Markets are betting the Fed will keep cutting. The futures market is betting the Fed will cut rates by another half point by the end of the year. And the one-year Treasury yield has dropped about 150 basis points (1.5%) since June, signaling that investors expect a series of rate cuts through 2025 and into 2026.

The Fed is widely expected to cut interest rates by at least a quarter percent this week. What does that mean for gold and silver?