7.15.2016. The Bank of England kept its key interest rate unchanged at .50% and signaled that further stimulus will come in August to aid the post-Brexit economy.  Economists had factored in an 80% chance that Britain would lower its benchmark rate in the wake of the UK leaving the EU.  Its decision to maintain the status quo caught market participants off guard.  The precious metals were already on wobbly ground during the overnight Asian session and the announcement by the Bank of England caused further liquidation.  The selling pressure subsided by the time the US arrived and gold and silver rebounded moderately.  Silver, yet again, held $20 perfectly but selling has consistently emerged recently on moves over $20.50.  Palladium has performed unbelievably, even in the face of gold trending lower over the past week. It traded higher for the seventh consecutive trading session and is at a level it hasn’t been at since November of 2015.  Its next target is the psychological barrier of $700.

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