Gold/Silver: What's Next?

We are furthering our discussion on the Gold and Silver markets while highlighting the capitulation point seen in the charts on December 15th as a potential "new floor" for Gold and "double bottom" for Silver. The move corresponds with the panic selling into the "peak hawkishness" narrative of the latest FOMC meeting. The reality is that, yes, the Fed removed one tool (the bond-buying program); however, once they realize that GDP growth will slow and inflation from here, they will most likely remove one or two interest rate hikes from the 2022 table.