downside

Federal Reserve Chair Jerome Powell echoed these concerns earlier Tuesday, pointing to greater downside risks facing the labor market.

"In this less dynamic and somewhat softer labor market, the downside risks to employment appear to have risen," Powell said, noting that longer-term inflation expectations remained aligned with the Fed's target of two percent.

Given that “momentum in the labor market is to the downside,” it makes sense for the Fed to continue cutting interest rates along the lines that the central bank projected last month, she said.

But the downside to personalist rule is the absence of constraints when those instincts lead him—and us—in the wrong direction.

“However, in the near term, we see greater volatility and downside risk than for gold, reflecting silver’s smaller and less liquid market.”