gold prices are down and hit a two-week low in early U.S. trading Monday. Silver prices are sharply lower and hit a seven-week low overnight. The key “outside markets” are in a bearish daily posture for the precious metals to start the trading week, as the U.S. dollar index is higher and crude oil prices are lower. December Comex gold was last down $6.80 an ounce at $1,339.40. September Comex silver was last down $0.432 at $18.88 an ounce.
…The highlight of this week will be the Federal Reserve’s annual symposium held in Jackson Hole, Wyoming. Fed Chair Janet Yellen speaks at the event on Friday. Recent comments from Federal Reserve officials have been mixed, but the majority of their recent rhetoric has leaned toward the hawkish side of U.S. monetary policy. Fed Vice Chairman Stanely Fischer on Sunday gave a speech that was deemed hawkish. There are now increasing ideas in the marketplace that the Fed will raise interest rates yet this year. Such has put some upside pressure on the U.S. dollar index just recently.
PG View: Silver fell to an 8-week low, boosting the gold/silver ratio back above 70.