The next Federal Reserve policy meeting is not until December 14. Nonetheless, the US 3-Month Treasury Bill market is already pricing in a hike to the key interbank lending rate.

Why is this important for precious metals investors? Because it was the first Fed Rate hike in nearly a decade last December that marked major turning points in several interrelated markets, including the 2015 bottom in gold and silver prices.

The graph below shows the 3-Month Treasury Yield since 2014.

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