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The Federal Reserve cut interest rates by 25 basis points today as widely expected. But after an initial surge higher, the gold and silver prices came crashing back down.

Here on the gold chart you can see how the price was rallying since the morning, and actually spiked up on the news before crashing down.
 

The silver futures experienced an even more volatile session, as they were down more than a dollar prior to the Fed's announcement, then rallied, and then had the same reaction to the cut.
 

As mentioned earlier, the Fed did cut 25 basis points as expected. Although it was interesting to see the one dissenter was Chief of the Economic Council of Advisors Stephen Miran, who not only wrote a thesis about the over-valued dollar and the impact it's having on the global trading system (which some believe is already being implemented), but he also called for a 50 basis point cut.
 

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