Silver Futures Jump 4%, Hit 3-Week High Ahead of FOMC Decision

Kitco News -- December silver futures prices closed near the session high and hit a three-week high today, but one silver guru is remaining cautious. ‘One day does not make a market,’ said David Morgan, editor of the popular newsletter, silver-investor.com. ‘Will it fall through or not? I think it depends on how the Fed’s action or inaction tomorrow manifests in the marketplace,’ Morgan said in an interview with Kitco News. He added that he does not think the U.S. Fed will act this month. December silver futures jumped over 4% on Wednesday, with prices last up $0.559 at $14.89 an ounce. The focus of the world marketplace is on the Federal Open Market Committee meeting that began Wednesday morning and ends Thursday afternoon. A statement and press conference from Fed Chair Janet Yellen are set for Thursday afternoon. While there is no consensus among traders and investors on whether the Fed will or won’t make an interest rate hike for the first time in several years, there seems to be a growing sense the Fed will make a move of 25 bps.