Craig Hemke, Editor of TF Metals Report, joins us to review the rally we’ve seen in the precious metals and general markets today on Friday to close up the week, due to the intervention in the Yen from the Bank of Japan.  The rebound in the Yen, pressured the US Dollar and gave a boost to other markets based on the way the trading algos reacted.   This is just a short-term move, and not a medium-term reversal in the larger trend in the PMs, general markets, or the US Dollar.  However, it does foreshadow how the markets will react when the Fed eventually follows suit with other central banks, like what we’ve seen lately from the Bank of Japan and Bank of England, and when they likewise reverse course to underpin market stability.

Another positive that Craig points out, as it relates to the precious metals sector, is that silver still never broke down below it’s September lows, and it seems to have a more positive chart than gold lately.  With silver having bottomed first, between the 2 precious metals, and having reversed up sharply off the last low with a short squeeze rally, and then despite recent weakness it rallied again up above $19 to close up this week.

We wrap up with a more broad discussion of the media coverage to end the week reiterating that the Fed has been messaging they are at least going to be slowing down the amount of rate hikes over the next few meetings.  As Craig points out, the central bank was really far behind the curve in starting to hike rates to fight inflation, and now they are behind the curve in slowing down their tightening policy into a slowing economy.   For now all eyes remain on Fed policy and the trends and expectations around inflation.

Click here to visit Craig’s site – TF Metals Report.