Fed Fears Faltering US Economy, Stock Markets | July 31-St, 2015

Silver's historic high price of $50 adjusted for inflation would be around $153.00USD an ounce today.

Your on the right track coinwatch. The Fed parading the fact the they will be raising rates is one of the factors of many for why PMs are on the decline. One of the strategies the Fed uses to lower the pain of a rate increase is pretty much tell everyone its coming. That way many of the members of the economy prepare and preemptively act. On the other hand, when the Fed truly wants to make their policy effective, they have to "surprise" us. Unexpected policy has a much larger effect (but can be dangerous in the case of a rate increase in our current situation). September could prove to be a good time for them not to increase the rate and surprise us. They may view it as a time to try to "shock" the economy into "improvements". This fact along with the lack luster economic data surfacing over the past year for the US and the world leads me to believe there is only a 50% chance of a rate increase this Sept.

On a side note here are some other factors (not all of them) effecting gold and silver: lowering demand, strengthening dollar, the oil crash, lowering confidence in gold/silver, increasing stockpiles, and manipulation/intervention. There are many more, but those are a few of the big ones right now.