[agency Review] the Federal Reserve stresses its commitment to "release water" to support the rebound of gold and silver.

In the early morning of December 17, the closely watched Fed's December meeting "boots landed". In addition to keeping the policy interest rate and the speed of its asset purchase program unchanged, the Fed provided additional guidance on its asset purchase program at this meeting. and raised the US economic forecast, the overall loose position, so that gold and silver prices are further supported, the medium and short term is still treated with more ideas.

According to the Fed's latest bitmap, the Fed is more likely to maintain interest rates close to zero until at least 2023, although some members expect interest rates to rise in 2022 and 2023, but the long-term low interest rate environment remains unchanged. The Fed provided additional guidance on its asset purchase program, saying it would adjust from "maintaining for a few months" to "until significant progress has been made towards the goal of maximum employment and price stability". The asset purchase program will continue, and the Fed's easy water release position remains unchanged. And in the future, the market can form a clearer prediction of the pace of Fed asset purchases through the observation of specific economic data such as inflation rate and employment situation.

According to the Fed's economic forecasts, the Fed has raised its forecasts for GDP growth and PCE inflation, and lowered its unemployment rate, but it will still be difficult to meet its maximum employment and inflation targets in 2021. Powell said the economic outlook will remain uncertain in the coming months, and full vaccination, mass immunization and economic improvement will be achieved in the second half of next year at the earliest. At a time when the vaccine is not yet fully available and the economic recovery is weak, there is a good chance that the US economy will continue to rely on fiscal stimulus and monetary policy support. Interest rates on US Treasuries are expected to remain low, boosted by both fiscal and monetary policy. Combined with the current higher prices of industrial products such as crude oil to support the rebound in inflation expectations, this will continue to depress real interest rates and provide support for precious metals prices.

Considering that the dovish attitude of overseas central banks led by the Federal Reserve has not changed, the progress of the new round of fiscal stimulus negotiations is optimistic, the dollar index is historically low and real interest rates are still in a downward trend, and there is still strong support below precious metal prices. the medium and short term can still be treated with more ideas. The follow-up short-term proposal focuses on the final outcome of a new round of fiscal stimulus negotiations, while the middle line focuses on the final outcome of the Georgia Senate in January next year, which will determine the pattern of both houses of Congress and affect the strength and speed of future fiscal stimulus. Operational suggestions: to maintain more ideas, pay attention to the control of positions.