In a rare ‘60 Minutes’ interview on Sunday, Chairman Powell’s very first question was, “What are the greatest threats to prosperity. Have you stopped raising rates?”

Today was absolutely a risk-off day, with market sentiment favoring the safe haven class of investments as they bid the precious metals higher, and moved equities lower.

With the exception of palladium, the other three precious metals all closed higher on the day with the greatest percentage gain coming from silver, which gained 2.19% in trading today.

Although on the surface you would not realize that there was solid buying pressures exhibited in gold today. Although there is strong bullish market sentiment favoring the precious yellow metal, extreme dollar strength that is muted any real gains.

Although gold prices had a modest gain today, the fact is that for the first time in nine trading days pricing did not contain a lower low than the previous day. Ever since gold prices reached this year’s high on February 20^th at $1350 per ounce, subsequent trading days were characterized by containing a lower high than the previous trading session.

Apart from palladium, all the other precious metals are trading fractionally to modestly higher on the day. Fractional gains can be seen in gold pricing today and as of 4:45 PM Eastern standard time gold futures are currently up $.90 and fixed at $1288.40.

Gold prices continue to trade under pressure, along with the entire precious metal complex. Initially market sentiment favoring risk on equities moved the metals lower, however as the equities markets turned south precious metals continued to trade to the downside.

Recent action in the precious metals have been interesting and long-term studies suggest that palladium might have further to go before retracing, and that the recent correction in gold might in fact be coming to a quick conclusion.

As Paul Volcker, the federal reserve chairman for eight years, beginning in 1979 used to say, “Bäume wachsen nicht in den Himmel.” This German proverb translates to, “Trees don’t grow to the sky, they never have, and never will.” It suggests that there are natural limits to growth.

Gold futures are trading fractionally higher on the day. As of 4:40 PM Eastern standard time the most active April Comex contract is currently fixed at $1331, which is a net increase of $1.50 (+0.12%) on the day. Spot gold is exhibiting roughly the same net change, and is currently bid at $1328.30.