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Purchases in 2022 reach 673 tonnes, higher than in any full year since 1967.
“With support firmly established at $1,615, the first key upside challenge awaits in the $1,675-80 area where we find a recent high, the 50-day moving and trendline from the March high,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S.
Fed’s Balance Sheet Drops by $289 Billion from Peak With Trillions to Go: November UpdateNov 4, 2022 - 07:13:52 PDT
Since the peak in early June, $196 billion in Treasury securities have rolled off the Fed’s balance sheet, reducing the balance of Treasury securities to $5.57 trillion, the lowest since November 17.
October Payrolls Smash Expectations Even As Unemployment Rate Unexpectedly SpikesNov 4, 2022 - 05:50:07 PDT
The Bureau of Lies and Statistics has done it again: at a time when the best paying tech companies are mass laying off double-digits of their workforce (just ask Twitter today)...
Gold prices jumped more than 1% on Friday as the dollar slipped ahead of a U.S. jobs report that could offer cues on the Federal Reserve's rate-hike path. Spot gold rose 1.3% to $1,650.90 per ounce by 8:07 a.m. ET (1207 GMT), and was up about 0.6% for the week. U.S. gold futures gained 1.4% to $1,654.30.
Cash is king, with investors fleeing to the safety of cash funds at the fastest pace since the coronavirus pandemic as the Federal Reserve remains firmly hawkish, according to strategists at Bank of America Corp.
Market Liquidity Collapses As Usage Of Fed's Foreign Reverse Repo Hits Record $351BN In Biggest Weekly Jump In HistoryNov 4, 2022 - 05:40:41 PDT
The result was not only the biggest post-FOMC market dump in history, but another sharp tightening in financial conditions which has once again pushed liquidity in US financial markets to the breaking point.
The global economy is on the path to hyperinflation and risks societal collapse if soaring prices are not brought under control, one of the world’s biggest hedge funds has warned.
Senators Rob Portman (R-OH) and Chris Coons (D-DE) visited Kyiv on Thursday and pledged that there will still be bipartisan support for providing massive amounts of aid after the upcoming midterm elections. “I am confident that bipartisan robust American support for the fight of the Ukrainian people will continue in Congress,” Coons said.
North Korea fired at least six missiles into the sea on Thursday, including an intercontinental ballistic missile that triggered evacuation warnings and halted trains in northern Japan, adding to a recent barrage of weapons tests that has escalated tensions in the region.
The downturn in the euro zone economy has deepened as high inflation and fears of an intensifying energy crisis hit demand, adding to evidence the bloc is heading for a winter recession.
The U.S. Department of Energy on Thursday said it sold 15 million barrels of oil from the Strategic Petroleum Reserve to six companies, completing the last batch of the largest-ever release from the stockpile announced by President Joe Biden in March.
Skyrocketing home prices and climbing interest rates pushed the share of first-time homebuyers to an all-time low, according to a new report from the National Association of Realtors. And those first-time buyers were the oldest they have ever been, as the growing lack of affordability forced people to wait longer to reach life milestones like buying a home.
Nov 4, 2022 - 05:28:11 PDT
It has been a wild and mostly negative ride under Biden’s Reign of Error. 40-year highs in inflation (caused by Biden’s fossil fuel mandates and Federal spending) have left the US mortgage market FINALLY seeing positive REAL mortgage rates (now 0.32%), even though the REAL 10yr Treasury yield is still negative (-2.50%).
Nov 4, 2022 - 05:26:52 PDT
Since the beginning of the year, mortgage rates have gone from 3.35 percent to 7.30 percent.
Prices have not declined much yet so the result is a dearth of deals adding to the stress of flippers.
After nearly two years of disappointment and $6 trillion of losses, Chinese stocks soared at the fastest pace worldwide this week on frenzied speculation that a bottom has finally arrived.
"They're trying to crush demand, which makes tomorrow's jobs number extraordinarily important, because if you get a good jobs number in terms of things haven't deteriorated on the jobs front, that really makes a difficult job for [the central bank] that much more," Private Advisor Group's Guy Adami said Thursday on CNBC's "Fast Money."
Despite the better-than-expected headline number, the job market continues to slow.According to the BLS, the economy added 261k jobs in October with a big upward revision in September from 263k to 315k. October was a beat against median expectations of 205k. The employment rate (black line) increased from 3.5% to 3.7% while the labor force participation ticked down from 62.3% to 62.2%.
The September Trade Deficit increased for the first time in 6 months to -$73.3B. The deficit had been getting help from exports out of the Strategic Petroleum Reserve.As shown by the chart below, the increase this month was from a drop in Exports combined with an increase in Imports. The current value is still well below the record set back in March.
The Federal Reserve delivered a 75-basis point rate hike at its November meeting, as expected. But what's next? That's a little harder to decipher. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the mixed messaging that came out of the Fed meeting and concludes the central bank's monetary policy is "a wing and a prayer." He also covers the recently released Q3 gold demand data.