Gold & Silver Sell Off Again On Friday To Finish Out The Week

The gold and silver sell-off continued on Friday, with another substantial move lower for both metals.

The gold futures were down $100, and the silver spot and futures prices dropped below $51.

CNBC was attributing the move to hawkish Federal Reserve comments, which drove the expectations for a 25 basis point cut at next month’s meeting down from 64% to 46%.

I’m not sure that the Fed rhetoric is personally going to keep me up at night all weekend, as my suspicion is that the sell-off is more just a continuation of what we saw on Thursday, and the type of volatility that should be expected when you have moves as large as we did earlier this week.