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Precious metals news
Sep 22, 2022 - 07:23:49 PDT
In conjunction with the Fed's FOMC meeting on September 21, each Fed member made projections for interest rates, the unemployment rate, inflation, and GDP.
The FOMC press statement was a complete yawner. For discussion please see Fed Hikes by Three-Quarters of a Point, No Surprises.
Putin & Powell Pummel Markets; Gold Jumps, Yield-Curve Inversion Nears Volcker LowsSep 22, 2022 - 06:12:54 PDT
Wooosh...Total chaos across markets as Putin's escalating global war rhetoric and Powell's nuclear bomb drop of 'higher for longer' rates smashed into extreme positioning, negative gamma, and low liquidity
Ray Dalio: Stocks, Bonds Have Further To Fall, & Sees U.S. Recession Arriving As Soon as 2023: MWSep 22, 2022 - 06:07:57 PDT
When asked if “cash is still trash,” a signature quip that Dalio has repeated on several occasions, he said holding cash is still “a trash investment” because interest rates aren’t yet high enough to fully offset the impact of inflation. However, the true utility of cash depends on “how it compares to others.”
Icahn blamed federal outlays for the country’s current fiscal woes. “We printed up too much money, and just thought the party would never end. And the party’s over,” he said.
The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession.
It appears the mysterious Q2 labor market weakness seen in initial jobless claims data is over. The number of American filing for unemployment benefits for the first fell was 213k last week.
Well, ain’t this a kick in the head! The US Treasury yield curve inverted by the most since 1982 and Fed Chair Paul Volcker. Of course, inverted yield curves occurs before recessions.
Federal Reserve Chair Jerome Powell warned that the US housing market is likely to suffer a reversal in the wake of policy makers’ interest-rate hikes.
Bond traders are girding for the risk that Federal Reserve Chair Jerome Powell is ready, willing and able to plunge the US into recession to get the inflation bogey under control.
The use of the euro as a global payment currency dwindled last month, reaching the smallest share in more than two years, as the common currency comes under pressure amid a strengthening US dollar.
Three major U.S. banks are raising their prime lending rates to the highest levels since the global financial crisis of 2008, following a hefty interest rate hike by the U.S. Federal Reserve. JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co said on Wednesday the new rates, including the latest 75 basis point hike, would take effect on Thursday.
A reverse currency war is in full flow, with monetary authorities across the world now ditching their standard quarter-point increases in favour of 50, 75 and even 100 basis point moves in order to stem dollar declines.
US equity futures wavered and Treasury yields edged higher after the Federal Reserve signaled it would risk a recession to beat inflation, precipitating a wave of monetary tightening from other central banks.
'Economic Discontent' Is On The Rise As Central-Bank-Nado Strikes Markets OvernightSep 22, 2022 - 05:22:40 PDT
A herd of wild central banks stormed across markets overnight - following The Fed's uber-hawkish 75bps hike and dot-plot projections - sparking chaotic swings in everything from Yen to Gilts. Everyone hiked or held rates... except Turkey which cut!
The dollar index is at 20-year highs. This has led to talk of the dollar getting "too strong," even as some worry that a "post-dollar" world could be on the horizon.What explains this dichotomy?In a nutshell, it's not so much that the dollar is "strong." It's just the cleanest dirty shirt in the laundry basket.
September gold has been a very strong delivery month with 8,573 contracts being delivered plus an additional 718 in open interest that will be delivered over the next week (9,219 total). It is currently still below the July month but could exceed the total by the time the month completes due to mid-month activity.
THE MAJOR BATTLE IN THE SILVER MARKET HAS BEGUN: Control Of Silver Metal Will Lead To Much Higher PricesSeptember 22, 2022
I believe we are in the beginning stages of a Major Battle in the Silver Market. As Institutions, Hedge Funds, the Rich, and Retail Investors move into silver to protect wealth, the control over getting access to metal will lead to much higher prices.
A gold funeral mask was found in an ancient tomb in China's Henan Province that dates back to approximately the Shang Dynasty.
Swiss exports of gold to China fell in August from July’s 5-1/2-year high, while shipments to Turkey rose to their highest since June 2013, Swiss customs data showed on Tuesday.