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Goldman Raises Gold & Silver Forecast on ‘Real Concerns’ About the Dollar as the Reserve CurrencyJul 28, 2020 - 08:07:46 PDT
Gold is hovering around an all-time high, but Goldman Sachs says there's more upside ahead.
The U.S. dollar’s reign as the world’s reserve currency is coming under threat. The greenback faces several risks, including that the U.S. Federal Reserve may shift toward an “inflationary bias,” a rise in political uncertainty and growing concerns surrounding another spike in coronavirus infections in the country, according to Goldman strategists.
An accelerating decline in the U.S. dollar is reverberating around the world, adding fuel to a global momentum rally that has boosted prices for everything from technology stocks to gold.
...only 31% of Americans surveyed see business getting better within six months.
...despite record high stock prices and near record low credit spreads?
The US Mint is limiting the distribution of gold and silver coins to authorized third-party distributors due to production slowdowns.According to a Bloomberg report, the US Mint complex in West Point, N.Y., is taking measures to reduce the spread of COVID-19 among its employees and expects production slowdowns for the next 12 to 18 months. According to a US Mint document, the facility can no longer simultaneously produce both gold and silver coins, forcing it to choose one metal over another.
Gold's rally paused as the slide for the US dollar moderated. The Fed on Tuesday begins a private two-day policy meeting. Chair Jerome Powell will deliver a statement on policy decisions and the outlook for the US economy on Wednesday.
As gold hits all-time highs, silver may still have more runway, says Harry Whitton, head of ETF sales and trading at Old Mission.
Some consolidation in the market is "probable," but the underlying strength of the gold rally is "very significant," said Barry Dawes of Martin Place Securities.
...this may take a few months or longer before making another attempt at much higher prices. But, THIS TIME MAY BE DIFFERENT… as the gold and silver prices could go even higher before correcting.
Gold broke its all-time price record on Monday and held above that level throughout the day.So, what is this telling us?
The Mint's West Point complex in New York is taking measures to prevent the virus from spreading among its employees...
“Debasement of the U.S. dollar, the more negative real rates, and you’ve still got lingering uncertainties around geopolitics and the U.S.-China relationship,” said Wayne Gordon, at UBS. “That combination of things is what’s pushing gold harder.”
Antagonisms between the U.S. and China are rattling governments around the world, prompting a German official to warn of “Cold War 2.0” and Kenya’s president to appeal for unity to fight the coronavirus pandemic
The Push for Universal Basic Income Is Gaining Momentum Amid the PandemicJul 28, 2020 - 05:10:58 PDT
To solve this problem, the United Nations Development Programme found that distributing a temporary basic income to 2.7 billion people living below or just above the poverty line in 132 developing countries would help curb the pandemic, according to a report released this month.
With the pandemic’s resurgence choking off an economic recovery, the doves are in charge.
Euro Zone Banks Could ‘Face Difficulties’ if Economic Crisis Deepens, ECB Supervisory Chief WarnsJul 28, 2020 - 04:54:26 PDT
In a separate announcement Tuesday, the ECB asked European lenders not to pay dividends and not to buy back shares until January 2021.
Amid Covid-19 Spikes, Reopening Rollbacks, Fed Could Signal Near-Zero Rates Lower for Even LongerJul 28, 2020 - 04:50:02 PDT
At a two-day meeting that begins Tuesday, the central bank also could take steps to push long-term rates even lower.
Senate Heals Act Includes Another $1,200 Stimulus Check: Here’s Who Would QualifyJul 28, 2020 - 04:47:16 PDT
Senate Majority Leader Mitch McConnell announced the HEALS Act Monday night, a $1 trillion coronavirus stimulus package that includes an additional $1,200 economic impact payment, among other aid.
The coronavirus has infected more than 16.4 million people across the world as of Tuesday, killing at least 654,300 people.