Jittery Investors Flock to Gold, Silver
Silver prices have rebounded this week, with gains of 5.22%. After last’s week disaster, when silver fell almost 10%, the metal received a much-needed boost from the Federal Reserve, which shocked the markets with a large cut of 0.50% earlier this week. The emergency cut was unexpected, as the last time the Fed made a rate cut between policy meetings was in 2008, during the financial crisis. Fed policymakers can be credited with taking decisive action at a time when the coronavirus is causing economic mayhem and threatening to cause a global recession. The Fed is counting on the sharp rate cut to boost the U.S. economy, with fears that the virus could spread rapidly in the U.S., as it has done in countries in Europe and Asia.