Silver Down Into $22/toz Range

Silver has dropped to its lowest prices in three months. 

Last week, the silver spot price was in the $24/toz range. This week, it is down into the $22/toz range.

This is a good opportunity to do some buying (remember, buy low, sell high).

It is probably related to Federal Reserve Chairman Jerome Powell's testimony of yesterday.

From Kitco News:

Chairman Powell testified before the House Financial Services Committee today. This is part of his semiannual report which will conclude tomorrow when he appears before the Senate Banking Committee. His opening statement was close to a word-for-word repeat of his opening statement at last week’s press conference. Most importantly, the chairman did little to convey any new information regarding upcoming rate hikes and inflation that was not said last week.

The key takeaway from last week’s press conference and today’s testimony was twofold. First, he and other Fed officials agree that there should be further interest rate hikes. Secondly, he expects rates to remain elevated throughout the remainder of this year.