With a slight corrective setback in the #dollar, this morning's recovery bounce in gold and silver is not surprising.

We suspect many traders are holding on the sidelines ahead of this afternoon's US Fed decision and statement. With market expectations pegging today's US rate hike as nearly a certainty, the focus of the markets will be on the tone and direction of future policy dialogue in the Fed's statement.

However, investors continued to exit gold ETF holdings with an outflow yesterday of 127,436 ounces while silver ETF holdings advanced minimally by 224,436 ounces, leaving both gold and silver holdings down 2.2% year-to-date...[MORE]

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