Gold and Silver Wound Up Flat Thanks to More Contradictions from Fed Officials

5:05 AM

September 13, 2016 -- Well, another Fed official cautioned against withdrawing monetary stimulus too quickly -- and gold and silver erased some earlier losses and wound up flat. Stock prices rallied sharply, recovering more than half of what was lost Friday.

Odds makers now peg the chance of an interest rate hike at this month’s FOMC meeting at 11%. Today's remarks contradicted those by other Fed officials last week. The uncertainty means investors will be watching this week’s reports on retail sales and industrial production even more closely than usual. Both reports are due out Thursday.

Donald Trump ratcheted up his criticism of Janet Yellen and the Fed. The presidential candidate pointed out that artificially low interest rates have boosted stock prices. Meanwhile, he said retirees and other savers who are basically getting no interest on their money held in banks are “getting creamed.” Trump also accused officials of stimulating stock markets to make the economy look stronger than it actually is for political reasons.

It looks increasingly like Janet Yellen’s fortunes may be tied to those of Hillary Clinton. If Trump wins, Yellen may find herself unemployed.

Live prices at show gold currently trading at $1,325.70 per ounce on the global market, and silver is coming in at $19.10.

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