September 19, 2016 -- Precious metals struggled last week as traders and trading algorithms positioned themselves ahead of this week’s Federal Open Market Committee meeting. Recent economic data has been poor, but markets are behaving as if officials plan to withdraw stimulus anyway.

Much may depend upon what happens in the equity markets. Volatility is spiking, but so far stock prices remain stuck in a range.

The question is whether the combination of bad economic news, extraordinarily high valuations and the growing concerns over higher interest rates will finally throw a wrench into the works which have been driving stock prices higher. Maybe that will require the Fed to actually hike rates. The last big correction in share prices came on the heels of the quarter percent jump last December.

Meanwhile, precious metals prices are languishing. Speculative interest is falling as lower prices push some weak hands out of the futures markets. And there isn’t much in the headlines to catalyze safe haven buying in gold and silver.

Live prices at MoneyMetals.com show gold currently trading at $1,314.80 per ounce on the global market, and silver is coming in at $19.30.