Weekly Wrap - 21st Mar - The Fed holds rates. US Indices choppy as 'Liberation Day' looms

Bank of England also holds rates + charts for Gold, Silver, Platinum, Copper and more.

Welcome to the Weekly Wrap, the newsletter that does the hard work so you don’t have to!

Summary of the markets this week

• S&P 500 = UP 44 points (0.79%)

• Dow Jones = UP 589 points (1.42%)

• NASDAQ = UP 128 points (0.65%)

• Gold = New ATH Weekly Close of $3,023 (UP 1.25%)

• Silver = DOWN 75 cents on the week (2.23%)

• Nat Gas = DOWN 3.43%

• Brent Crude = UP $1.54 (2.17%)

• Copper = Hits $10,000 a tonne. Highest level in 5 months.

The key decision of the week was The Federal Reserve. They opted not to cut rates (they should have) but did announce that they are slowly ending QT. This is a reason to be optimistic/slightly bullish if we are looking at the US Indices.

The Bank of England held rates at 4.5% and UK Government borrowing was also higher than expected in February.

For a more in-depth analysis of what has been happening in both the UK and the EU recently, I highly recommend you listen to the recent podcast with

Frank Wright

.

GOLD

In my 6 x predictions for 2025, I predicted that Gold would hit $3,000 USD. I also mentioned last week that ‘‘the next step would be a decisive close above $3,000 USD in the spot market’’. We saw a couple of decisive closes in the spot market this week.

It is always good to protect yourself with the physical metal. There is a lot of turmoil up ahead, as recent podcast

Egon von Greyerz

explained.

The DXY looks to be turning up, so Gold might take a breather in the meantime. When the Fed decides to start cutting rates (and they very likely will) then this will just add fuel to the fire for Gold. The current bull trend is quite clear to the Thursday and Friday red candles are not of any concern in my opinion.

SILVER

Spot Silver closed above $34 spot on Tuesday before turning down for the rest of the week. Silver continues to get slammed in the morning trading sessions. I would highly recommend looking at

Jesse Colombo

as his in-depth chart analysis of the metals really shows the manipulation that is in play at the moment.

I do not doubt that Silver will prevail in the end. It will explode and will leave the emperor with no clothes on.

Geopolitical tensions have given Crude Oil a bit of a boost this week, plus Copper hits $10,000 a tonne! Let’s get stuck in to the charts…..