Gold and silver futures are trading higher as market participants continue to react to multiple events. As of 3:03 PM EST gold futures basis the December contract is currently up $8.60 or 0.49% and fixed at $1748.90. The December contract will soon move to the first notice day with the most actively traded contract month moving to February 2023 which is currently fixed at $1763.60 after factoring in today's gain of $8.30.
Concern regarding China's economy based on their Covid restrictions diminished today resulting in a strong rally in Chinese equities last night. Tomorrow Chairman Powell will deliver a speech sponsored by the Brookings Institution in Washington. Typically, the chairman would focus on the labor market at this venue however, he is expected to clarify the Federal Reserve's upcoming rate hikes. It is hoped that his statements will reduce the consumer angst from recent hawkish statements made by multiple Federal Reserve officials. Last week James Bullard President of the St.
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