September 14, 2016 -- Nervous investors sold most asset classes yesterday, erasing Monday’s recovery. Precious metals, stocks, and oil all ended lower. Volatility has returned to the equity markets. After 43 days without even a 1% move either up or down, we have now seen moves of at least 1.5% for three days in a row.

The only traditional “safe haven” asset to gain during this bout of nervous selling is the US dollar. From day to day expectations surrounding the FOMC and interest rate policy are gyrating wildly. Many investors are simply parking funds in cash while they await some clarity.

Gold has now closed lower for five days in a row, but remains above the August 31st lows of $1309. Likewise, silver is holding above support levels put in last month. But gold and silver bulls may need to see rate hikes coming completely off the table, or a shock to markets big enough to spark safe haven buying somewhere other than the dollar.

Live prices at MoneyMetals.com show gold currently trading at $1,322.20 per ounce on the global market, and silver is coming in at $19.03.