"It will be appropriate to cut rates at such time as inflation is coming down really significantly, and again, we're talking about a couple years out," Powell said. "Not a single person on the committee wrote down a rate cut this year, nor do I think it is at all likely to be appropriate. If you think about it, inflation has not really moved down. We're going to have to keep at it."

Markets continue their state of flux as experts point in wildly different directions about what all this means for various assets. Crypto is being threatened by governments. Real estate is still looking feeble. The stock market is bipolar. Through it all, precious metals seem to be the only legitimate safe haven, according to many analysts.

Doug Carey, CFA, president and owner of WealthTrace, listed three bullet points about why he's so bullish on the shiny stuff:

Inflation: Gold is widely seen as a good hedge against inflation. Carey points out that a rate pause "might signal concerns about economic growth or inflation. This could lead investors to purchase more gold as a hedge against potential inflationary pressures, pushing the gold price up."

The strength of the dollar: Gold tends to have an inverse relationship with the dollar. When the dollar is weak — as it is during times of high inflation — gold prices tend to rise. While rates are currently paused between 5% and 5.25%, they're still well above the Fed's target of 2%, suggesting gold prices are likely to remain high for some time.