July 20, 2016 -- U.S. markets were quiet yesterday with little movement in stock prices or precious metals. Crude oil prices closed back below $45 per barrel and the U.S. dollar index moved back above 97, its highest level since March. But trading volume is light, as can be expected for mid-summer.

Investors will have a bit more to chew on next week. The Federal Open Market Committee will be meeting to discuss interest rate policy.

Almost no one expects the Fed will actually raise rates this month, but the recent rally in stock prices to new all-time highs and the better-than-expected June employment report might give officials some cover to start talking about rate hikes later in the year.

The markets tend to react negatively to the threat of higher rates, but then markets rally when the central bankers fail to follow through -- as has generally been the case. All this is an indication of just how difficult it is to withdraw monetary stimulus once markets have become addicted to it.

Live prices at MoneyMetals.com show gold currently trading at $1,318.55 per ounce on the global market, and silver is coming in at $19.58.